Q2 Report Shows Cannabis Stock Glass House Brands Continues to Surge
Top 3 Takeaways from the interview with CEO Kyle Kazan on Glass House Brands Q2 earnings:
- Glass House Brands Q2 2024 revenue figures are $53.9 million, up 21% from Q2 in 2023. Wholesale biomass business has increased 28% year over year to $39.1 million.
- 150,000 pounds of cannabis biomass was produced in the second quarter at Glass House Brands’ facilities.
- Greenhouse 5 delivered its first full quarter of production in sales in Q2. They are currently at 40% of their total operational capacity.
We have a special Thursday episode of Trade To Black for August 15, 2024 as we take a look at Glass House Brands (OTC: GLASF) latest earnings for Q2. Hosts Shadd Dales and Anthony Varrell meet with Kyle Kazan, CEO of Glass House Brands, on the podcast to discuss their numbers.
The California cannabis cultivator reported record second-quarter revenue on Tuesday, driven by expanded greenhouse production despite price pressures in the wholesale market. It’s arguably one of the biggest turnaround stories we’ve seen in 18 months, and to give you some idea of the scale of production, the company produced approximately 150,000 pounds of cannabis biomass in the quarter. This exceeds its previous guidance, and year-to-date this cannabis stock is up over 107%.
In the Q2 earnings highlights, revenue came in at $53.9 million for the quarter, up 21% from the previous year and 79% from the previous quarter. Income was $10 million, compared to $25 million in the same period last year. Revenue from Glasshouse’s wholesale biomass business increased by 28% year-over-year to $39.1 million.
Kyle Kazan explains how this cultivator managed to succeed, despite what has happened in Canada to some of the large cultivators. They’re using only 40% of their current capacity, so there is room to grow this California Dream.
