Glass House Brands Reports Record-Breaking Financial Results for Second Quarter 2024

–	Greenhouse 5 completed its first full quarter of production and sales in Q2, exceeding expectations
–	Record quarterly highs include consolidated sales and gross profit, wholesale biomass sales and gross profit, biomass production and sales, and retail sales
–	Second-quarter 2024 revenue was $53.9 million, at the high end of the expected range and up 21% year-over-year
–	Biomass production exceeded 149,000 pounds, 20,000 pounds above the midpoint of the guideline and up 45% year-over-year
–	The balance of cash and restricted cash at the end of the quarter was $25.9 million
–	Q3 2024 revenue projected at record high of $65 million to $67 million
–	Cash and cash constraints in the third quarter of 2024 are expected to be $38 million to $40 million, a new record since the completion of the Phase I expansion
–	Eviction notice given to farmers renting Greenhouse 2 for next expansion, a third of which is already empty. Considering growing “Hemp-Derived Cannabis,” which was legalized in the 2018 federal Farm Bill, in Greenhouse 2, but no formal decision has been made
–	Conference call will take place today, August 13, 2024 at 5:00 p.m. ET

LONG BEACH, Calif. and TORONTO, Aug. 13, 2024 (GLOBE NEWSWIRE) — Glass House Brands Inc. (“Glass House” or the “Company”) (CBOE CA: GLAS.AU) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF), one of the fastest growing, vertically integrated cannabis companies in the U.S., today announced financial results for the second quarter ended June 30, 2024.

Second quarter 2024 highlights

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