Glass House Brands Inc. GHBWF, a vertically integrated cannabis firm in California, revealed an 89% surge in annual revenue to $160.8 million, setting a new record.
In the fourth quarter, revenue climbed 35% to $40.4 million, marking the fourth straight quarter of positive adjusted EBITDA at $3.8 million.
Kyle Kazan, co-founder, chairman and CEO of Glass House
attributed the success to the company's dedicated team and sustainable growth strategies. He emphasized the rapid revenue growth since the company's inception, highlighting the significant increase in gross profit dollars and the strategic operational advancements made throughout 2023.
Meet Kyle Kazan at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn, and grow. Get your tickets now on bzcannabis.com – Prices will increase very soon!
Stellar Year-Over-Year Growth And Financial Health
This continued growth trend underscores Glass House's strong 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 improved significantly to 45%, compared to 31% in Q4 2022.
Glass House's operational achievements included a 37% increase in biomass production without expanding its cultivation footprint, producing 103,500 pounds in Q4.
Additionally, the company reported reducing its cost per equivalent dry pound of production by 5%, to $121. According to management, this operational efficiency along with robust demand contributed to a substantial improvement in operating cash flow, which totaled $23.2 million for the year, a dramatic turnaround from a $40.8 million deficit in the previous year.
Looking Forward
With the recent start of cultivation in Greenhouse 5, expected to boost annual capacity by over 70%, Glass House is positioned for continued growth.
The company projects Q1 2024 revenue to be between $28 million and $29 million, with an ambitious revenue guidance of $215 to $220 million for the full year 2024, aiming for an Adjusted EBITDA exceeding $50 million.
Learn more about these essential issues at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn, and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!
Photo: AI-Generated Image.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!