Glass House Brands Inc.

Glass House Brands has completed its first international sale of smokeable CBD biomass to Europe. The product came from the initial commercial harvest of Greenhouse 4 at the company's Camarillo Farm, which was planted for commercial hemp in Winter 2025. All hemp biomass from Greenhouse 4 is fully compliant with California regulations and will remain sellable under the proposed federal intoxicating hemp ban. While initial sales are focused on European distribution, the company is positioning Greenhouse 4 production for supply into a proposed federal Medicare reimbursable CBD program. CEO Kyle Kazan called the sale a historic step, marking the first sale of any Glass House product outside California.

Glass House Brands announced that its subordinate voting shares have been approved for listing on the New York Stock Exchange. The shares are expected to begin trading under the symbol "GLAS" at the opening of trading on June 30, 2026. The company noted that this listing was made possible by the recent reclassification of medical cannabis to Schedule III. The shares will continue to trade on the OTCQX under "GLASF" until the close of market on June 29, 2026, and will remain listed on CBOE under "GLAS.A.U". Current shareholders are not required to take any action prior to the expected listing.

California cannabis company Glass House Brands applied to list on the NYSE, becoming the second U.S. cannabis firm to do so after Trulieve's application last week. Glass House stock rose about 5% on Thursday and is up about 52% year-to-date, while Trulieve stock gained about 5% and is up about 16% this year. The AdvisorShares Pure Cannabis ETF rose 4% on Thursday. Glass House plans to de-consolidate its recreational business into a subsidiary with voting control held by an unnamed third-party investor, a structure designed to comply with NYSE rules against listing companies that sell adult-use cannabis. The move comes as the DEA prepares to hold hearings starting June 29 on whether to reclassify cannabis from Schedule I to Schedule III for all legal uses, following President Trump's directive to reschedule medical cannabis, which was made official in April.

Glass House Brands has applied to list its subordinate voting shares on the New York Stock Exchange. To support the application, the company deconsolidated its dual-use cannabis business by transferring it to Glass House Retail, LLC, which is now held by a third-party investor through voting units. Glass House’s indirect subsidiary retains non-voting, non-participating units that can convert to voting units only after the NYSE permits listing of companies that consolidate financial statements of entities cultivating, distributing, or processing marijuana for non-medical uses in the United States. Certain business transfers remain subject to regulatory approval and will move to Glass House Retail automatically upon receipt.