Glass House Brands Inc. GHBWF, a leading vertically integrated cannabis firm in California, has reported a remarkable 89% surge in annual revenue to $160.8 million, achieving a record-breaking milestone.
In the fourth quarter, revenue experienced a 35% rise to $40.4 million, marking the fourth consecutive quarter of positive adjusted EBITDA at $3.8 million.
Kyle Kazan, co-founder, chairman and CEO of Glass House
attributed the company’s success to its dedicated team and sustainable growth strategies. He highlighted the significant growth in gross profit dollars and operational improvements achieved in 2023 since the company’s inception.
Curious industry players can connect with Kyle Kazan at the forthcoming Benzinga Cannabis Capital Conference in Florida on April 16 and 17, 2024. The event at The Diplomat Beach Resort will offer networking opportunities and insights for entrepreneurs of all sizes. Book your tickets early at bzcannabis.com – Prices will rise soon!
Robust Growth and Financial Stability
Glass House’s consistent growth demonstrates its solid market presence and operational efficiency, with gross profit doubling to $18.0 million in Q4, up from $9.2 million the previous year. The gross margin also saw a significant improvement to 45%, compared to 31% in Q4 2022.
The company achieved operational milestones such as a 37% increase in biomass production without expanding its cultivation footprint, yielding 103,500 pounds in Q4.
Moreover, Glass House successfully reduced its cost per equivalent dry pound of production by 5% to $121. This enhanced operational efficiency, coupled with strong demand, led to a remarkable improvement in operating cash flow, reaching $23.2 million for the year – a stark contrast from the $40.8 million deficit in the previous year.
Future Outlook
With recent cultivation activities in Greenhouse 5 expected to boost annual capacity by over 70%, Glass House is poised for continued expansion.
The company anticipates Q1 2024 revenue to range between $28 million and $29 million, with a bold revenue projection of $215 to $220 million for the full year 2024, aiming for an Adjusted EBITDA exceeding $50 million.
For further insights, explore crucial topics at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16 and 17, 2024. This two-day event at The Diplomat Beach Resort will be an invaluable opportunity for entrepreneurs in the cannabis industry. Make sure to save the date – it’s a must-attend event shaping the cannabis landscape. Secure your tickets now at bzcannabis.com – Prices will increase soon!
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