13:47:47 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Glass House Brands Inc
Symbol GLAS
Shares Issued 40,250,000
Close 2022-12-15 C$ 2.20
Market Cap C$ 88,550,000
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Glass House opens Farmacy dispensary in Isla Vista

2022-12-15 16:30 ET - News Release

Mr. Kyle Kazan reports

GLASS HOUSE BRANDS EXPANDS RETAIL PRESENCE WITH NEW FARMACY DISPENSARY IN ISLA VISTA

Glass House Brands Inc. has opened its new Farmacy dispensary in Isla Vista, Calif.

"Our newest Farmacy store exemplifies our strategy of focusing on exceptional real estate and delivering a superior customer experience," said Kyle Kazan, co-founder, chairman and chief executive officer of Glass House Brands. "We continue to aggressively expand our store base on a path to becoming one of the largest cannabis retailers in the state of California, driving revenue growth that is margin accretive, underscoring the competitive advantages of our vertically integrated model."

"The Isla Vista store is in a prime location and, most importantly, a single-licence market, just blocks from a major university campus, well positioned to have an immediate impact on our results," said Hilal Tabsh, chief revenue officer. "Within the past two quarters we've more than doubled our retail footprint to eight stores. We started the year with three stores, closed on the remaining 50-per-cent interest in The Pottery in July, followed by the acquisition of three operating dispensaries from Natural Healing Centers (NHC), including the flagship location in Grover Beach. We expect to open two additional locations by the end of Q4, including another NHC dispensary in Turlock as well as the Farmacy location in Santa Ynez, putting us on track to have retail revenues of over $65-million in 2023."

Located at 6555 Pardall Rd. in Isla Vista, Calif., the new Farmacy dispensary is approximately two blocks west of the University of California Santa Barbara campus. The store offers a convenient shopping environment, knowledgeable staff, and carefully curated selection of high-quality recreational and medicinal cannabis products, including premium flower, vaporizers, edibles and concentrates. Store hours are 10 a.m. to 10 p.m., Monday to Sunday.

About Glass House Brands Inc.

Glass House is one of the fastest-growing, vertically integrated cannabis companies in the United States, with a dedicated focus on the California market and building leading, lasting brands to serve consumers across all segments. From its greenhouse cultivation operations to its manufacturing practices, from brand building to retailing, the company's efforts are rooted in the respect for people, the environment and the community that co-founders Mr. Kazan, chairman and CEO, and Graham Farrar, president, instilled at the outset. Through its portfolio of brands, which includes Glass House Farms, Plus Products, Allswell, Forbidden Flowers and Mama Sue Wellness, Glass House is committed to realizing its vision of excellence: outstanding cannabis products, produced sustainably, for the benefit of all.

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