TSX Shariah screener · October 2026

Is Greenlane Renewables Inc. (GRN) Halal?

PASS

Greenlane Renewables Inc. · TSX: GRN · Industrials

The short answer

Greenlane Renewables Inc. (TSX: GRN) is a PASS in our October 2026 screen — all three gates pass. The business gate passes (biogas desulfurization and upgrading systems that turn organic waste into renewable natural gas). The debt gate passes: the company reports no debt at June 30, 2026 (C$12.1M cash), so debt is 0% of its ~C$29.6M market cap — far under the ~33% ceiling. The income gate passes: H1 2026 finance income of C$91k is ~0.4% of C$20.8M revenue, well under the ~5% ceiling.

Gate 1 — Business activity: PASS

Greenlane Renewables designs and sells biogas desulfurization and upgrading systems that convert organic waste — landfills, sugar mills, dairy farms, wastewater, food waste — into renewable natural gas for gas grids and commercial vehicle fuel (500+ systems sold in 32 countries; next-generation Cascade LF technology being productionized in Brazil with Panasonic). Clean-energy equipment manufacturing is a permissible business; no alcohol, pork, gambling, conventional finance, tobacco, cannabis or weapons lines. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

The Q2 2026 release states the company held C$12.1M of cash and cash equivalents and 'no debt' — other than payables, advance payment / performance bonding and standby letters of credit from normal operations — at June 30, 2026 (the Q1 2026 release likewise reported no debt at March 31, 2026). With C$0 of debt, the debt-to-market-cap ratio is 0% against a ~C$29.6M market cap (September 29, 2026) — far under the ~33% ceiling. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

H1 2026 finance income was C$91k — C$59k in Q1 plus C$32k in Q2, per the quarterly releases' EBITDA reconciliations (interest on cash balances). Against H1 2026 revenue of C$20.8M (Q1 C$9.5M + Q2 C$11.3M), that is about 0.4% — well under the ~5% ceiling. Gate 3 passes. Facts only.

Key figures used

No debt at Jun 30, 2026 (cash C$12.1M); 'no debt' also reported at Mar 31, 2026 (cash C$13.5M).
Debt ≈ 0% of ~C$29.6M market cap (Sep 29, 2026).
H1 2026 revenue C$20.8M (Q1 C$9.5M + Q2 C$11.3M); finance income C$91k ≈ 0.4%.
Q2 2026: gross margin 41% before amortization; Adjusted EBITDA +C$0.1M; sales order backlog C$25.6M.
Panasonic partnership to produce Cascade LF and Cascade MS in Brazil; Linear NRU technology tested at 99.5% methane recovery.
No Zoya, Musaffa or ShariaPortfolio rating found for GRN.

Frequently asked questions

Is Greenlane Renewables (GRN) halal?

Our October 2026 screen gives Greenlane Renewables (GRN) a PASS. All three gates pass: the business is biogas upgrading equipment (permissible), the company reports no debt at June 30, 2026 (debt is 0% of its ~C$29.6M market cap), and finance income of C$91k in H1 2026 is only ~0.4% of C$20.8M revenue - well under the ~5% ceiling. No Musaffa/Zoya/ShariaPortfolio rating was found.

Why did Greenlane Renewables pass the debt gate?

The Q2 2026 release states the company held C$12.1M of cash and cash equivalents with 'no debt, other than payables, advance payment / performance bonding and standby letters of credit resulting from normal course operations' at June 30, 2026 (the Q1 2026 release likewise reported no debt at March 31, 2026). With C$0 of debt, the debt-to-market-cap ratio is 0% - far under the ~33% ceiling.

What does Greenlane Renewables do?

Greenlane designs and sells biogas desulfurization and upgrading systems that turn organic waste (landfills, dairy farms, wastewater, food waste) into renewable natural gas for grids and vehicle fuel - over 500 systems sold in 32 countries. Its next-generation Cascade LF landfill-gas upgrading technology is being productionized in Brazil with Panasonic. Clean-energy equipment manufacturing is a permissible business.

Is Greenlane Renewables' interest income compliant?

H1 2026 finance income (interest on cash balances) was C$91k - C$59k in Q1 plus C$32k in Q2, per the quarterly releases' EBITDA reconciliations. Against H1 2026 revenue of C$20.8M (Q1 C$9.5M + Q2 C$11.3M), that is ~0.4% - well under the ~5% ceiling. Gate 3 passes.

Where can I find more industrials stock screeners?

See our full list of stock screeners at halal-stock-verdicts.html, which covers every company screened so far.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.