Glass House Brands Inc. is set to begin trading on the Ney York Stock Exchange (NYSE) today after approval for uplisting. In a statement, Kyle Kazan, co-founder, chairman and CEO of Glass House, said the listing was not possible prior to the recent reclassification of medical cannabis to Schedule III and represents an important developmental milestone for Glass House, the cannabis industry overall” and the company’s shareholders.
“Beyond the listing, we remain encouraged by the opportunities presented by rescheduling. As a leading producer of low-cost sought after cannabis, Glass House is uniquely positioned to benefit potential near term opportunities presented including the opening of interstate commerce and export of medical cannabis to Europe, each of which would meaningfully increase our addressable market size and unlock enhanced profit and cash flow generation driven by more favorable pricing dynamics.” — Kazan in a press release
In order to obtain the NYSE listing, Glass House restructured its business as a medical cannabis focused entity and deconsolidate its adult-use businesses under a wholly-owned subsidiary, GHB Usub. LLC.
The shares are trading under the symbol “GLAS.”
Glass House’s successful uplisting comes weeks after Trulieve Cannabis Corp. began trading on the exchange on June 10. Trulieve also uplisted after the federal reclassification of medical cannabis.
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