GLASNYSEMedicinal Chemicals & Botanical ProductsUS GAAP · USD

Glass House Brands Inc.

Glass House Brands Inc. is a U.S.-based cannabis company focused on the cultivation, processing, and sale of cannabis and cannabis-derived products. Its business combines controlled-environment agriculture with branded consumer products and wholesale supply, primarily serving markets in the United States.

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Revenue182m USD
−9.4 %y/y
Operating profit (EBIT)-16.5m USD
−388.2 %y/y
EBIT margin-9.1%
−11.9 ppy/y
Net income-29.7m USD
−5,814.6 %y/y
Free cash flow-15.7m USD
−186.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300m USD2020: 48 m USD2020: EBIT -6.0 m USD20202021: 69 m USD2021: EBIT -35 m USD20212022: 91 m USD2022: EBIT -50 m USD20222023: 161 m USD2023: EBIT -50 m USD20232024: 201 m USD2024: EBIT 5.7 m USD20242025: 182 m USD2025: EBIT -17 m USD2025182-17
RevenueOperating profit (EBIT)
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Business

Share of revenue
Cultivation and wholesale flower45 %

Grown cannabis sold as bulk or packaged flower for retail and wholesale channels.

Pre-rolls and packaged flower25 %

Branded smoked products sold through dispensaries and retail partners.

Concentrates and extracts15 %

Derived cannabis products such as oils, vape inputs, and other extracts.

Edibles and infused products10 %

Cannabis-infused consumer products sold through licensed retail channels.

Other cannabis-related sales5 %

Ancillary product sales and related operating revenue streams.

Customers

The company sells to licensed cannabis retailers, dispensaries, and wholesale buyers that need compliant product supply and branded inventory. It also serves adult-use consumers indirectly through retail partners and channel relationships in regulated U.S. cannabis markets.

Licensed dispensaries and retailers

Buy packaged flower, pre-rolls, and infused products for resale to end consumers

Wholesale cannabis buyers

Purchase bulk cultivation output and derivative inputs for processing or resale

Adult-use consumers

Purchase branded cannabis products through licensed retail outlets

Processing and manufacturing partners

Use cannabis inputs for concentrates, extracts, and finished goods

Strategy

The company’s strategy is centered on securing dependable cultivation capacity, converting that output into branded products, and maintaining access to regulated retail channels. In a tightly controlled market, scale in production, product quality, and channel relationships are key to sustaining shelf presence and wholesale demand.

Cultivation scale and efficiencyMedium term

Controlled-environment production supports volume, quality, and supply reliability

Brand and product expansionMedium term

Branded products improve market visibility and diversify revenue beyond bulk flower

Channel access in regulated marketsShort term

Licensed retail and wholesale access determines how much product can be sold

Geography

Glass House Brands operates in the United States, where cannabis production and sales are governed by state-level licensing and regulatory regimes. Its business is tied to regulated U.S. cannabis markets, with operations and sales exposure shaped by where cultivation, processing, and retail distribution are permitted.

Risks

The business is exposed to cannabis-specific regulatory risk because cultivation and sales depend on state licenses, compliance rules, and shifting enforcement standards. It also faces pricing pressure, crop-quality variability, and operating complexity from a regulated agricultural model, all of which can affect product mix and realized revenue.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Cannabis regulatory change1Wholesale price compression2Compliance and enforcement risk3Agricultural yield variability4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Cannabis regulatory changeImpact: HighLikelihood: High

    Sales and cultivation depend on state licenses and evolving rules

    Exposure: U.S. regulated cannabis markets

  2. Wholesale price compressionImpact: HighLikelihood: High

    Cannabis flower is a commodity-like product with competitive supply

    Exposure: Cultivation and wholesale channels

  3. Compliance and enforcement riskImpact: HighLikelihood: High

    Regulated products require strict licensing, testing, and tracking

    Exposure: State-licensed production and distribution

  4. Agricultural yield variabilityImpact: MediumLikelihood: Medium

    Plant growth, harvest timing, and quality affect available sellable inventory

    Exposure: Greenhouse cultivation operations

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Accounting

Judgemental items
Inventory valuation

Cannabis cultivation creates inventory and harvest-cost allocation judgments

Impact: Can lead to write-downs when product quality or market prices change

Revenue recognition

Sales are recognized when control transfers through regulated channels

Impact: Affects timing of reported sales and receivables

Lease accounting

Cultivation and processing sites often use long-term facility leases

Impact: Creates right-of-use assets and lease liabilities

Intangible asset impairment

Branded products, licenses, or acquired assets may need periodic testing

Impact: Can result in non-cash charges if expected cash flows weaken

Similar listed companies

Publicly listed companies with a comparable business focus.

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Planet 13 Holdings Inc.

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TreeHouse Foods, Inc.

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Green Thumb Industries Inc.

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Last updated: 28/09/2026

Glass House Brands Inc. (GLAS) Revenue, Earnings & Financials 2025 – Clarifo