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Glass House breaks into the black with $721k profit in 2024

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California-based Glass House Brands (CBOE CA: GLAS.A.U) (OTCQX: GLASF) last year finally crossed the profitability threshold with annual net income of $721,000 on more than $200 million in revenue, the company reported in its year-end quarterly financial filing.

The turnaround is a major one, given that Glass House reported net losses of $98 million in 2023 and $32.9 million in 2022.

Glass House posted $200.9 million in revenue for the full year, up 25% year-over-year, including $53 million in revenue for the fourth quarter, which was up 31% from the same period a year ago. The company also produced operating cash flow of $28.4 million, up 18% year-over-year.

All three revenue streams improved year-over-year. Wholesale biomass accounted for the lion’s share of Glass House’s revenue by far with $139.1 million, up 32%, followed by retail revenues of $43.8 million, up 12%, and wholesale consumer packaged goods at $18 million, up 10%.

Production also increased for Glass House last year, with more than 165,000 pounds of cannabis harvested in the fourth quarter alone, a year-over-year spike of 60%. At the same time, the company has continuously reduced its cost of production, which is at $110 per pound as of the fourth quarter, down 9% year-over-year.

CEO Kyle Kazan said in a press release that Glass House is only getting started, and that 2024 was “positioning the company for its next wave of expansion.” The coming year will be about “managing costs and expenses” in the face of industry price compression.

“Looking ahead, in 2025 while we plan for pricing pressure in California to persist in the near-term, we will continue to drive operational efficiencies … and place emphasis on our leading brands to drive further growth throughout our retail, CPG and wholesale businesses,” Kazan said.

In particular, he said, Glass House has pulled the trigger on entering the hemp sector and is growing “hemp-derived cannabis” in one of its greenhouses in Santa Barbara.

“It is clear that there is massive demand throughout the country, and we are confident that we could sell everything we grow that is 2018 Farm Bill compliant. We intend to formalize our plans here by the second quarter of this year,” Kazan said.

Glass House forecast revenues of $42 million-$44 million for the first quarter of 2025, and $220 million to $230 million for the full year. The company expects to produce 760,000-780,000 pounds of cannabis biomass, with a wholesale price of $215-$220 per pound.

As of Dec. 31, Glass House had $310.5 million in total assets, including $36.9 million in cash, against $146.4 million in total liabilities.



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SNDL lists on CSE, IM Cannabis receives Nasdaq delist warning

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SNDL Inc. (Nasdaq: SNDL) began trading on the Canadian Securities Exchange under the symbol SNDL, while maintaining its Nasdaq listing. Meanwhile, IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) said it received word from Nasdaq that it no longer complies with the minimum stockholders’ equity requirement for continued listing, giving the company until May 26 to submit a compliance plan.

SNDL shares were trading up 1.82% at $1.3950 as of Friday morning following the CSE listing announcement, though the stock has struggled with a year-to-date decline of 22.07% and a one-year drop of 33.25%, according to Yahoo Finance data.

“Listing on the CSE enhances SNDL’s structural flexibility and creates optionality for shareholders while reinforcing our commitment to the Canadian market,” SNDL CEO Zach George said in a statement. “As regulated product markets continue to evolve, this listing positions us to pursue growth opportunities with greater agility and alignment to our long-term vision.”

The CSE’s regulatory framework specifically supports cannabis companies with U.S. exposure, according to SNDL, which could open doors for future moves as the company continues scaling. Despite a ever-more crowded national market, SNDL, which also operates as Canada’s largest private-sector liquor and cannabis retailer, says it continues to build its consumer-facing cannabis brands as it searches for strategic capital deployment opportunities throughout North America. Its retail banners including Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, Spiritleaf and Superette.

For IM Cannabis, which operates in Israel and Germany, the Nasdaq notification came after the company reported stockholders’ equity of $2.2 million in its annual filing, below the $2.5 million minimum requirement for the Nasdaq Capital Market. The company’s shares were down 0.75% to $1.3299 on Friday, with the stock having declined 42.65% year-to-date and 69.51% over the past year.

IM Cannabis has 45 days, until May 26, to submit a compliance plan, and if accepted by Nasdaq, could receive up to 180 calendar days to regain compliance.

“The company’s business operations are not affected by the receipt of the Notification Letter,” IM Cannabis stated, adding that it is “looking into various options available to regain compliance.”

The company also announced plans to acquire the remaining 26% interest in Focus Medical Herbs Ltd. from Ewave Group Ltd., a privately held entity jointly owned by IMC’s related parties. The purchase would be settled through the issuance of common shares rather than cash to preserve the company’s finances.



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New study explores how THC-infused drinks are shaping drinking habits

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Data collection company MoreBetter announced a new study aimed at understanding the impact of THC-infused beverages on alcohol consumption, mood and overall quality of life. The company said it is looking for 2,000 qualified participants to provide daily feedback over three weeks about their infused beverage and alcohol consumption patterns, as well as self-assessments on their overall quality of life.

Infused beverages have become the hottest thing in cannabis. It seems every week, more brands are introducing some form of seltzer or juice infused with either regulated THC or a hemp-based THC. However, there has been little research into the effects or benefits of consuming these products.

Participants in the study must be over the age of 21 and willing to share their day-to-day experiences with using infused beverages. Individuals can check if they’re eligible for the study at this website: mystudi.es/bevstudy.

The study is sponsored by several leading beverage brands, that will collectively supply study participants with free infused beverage products to consume throughout the study.

“By collecting consumer-reported outcomes from thousands of consumers, over a multiweek basis, we provide brands and industry advocates with the real world data they need to understand how infused beverages are impacting consumers’ quality of life,” MoreBetter COO Tyler Dautrich said.

Alcohol sales have been trending downward as interest in about THC-infused beverages has increased. Some of the largest alcohol distributors, such as Total Wine & More and Spec’s, now include large selections of infused beverages. The brands, however, want to gain insight into how consumers are using their products and what perceived lifestyle benefits or wellness outcomes might result after consumption.

“The cannabis plant should be better researched, and we are hopeful that this is just the first step in learning how these products can improve people’s lives as acceptance, access, and consumption of infused beverages expands across the US,” said Adam Terry, CEO of Cantrip, also a sponsor of the study.

The study will mainly focus on canned THC-Infused seltzers, but MoreBetter will also investigate 750ml bottles used as mixers, dry powder mixes and 1.5-2 oz “shots” to study how various doses and form factors impact consumers’ perceived experiences.

“As more consumers explore mindful options, real-world data like this will be essential in understanding how THC-infused beverages are enhancing quality of life and transforming social rituals. Our partnership with MoreBetter isn’t just about validating our brands – it’s about leading a cultural shift with integrity, innovation, and style,” said Evan Eneman, CEO and co-founder of Iconic Tonics.



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MindBio Therapeutics nabs $170,000 private placement, $1.76M debt settlement

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MindBio Therapeutics Corp. (Frankfurt: WF6) (CSE: MBIO) on Friday announced a new financing package that includes a private placement and substantial debt settlements to help strengthen its cash position.

The company plans to raise up to $170,000 via a non-brokered private placement of 15.45 million common shares priced at $0.011 per share, according to a news release. At the same time, MindBio is working to settle $1.76 million in outstanding debt through the issuance of up to 160 million shares at the same price.

The Vancouver-based firm specializes in microdosing psychedelic medicines for mental health conditions. Its lead candidate, MB22001, is described as a “proprietary titratable form of Lysergic Acid Diethylamide (LSD) designed for take-home microdosing.”

According to the announcement, MindBio has completed Phase 1 clinical trials in 80 healthy participants and a Phase 2a trial in patients with major depressive disorder, with “positive top line data reported” for both. The company is currently conducting two Phase 2B trials – one in cancer patients experiencing existential distress and another in patients with MDD. It also received approval for multiple Phase 1/Phase 2B trials focused on women’s health.

The private placement is expected to close around April 18, pending approval from the Canadian Securities Exchange. MindBio may pay finder’s fees of up to 8% of the gross proceeds, which could be settled through cash or additional shares at the offering price.

The company noted that the debt settlement arrangements concern “certain unsecured loans and payables that are due and owing.” Insiders may participate in the debt settlement.

The company said it intends to rely on exemptions from formal valuation and minority shareholder approval requirements since “no securities of the Company are listed on specified markets and the fair market value of the debt being settled by interested parties does not exceed 25% of the Company’s market capitalization.”



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