Is Glass House Becoming Boring?
A Review of Q1 2024 earnings with Glass House Management
I’m probably jinxing Glass House (OTC: GLASF), myself and other investors with the title of this post and if that turns out to be the case, I apologize in advance.
Let me explain.
Glass House has had a tumultuous ride since its SPAC (Special Purpose Acquisition Corporation) in 2021. From a SPAC that almost didn’t launch, a collapse of the California cannabis market, mass industry bankruptcies, lawsuits, turning on their massive greenhouse and a dramatic rebound in cannabis flower pricing, the past three years has been anything but boring for Glass House and its investors.
But this is the exact thought I had after reviewing the company’s Q1 earnings report and the guidance for Q2. The company has become boring (in the best way possible), because they have been executing on their plan and delivering on their guidance. And really this is how it should be for what is essentially a precision agriculture company. It should be kind of boring. Yes, weather will become unpredictable at times and the timing of turning on new capacity is important, but it shouldn’t be dramatic like the last three years have been.
Luckily for anyone who likes things spicy and interesting, Glass House doesn’t make regular flower but instead cultivates cannabis flower. And the cannabis industry and California’s cannabis industry in particular is anything but boring.
With this in mind, I really hope you enjoy my latest interview about Glass House’s first quarter earnings report with Glass House’s CEO Kyle Kazan, President Graham Farrar and CFO Mark Vendetti.