Glass House Brands Inc · NEO:GLAS.A.U
Glass House Brands — Investor Presentation (August 2025)
37 slides from Glass House Brands's investor presentation, August 2025
Slide 1: Q2 2025 Investor Presentation
Q2 2025 IN VESTOR PR ESE NTATION CBO E CAN A DA: G LA S. A .U OTCQX: GL ASF
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Slide 3: The #1 Cannabis Company in the #1 Market in the World
THE #1 CANNABIS COMPANY IN THE #1 MARKET IN THE WORLD
Slide 4: California: Large Market with High Growth Potential
CALIFORNIA: LARGE MARKET WITH HIGH GROWTH POTENTIAL >30M ADULTS 1 ~270M TOURISTS2 ~4,400 CULTIVATORS 3 ~800 DIST RIBUTORS 3 ~1,200 RETAILERS3 >600 BRANDS4 1. Source: https://www.census.gov/quickfacts/CA, the number of adults over 18 years of age. 2. Source: https://industry.visitcalifornia.com/resea
Slide 5: Milestones
Milestones Q3 2021 Q2 2022 Q1 2023 Q4 2023 Q2 2024 Q4 2024 Q2 2025 Glass House Farms Glass House Grand opening for two new GHB closes $15M Allswell becomes Achieved fourth Sixth consecutive becomes the #1-selling completes its Farmacy locations – Santa Series D Stock Raise a Top 3 CA flower consecut
Slide 6: Investment Highlights
INVESTMENT HIGHLIGHTS LARGEST CULTIVATION A BRAND-BUILDING CALL OPTION ON FOOTPRINT, UNMATCHED MACHINE IN THE INTERSTATE COMMERCE CAPACITY LARGEST US MARKET AND INTOXICATING HEMP U p to 6m sq . ft. of b e st -i n-c l a ss Hi gh qu a l ity , sun -gro wn c a nn a bi s S trongl y posi tio ne d to c arr
Slide 7: Vertical Integration Maximizes Quality and Protects Margin
VERTICAL INTEGRATION MAXIMIZES QUALITY AND PROTECTS MARGIN 3 1 10 CULTIVATION MANUFACTURING RETAIL Berkeley FACILITIES FACILITY LOCATIONS Turlock PADARO LOMPOC FARMACY 350,000 ft2 License Type 5 Stores Lemoore 6,7 & 11 CASITAS NHC Morro Bay 150,000 ft2 PLUS & Allswell 4 Stores Grover Beach Flower Sa
Slide 8: Selling at the Highest Possible Price
SELLING AT THE HIGHEST POSSIBLE PRICE Internal CPG 3rd Party Distros External Brands OUR SCALE, CONSISTENT QUALITY AND VARIETY OF POPULAR STRAINS ENSURES WE COMMAND THE BEST PRICES
Slide 9: Glass House Brands CA Market
OUR VERTICALLY-INTEGRATED MODEL AND COST EFFICIENCY HAVE ENABLED GLASS HOUSE TO GROW RAPIDLY IN THE FACE OF A CHALLENGING MARKET CA Market vs. GHB Revenue 4Q Rolling Average (Millions) Glass House Brands CA Market Source: Glass House Brands, Headset
Slide 10: The Glass House Growing Advantage
THE GLASS HOUSE GROWING ADVANTAGE WORLD CLASS EXPERIENCE FACILITY Ke y Gla s s H ous e culti vati on te am T he SoCa l G re enhous e Fa rm w as me mber s a re pa s si onate a bout the de si g ne d for toma toe s and cuc umber s plant, a nd the ir c ombine d Canna bis – a s i ngle di g it g ross ma r
Slide 11: Cannabis Grows Better in Camarillo California
CANNABIS GROWS BETTER IN CAMARILLO CALIFORNIA More Sunlight: Located in a geographic region with the highest Ideal Temperature Range: There are more days of weather amount of average daily sunlight in the entire US. within the ideal cannabis growing temperature zone of 65 F Goldilocks Latitude: Aver
Slide 12: 165-Acre Farm
KEY FEATURES OF OUR SOCAL FARM To 165-Acre Farm with 5.5M ft2 of cultivation footprint spread amongst six state-of-the-art greenhouses Less than a 6-hour drive San Francisco to the three largest markets in California ⚫ San Francisco: 375 miles, 5hr 50min ◼ Amazon Distribution Center: 7 miles, 10min
Slide 13: Expanding Footprint
OPERATIONS: EXPANDING FOOTPRINT GREENH OUSE 3 GREENH OUSE 4 FLOWER Hemp Trials Gross Area (K ft2) 992 Gross Area (K ft2) 992 Estimated Cultivation Area (K ft 2) 675 Same size as GH4, Announced commercial hemp Estimated Cultivation Area (K ft 2) 675 and almost 10% larger than strategy the other green
Slide 14: Ancillary Features
OPERATIONS: ANCILLARY FEATURES WATER SOLAR ULTRA CLIMA ▪ On-site well water with a backup ▪ 1MW of Clean Solar to help power GH5 ▪ 400 fans per greenhouse create well, fully self-sufficient & GH6 climate control functions overpressure to keep bugs and ▪ 4 x 1M gallon irrigation ▪ Rainwater storage i
Slide 15: Unmatched Capacity & Low-Cost Production
OPERATIONS: THE SOCAL GREENHOUSE FARM OUR FULL CAPACITY PRODUCTION ESTIMATE IS 1.6M POUNDS UNMATCHED CAPACITY & LOW-COST PRODUCTION Our total capacity estimate for when all retrofits to all greenhouses at the SoCal Farm are complete is 1.6M pounds, including production from our Padaro and Casitas Gr
Slide 16: Glass House Is on Track to Produce 1.6M Lbs at Full Capacity
GLASS HOUSE IS ON TRACK TO PRODUCE 1.6M LBS AT FULL CAPACITY 1,800 1,600 Existing cultivation 1,400 footprint is expected to produce 770K lbs Pounds of Production 1,200 1,000 The remaining 800 3 Greenhouses plus 600 ongoing improvements 400 generate the balance 200 - 2021 2022 2023 2024 Phase 2 Phas
Slide 17: Phase 3 Expansion – Timing and Costs
PHASE 3 EXPANSION – TIMING AND COSTS ▪ Projected total spending for Phase 3 is $25M to $30M ▪ There will be additional nursery, drying, processing and storage infrastructure required to handle the ▪ Phase 3 retrofit of GH2 will add 585k square feet of increased capacity. licensed cultivation area, w
Slide 18: Hemp-Derived Cannabis vs. Cannabis Cultivation
HEMP-DERIVED CANNABIS VS. CANNABIS CULTIVATION ▪ August 2024, Glass House announced that it was ▪ Glass House has already acquired a hemp analyzing the hemp-derived cannabis market cultivation license and has begun initial testing with the intent of potentially selling it outside of including develo
Slide 19: Strong Brands Across Key Market Segments
STRONG BRANDS ACROSS KEY MARKET SEGMENTS BRAND BRAND PORTFOLIO PORTFOLIO
Slide 20: The Farmacy
THE FARMACY THE FARMACY – SANTA BARBARA THE FARMACY – SANTA ANA THE FARMACY SANTA YNEZ THE FARMACY – BERKELEY THE FARMACY ISLA VISTA 20
Slide 21: Natural Healing Center & The Pottery
NATURAL HEALING CENTER & THE POTTERY NHC – GROVER BEACH NHC – MORRO BAY NHC – LEMOORE NHC – TURLOCK THE POTTERY – LOS ANGELES 21
Slide 22: ESG as a Strategic and Competitive Advantage
ESG AS A STRATEGIC AND COMPETITIVE ADVANTAGE Kg CO2 per kg Flower2 kWh per Sq. Ft. of Flower2 ▪ Strategically located in California, where growing 3000 300 conditions are optimal 2500 ▪ Focus on energy efficiency 250 with solar and cogeneration capabilities 2000 200 ▪ ESG mandated U.S. AUM are forec
Slide 23: Meet the Glass House Team
MEET THE GLASS HOUSE TEAM KYLE KAZAN GRAHAM FARRAR MARK VENDETTI HILAL TABSH BEN VEGA Co-founder, Chairman Co-founder, President Chief Financial Officer Chief Revenue Officer General Counsel & & CEO & Board Director Corporate Secretary BEN VASQUEZ JACQUELINE DE GINESTET JENNIFER BARRY JOSHUA KARCHME
Slide 24: Historical Financial Data
H ISTOR ICAL FIN AN CIAL D ATA
Slide 25: Revenue and Gross Profit
GLASS HOUSE BRANDS REVENUE AND GROSS PROFIT (in thousands) Retail (B2C) Wholesale CPG (B2B) Wholesale Biomass (B2B) Total Sequential % Change Retail (B2C) ‘Wholesale CPG (B2B) ‘Wholesale Biomass (B2B) Total % Change to Prior Year Retail (B2C) Wholesale CPG (B2B) Wholesale Biomass (B2B) Total (in tho
Slide 26: Wholesale Biomass Metrics
WHOLESALE BIOMASS METRICS 26
Slide 27: Quarterly Net Income / Loss
QUARTERLY NET INCOME / LOSS 27
Slide 28: Quarterly Adjusted EBITDA
QUARTERLY ADJUSTED EBITDA 28
Slide 29: Select Balance Sheet Information
SELECT BALANCE SHEET INFORMATION 29
Slide 30: Select Cash Flow Information
SELECT CASH FLOW INFORMATION 30
Slide 31: Equity Table
GLASS HOUSE BRANDS EQUITY TABLE (in thousands, except share price) Total Equity and Exchangeable Shares Warrants Series D Series C Series B SPAC Total Warrants Stock Options RSUs Total Share Price at Quarter End Convertible Debentures Series A Series B Total Convertible Debentures ‘Number of Shares
Slide 32: Notes Payable and Preferred Equity
NOTES PAYABLE AND PREFERRED EQUITY 32
Slide 33: Board of Directors
BOAR D OF DIR ECTOR S CBO E CAN A DA: G LA S. A .U CBO E CAN A DA: G LA S. WT.U OTCQX: GL ASF O T C Q X : GH B WF @g la s s h o u s eb ra nd s g la s s-h o u s e-b ra nd s -i nc @Gla ssHouseB R
Slide 34: Board of Directors
BOARD OF DIRECTORS KYLE KAZAN GRAHAM FARRAR ▪ Co-founder, Chairman & CEO of Glass House Group ▪ Co-founder, President & Board Director of Glass House Group ▪ 30+ years of successful Private Equity & investment experience ▪ 20+ years of serial entrepreneurship, including taking two with focus on real
Slide 35: Board of Directors
BOARD OF DIRECTORS GEORGE RAVELING JOCELYN ROSENWALD ▪ First African American basketball coach in the Pac-8 (now Pac- ▪ Co-founder and Board Director of Glass House Group 12); head coach at Washington State, University of Iowa, & ▪ Veteran of real estate investment industry; most recently, USC; assi
Slide 36: Disclaimer
DISCLAIMER Cautionary State ments pro jections an d estimates co ntained und er “Pro Forma W holesale Biomass Econo mics” and elsewhere in this presentation, including This do cu ment is for infor mation purp oses only an d shou ld not be considered a recommen dation to pur ch ase, sell or hold a se
Slide 37: CBO E CAN A DA: G LA S. A .U CBO E CAN A
CBO E CAN A DA: G LA S. A .U CBO E CAN A DA: G LA S. WT.U OTCQX: GL ASF O T C Q X : GH B WF @g la s s h o u s eb ra nd s g la s s-h o u s e-b ra nd s -i nc @Gla ssHouseB R
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