Glass House Brands reports record revenue growth in 2024

Glass House Brands Inc. reported strong financial results for the fourth quarter and the full year of 2024. The company, which is a major player in the U.S. cannabis industry, announced that its total revenue reached $200.9 million for the year, marking a 25% growth compared to the previous year. In the fourth quarter alone, revenue was $53.0 million, up 31% from a year earlier. The company experienced significant growth across all its business segments. In the fourth quarter, adjusted EBITDA, which measures operational performance, increased by 139% year-over-year to $9.0 million. Biomass production also rose to 165,074 pounds, a 60% increase compared to the same period last year. Kyle Kazan, CEO of Glass House, said 2024 was a year of substantial progress for the company. They began production at a new facility and expanded operations at another, setting the stage for future growth. Kazan highlighted the company's efforts to manage costs and optimize operations, noting a decrease in cultivation costs per pound of product. Despite challenges in the California cannabis market, Glass House's retail and consumer packaged goods sectors showed resilience. Retail revenue grew by 23% year-over-year, reaching $12 million. The company's gross profit margin held steady, illustrating effective cost management strategies. Looking ahead, Glass House provided a positive revenue forecast for the first quarter of 2025, estimating between $42 million and $44 million. The company also expects to see significant growth in biomass production in the upcoming year, alongside a continued focus on cost reduction and operational efficiency.