13:48:35 EDT Sat 10 Jun 2023
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or Name

Glass House Brands Inc
Symbol GLAS
Shares Issued 40,250,000
Close 2023-03-01 C$ 2.89
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Glass House to add 1M square feet to SoCal Farm

2023-03-01 16:53 ET - News Release

Mr. Kyle Kazan reports


Glass House Brands Inc. is planning to retrofit an additional greenhouse to expand production at its SoCal Farm, targeting an incremental one million square feet capable of producing 250,000 pounds of high-quality sun grown cannabis annually, with commercial cultivation to begin by the end of 2023. This expansion plan follows the successful completion of the company's phase 1 SoCal Farm expansion in 2022.

"This new greenhouse capacity will more than double the current production footprint of our SoCal Farm and build on the incredible momentum we've generated over the initial two quarters of operating this amazing greenhouse farm. The last two years have been challenging for the industry, and since the beginning of July, 2022, alone, the number of cultivation licences in the state of California dropped by over 1,200, which we estimate is an 11.7-million-square-foot (or 13 per cent) decrease in acreage under cultivation. We believe this is a good time to bring on additional capacity," said Kyle Kazan, co-founder, chairman and chief executive officer of Glass House Brands. "In February alone, 265 cultivation licences were not renewed out of 519 that were up for renewal. This is a non-renewal rate of 51 per cent.

"With an unmatched combination of quality, scale and low cost, we're well positioned to leverage our durable competitive advantage in the California market and rapidly capitalize on broader expansion opportunities as the U.S. market continues to evolve."

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 Kyle 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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