Glass House Brands Inc - GHBWF STOCK NEWS

Glass House Brands has provided updated guidance for Q4 and Full Year 2024, projecting record-high performance. The company expects Full Year 2024 revenue of $200-202 million, representing a 25% year-over-year increase. Q4 revenue is anticipated to be $52-54 million, up 31% year-over-year.

Key Q4 metrics include production costs below $115 per pound (better than previous $125 guidance), adjusted EBITDA of $7-9 million (exceeding prior $3-5 million guidance), and operating cash flow of $7-9 million. Year-end cash is expected to reach $37 million.

For full-year 2024, wholesale biomass average selling price is projected to exceed $243 per pound, with production costs below $125 per pound. The company's retail segment showed strong performance with same-store sales growing around 10%, outpacing the California market by 16 percentage points. The company has also begun Phase III expansion, with Greenhouse 2 expected to generate revenue by Q4 2025.

Glass House Brands (OTCQX: GLASF) has been named to the 2025 OTCQX® Best 50 ranking for the second consecutive year, establishing itself as the only cannabis company to achieve this distinction. The ranking recognizes top-performing companies traded on the OTCQX Best Market, based on one-year total return and average daily dollar volume growth in 2024.

As highlighted by CEO Kyle Kazan, this achievement validates Glass House's commitment to maintaining high business standards while achieving rapid growth in the cannabis industry. The recognition reflects the company's success in expanding its investor audience through the OTCQX platform, which requires companies to meet stringent financial standards, follow best practice corporate governance, and comply with securities laws.

Glass House Brands, recognized as one of the fastest-growing, vertically-integrated cannabis companies in the U.S., trades under multiple symbols including CBOE CA: GLAS.A.U, CBOE CA: GLAS.WT.U, OTCQX: GLASF, and OTCQX: GHBWF.

Glass House Brands reported record Q3 2024 results with revenue of $63.8 million, up 32% year-over-year and 18% sequentially. Wholesale biomass production reached 232,295 pounds, up 128% year-over-year. Gross margin was 52%, and Adjusted EBITDA hit a record $20.4 million. The company achieved a record low cultivation cost of $103 per pound. Cash balance increased to $35.1 million from $25.9 million in Q2. The company plans to raise approximately $25 million through an ATM equity program to fund Phase III expansion.

Glass House Brands, a leading vertically-integrated cannabis company in the U.S., has announced its upcoming third quarter 2024 financial results release scheduled for November 13, 2024, after market close. The company will host a conference call at 5:00 p.m. Eastern Time to discuss the results. Investors can access the live webcast and replay through the company's website or by dialing 1.888.596.4144 with Conference ID 7699737#.

Glass House Brands has announced the voluntary dismissal of its defamation lawsuit against Catalyst Cannabis.

The decision is based on concerns about Catalyst’s financial stability and potential harassment of Glass House's customers.

Glass House accused Catalyst of defamation, claiming Catalyst's statements about Glass House selling into the unlicensed cannabis market were unsubstantiated.

Despite a promising outcome, Glass House cited Catalyst's recent financial instability, including layoffs and store closures, as key reasons for withdrawing the suit.

Additionally, Catalyst's CEO admitted to tax underpayments and is facing multiple litigations, including an audit by the State of California.

Glass House emphasized that its operations are entirely legal, involving only licensed customers, and chose to protect its customers from potential harassment.

Glass House Brands has successfully acquired Plus Products for approximately US$25.6 million, enhancing its position as a leading player in both the Flower and Edibles categories in California. The acquisition allows Glass House to tap into a larger market with less than 25% overlap in active accounts. Plus is a top-rated edibles brand, ranked No. 1 in the gummy segment. This strategic move aims to expand brand awareness and increase the Total Addressable Market by 550%. The company plans to leverage synergies between the two brands to enhance growth.