Record Quarter and Now Record Low Prices
A Review of Q3 2024 Earnings with Glass House Management
Prices of cannabis in California have crashed again and yet Glass House just put up their best quarter ever in Q3. How? Because while the company can’t control cannabis prices, it can control costs and the Glass House’s team were able to lower Q3 COGS (Cost of Goods Sold) to a record low $103 a pound, a remarkable achievement. The company reported 52% gross margins despite only utilizing 40% of their Camarillo facility’s capacity.
So, what is going on with California pricing and how did Glass House achieve these results? I dove into the nitty gritty details with CEO Kyle Kazan, President Graham Farrar and CFO Mark Vendetti in a discussion of Q3 results.
I hope you enjoy this Q3 review as much as I did: