Glass House Intends To Become Second Company To Uplist
Will Glass House become the next company to uplist? In our latest TDR Trade To Black podcast presented by FlowHub, Shadd Dales and Anthony Varrell are live from the Glass House Brands (NYSE: GLAS) facility in California for the company’s Investor Day — an all‑day broadcast inside one of the largest cannabis operations in the country. The team is on the ground, walking the facility, talking with staff, and hosting a full lineup of guests including CEO Kyle Kazan, President Graham Farrar, Marc Cohodes, Noah Hamman, The Big Short’s Fred Gomes, Vinny Daniels, and Seth Yakatan.
Two major regulatory developments dominated the early conversation. The DEA has begun conducting on-site inspections at cannabis businesses that applied for federal protections under President Trump’s rescheduling directive, with operators reporting a collaborative rather than adversarial tone from inspectors. Hours later, the U.S. Supreme Court issued a unanimous 9-0 ruling that prosecuting a marijuana user for owning a firearm violates the Second Amendment — a decision the hosts characterized as a powerful data point heading into the Administrative Law Judge hearing on rescheduling, with a target end date of July 15th.
Glass House Brands made headlines by becoming the second cannabis company to uplist to a senior exchange, announcing plans to trade on the New York Stock Exchange. AdvisorShares ETF portfolio manager Noah Hamman joined the show to address questions about the lack of new inflows into cannabis ETFs, explaining that market makers can hold inventory on their balance sheets without triggering formal creation or redemption events, and that rising share prices benefit ETF shareholders regardless.
The conversation shifted to industry consolidation, with guests and hosts debating whether a major MSO merger could materialize before year-end. The consensus Tier 1 operators identified were Verano, Curaleaf, GTI, and Trulieve, with Glass House acknowledged as a Tier 1 in its own lane as a cultivator. Private MSOs including Good Day Farm and STIZI were flagged as potential acquisition targets.
Prominent Glass House investor Marc Cohodes joined in person, making a bullish case for big tobacco partnerships, pointing to the NYSE listing as a credibility milestone that removes a key objection from risk-averse corporate partners. He predicted Glass House could eventually trade over a million shares per day and speculated that a strategic stake sale to a tobacco company could send the stock sharply higher.
CEO Kyle Kazan and President Graham Farrar closed the episode by discussing the cultivation advantages of California’s climate, ongoing dialogue with other MSOs about biomass supply partnerships, the company’s DEA Form 225 bulk drug manufacturers license as the mechanism for eventual interstate commerce, and early-stage CBD shipments to Europe as a near-term revenue opportunity outside the current regulatory framework. Hear it all when you tune in.
