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.
Cboe Global Markets IncGlass House Brands Inc.Applied for NYSE listing, a financial/valuation event that could increase liquidity and visibility