Glass House Brands Archives - Page 2 of 2

Andrew WardApril 4, 2022

It’s a well-accepted anecdotal fact that cannabis and music go together. From the jazz clubs to the headbangers ball to underground hip hop shows and beyond, where there’s music playing, pot’s often being consumed.

That long-lasting bond has recently come in handy for brands looking to connect with legal consumers. Federal regulations prohibit cannabis from online ads, forcing marketers and brands to ramp up creativity. In recent years, cannabis brands have become increasingly present at music festivals and concerts through sponsorships, activations and other consumer-facing endeavors.

“When executed correctly and compliantly, live event marketing collaborations can absolutely drive sales and brand awareness, as well as form lasting consumer relationships and promote brand loyalty,” said Andreas Neumann, Jushi Holdings Inc (OTCMKTS: JUSHF) (CNSX: JUSH) chief creative director and 2020 Grammy award winner for Best Album Package.

While short on data, cannabis leaders say they’ve witnessed the potential in live events marketing and partnerships with cannabis-friendly artists.

Live Event Marketing Grows In Cannabis

Like cannabis and its various medical claims, most seem to accept anecdotal feedback regarding the return on investment (ROI) for live event sponsorships. While additional findings would conclude the debate, most already agree on its efficacy.

“While legal cannabis is still a relatively young industry, the effectiveness of event marketing has been proven over and over in many other industries, including CPG,” said Glass House Brands Inc (OTCMKTS: GLASF) President Graham Farrar.

The uptick in cannabis at events has been noticeable, particularly in states with legalized adult-use and/or relaxed public consumption laws.

“While we have more regulations to contend with, it doesn’t change the value that live events can bring,” said Farrar.

Additional regulations, like bans on sales and onsite consumption, can prove detrimental, but brands have not let them thwart live music marketing endeavors.

Associating With Live Acts Reportedly Pays Off

As cannabis becomes more widely accepted, its presence grows at significant live events. So much so that the plant is sometimes front and center.

In October 2021, Eaze’s Grass Lands served as the hub for all things cannabis during the three-day Outside Lands Festival. Grass Lands came complete with its own stage and a three-day live music and comedy lineup. Event partners included Cookies, PAX, and Autumn Brands.

In January 2022, Veritas Fine Cannabis sponsored the 10th anniversary of the Winter on the Rocks concert held at Denver’s Red Rocks Amphitheater. Diplo and Talib Kweli headlined the event. Veritas’ featured onsite activations to improve the concert experience, including free shuttle rides and live paintings by artist Morgan Mandala.

“Live event marketing enables us to position ourselves in front of a new audience, as these events bring people from various backgrounds together,” said Veritas Marketing Director Jordan Plunkett.

The company also offered dispensary workers exclusive perks, including a performance by funk band Lettuce, catered meals, and early access to new products.

Taylor Saralli, the company’s presentation manager, noted that Veritas engages in various live events each year, including activations with electronic artist Pretty Lights and art exhibits from Meow Wolf.

Saralli, who considers live music one of the company’s most effective marketing tools, added, “Live events allow us to interact with, celebrate and create genuine relationships with our consumers and the budtenders who sell our products.”

Plunkett noted positive results from the Red Rocks event, including over 5,000 new consumer signups, 5,700 unique website visits, approximately 12% increase in social media engagement and roughly 300 new social media followers.

Others are reporting the benefits of live events. Juanjo Feijoo, COO & CMO for WM Technology Inc (NASDAQ: MAPS), didn’t offer financial figures but noted that activation partners had seen increased numbers from live event activations.

He noted that a 2021 live event collaboration at the multi-day Aftershock Festival with Sacramento-based dispensary and delivery service KOLAS paid off immensely. Their endeavor, the Loud Lounge, allowed guests to kick back while waiting for delivery orders.

Feijoo said sales boomed for KOLAS, resulting in “The equivalent of two or three weekends of orders for them.” He attributed the success to finding consumers in one collective event.

Thinking Beyond The Show

Opportunities exist beyond the venue, offering brands and performers ample opportunity to collaborate.

One example includes the September 2021 partnership between Denver’s Seed & Smith and electronic artists Big Gigantic. The company featured strains chosen by the band as part of the release of the company’s DART pod system. The company reported seeing a worthwhile ROI from the deal.

“Having that name attached to the DART certainly influenced some purchasing,” said Robbie Wroblewski, director of community outreach for Seed & Smith. The company did not provide financial data to support its report.

Debra BorchardtMarch 17, 2022

Glass House Brands Inc. (NEO: GLAS.A.U) (OTCQX: GLASF) reported that revenues rose 7% sequentially bringing in $18.4 million in the fourth quarter ending in December. It was a 44% increase over the same time period last year. Glass House said that the sequential revenue growth was driven by wholesale biomass sales, which increased 31% over Q3 2021.

The adjusted EBITDA was a loss of $9.1 million which rose over the third quarters loss of $5.4 million. The sequential decrease of $3.8 million was primarily caused by lower wholesale pricing and inventory reserves in the quarter that negatively impacted gross margin.

Full Year Results

Glass House reported that revenue increased 44% in 2021 to $69.4 million, an increase of $21.2 million. The company attributed the rise to an increase in its CPG business and retail operations. Glass House’s CPG business increased 93% as a result of the strong growth in Glass House Farms branded sales. Retail sales increased by 50%, driven mainly by the full year impact of the company’s Berkeley store, which opened in January of 2021 and produced $6.8 million in revenue during the year.

The adjusted EBITDA was a loss of $11.8 million for 2021, compared to a loss of $0.3 million for 2020. The increase was due to a lower gross profit coupled with higher non-excludable operating expenses.

Kyle Kazan, Glass House Chairman and CEO said, “Looking at the quarter, despite a destructive wholesale pricing environment in California, we exceeded our original projections for top line revenue growth driven by a 31% increase in wholesale biomass sales versus Q3. Demand for our high-quality products has remained robust; and as our new facility gets up and running, we will be ready to meet it. We expect our Phase I retrofit at our SoCal facility to increase our annual production capacity by 180,000 pounds, bringing our overall total capacity to 270,000 pounds.

Wholesale biomass revenue increased 8% but was negatively impacted by large declines in wholesale prices, particularly during the second half of 2021. On average for the fiscal year, the company experienced a 38% decrease in flower prices and 45% decrease in smalls between 2020 and 2021. Had 2020 prices held throughout 2021, revenues would have been $12.1 million higher.

“With the first phase of our SoCal cultivation facility operational; and its construction on time and on budget; and the receipt of our nursery, cultivation and processing licenses, we are well on our way to becoming the top vertically integrated operator in California,” said Kazan. “I am delighted with our progress and thrilled to have started cultivation, with the first product sales expected in the third quarter, ahead of our initial projections.”

Outlook

Glass House said that looking ahead and assuming wholesale and CPG pricing remain stable throughout this year and next, it will be able to fully utilize the Phase 1 capacity of the SoCal Facility and that production will be commensurate with current production metrics. Glass House believes this will put the company on a path to begin generating positive cash flow from operations by early 2023.

Mr. Kazan continued, “We have been expecting the commoditization of cannabis and related pricing pressure since we founded the Company. Consolidation has always been our thesis, and the distress in the market is what consolidation looks like. Wholesale flower prices are unsustainably low in California, and the other states which have experienced similar pressure bottomed before rising to a level which supports efficient cultivators. Growers of all sizes will be forced to discontinue operations unless they can find a way to decrease their costs. For this reason, I am particularly thankful that we leaned into the SoCal Facility, which should do exactly that. We expect our margins and top line growth to be directly and positively affected as we expand cultivation.”

StaffMarch 4, 2022

PLUS Products

SHIAO WILLIAMS-SHENG – DIRECTOR OF INNOVATION, PLUS PRODUCTS (now owned by Glass House Brands (OTC: GLASF)

What is your proudest accomplishment in the cannabis industry?

I’ve had the pleasure of launching several new product lines throughout my time in cannabis. But my proudest accomplishment was bringing sleep-focused products to market in the fall of 2020. They’re cloudberry and lychee, which are two of my favorite candy flavors, and really demonstrate how much the industry has evolved. All of the work – ideation through launch – was done during COVID, and much of it remotely. I am immensely proud of how our team came together to navigate the uncertainty and significant challenges COVID presented to our physical and emotional health and business. Throughout the pandemic, I’ve both experienced and observed in my community an uptick in stress-induced sleepless nights. Developing a line of products that aid in deep and restorative sleep has been very gratifying.

Do you feel you have to work twice as hard as male colleagues or do you think the industry has moved past that?

One of the reasons I love working in the cannabis industry is that social justice is woven into its fabric. I hope that industry leaders continue to push boundaries to advocate for federal decriminalization with gender and racial equity as key pillars. While the industry is more progressive than most given its history and continued federal prohibition, my experience has shown that gender inequality is as present as other less nascent industries. Society has centuries of inherent bias baked into how it treats women, people of color, and an array of marginalized communities. Acknowledging and breaking down these biases has to be a collective effort; I am always learning ways to be a more effective agent of change.

What was your biggest challenge in business and how did you overcome it?

Finding my voice has been my biggest challenge. I’m an introvert, and communicating to a larger audience was not something that I felt comfortable with early on in my career. I’ve had to learn to project my voice and opinions to large, cross-functional teams with very different ways of working. My newfound confidence in public speaking, parried with my more introverted traits of adaptability, attentive listening, and learning how to read a room, helped me to develop and evolve my communication.

What are your personal goals for 2022?

Balance and growth.

Bio:

Shiao is always hungry. She’s hungry for food that tingles her brain with joy, for dishes she has yet to try, and a hunger to connect with the individuals behind those creations. She’s the sum of a family made up of liberal misfits. She was homeschooled with the directive to find her passion/s, but more importantly to be kind and compassionate. She’s carved out an unorthodox existence in the world. A semi-autodidact, she started in fine dining at the age of 13 and has never looked back. She’s worked her way through kitchens, R&D labs, cannabis start-ups and hearts. She now happily resides as the resident Director of Innovation of PLUS with a strong desire to bring euphoria into people’s daily existence.

Video StaffDecember 20, 2021

Glass House Brands (OTC: GLASF) just announced it is buying CBD company Plus Products. Last week, Green Market Report Executive Editor Debra Borchardt had a chance to speak with CEO Kyle Kazan at the NCIA conference in San Francisco. Kazan talked about how the company will work on bringing down the cost to produce cannabis. He also gave hints about possible acquisitions in the market.

Debra BorchardtDecember 20, 2021

Glass House Brands Inc. (OTCQX: GLASF and GHBWF) is buying Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) for approximately $25.6 million in a deal expected to close in the first quarter of 2022. The acquisition will be a combination of unsecured convertible debt and equity, plus additional performance-based consideration. Plus recently found itself in trouble when in September when Plus filed for the Canadian version of bankruptcy. According to Plus’ filing, it had secured court protection from its creditors under the Companies Creditors Arrangement Act or “CCAA”, in order to restructure its business and financial affairs. The acquisition is being completed by way of a plan under the CCAA and is subject to the approval of PLUS’ creditors.

“As one of the fastest-growing categories in cannabis, edibles are a key component of the Glass House growth strategy,” said Kyle Kazan, Glass House’s CEO. “PLUS has built a very strong brand in the gummy segment, and in the very competitive California and Nevada markets, no less. PLUS’ diverse and well-recognized line of edibles, including dual-action sleep and strain-specific products, is the ideal complement to our portfolio. Our vertically integrated platform will allow us to expand the distribution of PLUS to the more than 700 stores in our network, as well as to our own retail stores, as we pursue top sales ranking in both flower and edibles categories in the country’s largest market.”

Jake Heimark, PLUS co-founder and CEO, added, “We developed PLUS with the vision of being part of the strongest brand platform in cannabis, and we are realizing that vision by joining Glass House. Our mission to make cannabis safe and approachable, with high-quality products that deliver consistent consumer experiences, is perfectly aligned with Glass House’s reputation for providing outstanding cannabis products, produced sustainably, for the benefit of all. We are looking forward to working with Glass House to continue to pursue this shared goal.”

Plus is a leading edibles brand in California with the No. 4 ranked edibles brand by sales in Q3 2021. Based on top-of-mind brand awareness, a common CPG metric measuring brand strength, Plus is the No. 1 ranked brand in California in the gummy segment, the largest segment of the edibles category. According to BDS Analytics (“BDSA”), the combined company would be the only company with a top 5 position in both the Flower and Edibles categories in California. Glass House Farms, was the No. 1 ranked flower brand by sales in California in Q3 2021.

Kyle Kazan further stated, “We think there is a long runway for PLUS on the Glass House platform. Based on Headsets November data, PLUS outsells Wana in California, the nation’s largest cannabis market, by a multiple of nearly 10x. With its California presence and activities in other states, we believe Plus has a wide path to playing at a national level at least equal to Wana, which was acquired by Canopy Growth in October at a value in excess of $297.5 million.”

StaffDecember 13, 2021

Glass House Brands Inc. (OTCQX: GLASF) (OTCQX: GHBWF) has entered into a senior secured term loan agreement with a U.S.-based private credit investment fund for up to $100 million, with an initial draw of $50 million. Glass House said that the initial term loan has a variable interest rate currently set at 10% per annum, and in no event shall be more than 12% per annum. The money will be used to fund the phased retrofit of the company’s approximately 5.5 million square feet cultivation facility currently under renovation in Camarillo, California and for general corporate purposes.

“Since our inception, it has been our vision to become the largest cannabis brand-building platform in California and this loan agreement provides us with a non-dilutive infusion of capital to fund the complete retrofit of our SoCal Facility as we continue to pursue this goal,” said Kyle Kazan, Chairman and Chief Executive Officer of Glass House. “With support building across the country for cannabis regulatory reform, now is the right time for us to improve availability of our high-quality, sustainably grown California cannabis while significantly lowering our COGS through scale and automation. We have a planned total footprint of 6 million square feet and projected total biomass production of approximately 1.7 million pounds, which we believe would make Glass House Brands the largest and most efficient cannabis supplier in the U.S., by a wide margin. With this significant capacity, we will be extremely well-positioned to supply cannabis consumers across the country, once that opportunity arises.”

Glass House recently completed the acquisition of the approximately 160-acre SoCal Facility with six on-site greenhouses in September 2021. The SoCal Facility includes approximately 125 acres of ultra-high-tech and efficient KUBO Ultra-Clima greenhouses, on-site well, water treatment facilities, automated roof washing system, supplemental lights, and natural gas cogeneration facilities producing power, heat, and CO2. The company said it had planned the initial phase 1 of the SoCal Facility retrofit to include the conversion of two greenhouses, one of which will propagate nursery cuttings or clones to support the entire facility and the other which will have a capacity of 180,000 pounds of biomass per year. Phase I expansion will also include a packhouse and a distribution center which will support the growth of the Company’s wholesale biomass business.

In August Glass House reported cash and cash equivalents of $134.3 million as of June 30, 2021 versus just $4.5 million as of June 30, 2020. During the quarter, Glass House said it eliminated $38.3 million of debt through the completion of a Preferred Stock offering exchanging both principal and interest accrued to participating investors and issued both companies Preferred Stock and warrants, which triggered the equity conversion of all of the company’s outstanding Convertible Promissory Notes.

The company posted a video of the facility on the website which can be seen here.

Debra BorchardtDecember 7, 2021

Wholesale cannabis prices have fallen this year and the impact was felt by several companies and in particular – those in California. Cannabis Benchmarks data shows that California’s Spot prices have been on a freefall since June. Cannabis Benchmarks said that prices have dropped by as much as 30% this year. Plus, as outdoor harvests have ended that product is hitting dispensary shelves, which could cause prices to go even lower.

Leafly’s Cannabis Harvest Report said that in the 11 legal adult-use US states, cannabis supports 13,042 licensed farms that annually harvest 2,278 metric tons of marijuana or more than 5 million pounds of weed. The wholesale cannabis crop brings in $6.2 billion annually, ranking it as the fifth most valuable crop in the United States. Only corn, soybeans, hay, and wheat bring in more money to American farmers. The report also stated that legal cannabis is the single most valuable agricultural crop in Alaska, Colorado, Massachusetts, Nevada, and Oregon, but remains completely uncounted and ignored by state agriculture officials.

Alex Feldman General Manager, Insights & Marketing Services at LeafLink said, “California prices are still depressed as of early December due to a number of factors. Growing conditions were more favorable this year compared to last, new entrants came into the market anticipating a post-pandemic recovery, and there is continued downward pressure from the black market.”

Too Much Marijuana

Although demand for freshly-harvested material could help steady price initially, as has been the case in some previous years, the rumblings in California have suggested that an early harvest price bump may not be in the cards this year due to inventory hangover from 2020 and this summer’s light-deprivation crops swamping the market.

Jonathan Rubin, Founder and CEO of Cannabis Benchmarks said that in addition to California, Oregon and Colorado were also seeing a significant drop in wholesale flower prices. “For the West Coast states, there was a significant amount of inventory that remained unsold deep into this year from a big outdoor harvest in 2020. In California, it seems that 2020 and 2021’s harvests were similarly robust. Additionally, cultivators that had spent previous years getting through the state’s stringent licensing process came online and started producing this year, including larger light deprivation operations outside of northern California, and generated a surge of supply beginning this summer, which caused prices to start to fall ahead of the autumn crop.”

In addition to California, Rubin said that in Oregon it seems that growers took record-breaking demand during the first summer of the Covid pandemic as a signal to ramp up production. “Even before the fall harvest, from roughly January through August this year, indoor and light deprivation growers were bringing in harvests that were a good bit larger than in 2020. Regarding the fall outdoor harvest this year, recent data from Oregon shows that outdoor growers have harvested about 55% more wet weight than they did in 2020, a huge increase in output,” he added. With regards to Colorado Rubin said that cultivators also ramped up production in 2020. “Data from the state MED shows that licensed growers in Colorado produced 40% more flower in 2020 than was purchased by adult-use consumers and medical patients, leaving a large inventory overhang,” said Rubin.

Low Prices Hurting Companies

Cannabis companies began to inform investors about the impact of the low prices during the last earnings season. Some were pretty upfront about the situation, while others just dropped hints.

TPCO also known as The Parent Company (OTC: GRAMF) was one of the companies to deliver sobering news to investors. It reported that sales in the third quarter dropped by 26.7 % from the second-quarter revenue of approximately $54.2 million and blamed the decline on a decrease in bulk wholesale flower and bulk wholesale oil prices during the third quarter. Wholesale revenue fell to $26.9 million versus $42.3 million in the second quarter and this was attributed to the decrease in whole flower pricing during the quarter. TPCO said that the charge was based on the softening of the California cannabis market. The company also insisted that the challenges it faced were not unique and that the entire California market was experiencing these issues, however, few other companies announced taking a $570 million charge during the quarter.

Similarly, Harborside (OTC: HBORF) said it was withdrawing its previous revenue guidance for 2021. A variety of reasons were given including a decline in wholesale pricing for bulk products in the California market and the beginning of a commoditization decrease in wholesale revenues as a result of a decline in wholesale pricing for bulk products in the California market. Harborside also said that the California retail market was experiencing a softening in consumer demand. Operationally, the company said it implemented a change in its harvest procedures which delayed flower production in the third quarter of 2021 to allow for the adoption of a perpetual harvest schedule beginning in the fourth quarter.

Glass House Brands (OTC: GLASF) CEO Kyle Kazan said during its recent earnings announcement that the California wholesale market faced considerable pricing challenges, as a result of overproduction in the third quarter. “While we expect the weakness in pricing to persist in the near term, we have proven the strength of our efficient operating model and the ability of our team to navigate a rapidly changing industry,” he said. The company reported that wholesale biomass revenue fell 18% despite a more than doubling of unit volume sales as flower wholesale prices fell by 48%, negatively impacting revenue by $4.1 million. Glass House also said it no longer expects to achieve the 2021 and 2022 revenue and profitability targets it had previously announced. The company now expects fourth-quarter revenues to be flat to down slightly compared to the third quarter in 2021 revenues of $17.2M. Kazan seemed to take the challenge in stride saying, “In Q3, our revenue (and that of everyone else of size in our market), took a hit from the significant drop in California’s wholesale flower pricing, and we think the difficult pricing environment will stick around for a while. “

Columbia Care (OTC: CCHWF) opted to just drop hints saying during its earnings announcement that there were some “wholesale pricing dynamics in some markets, such as California and Pennsylvania, and competitive market share dynamics in Florida.” After reading the other company comments, Col-Care’s soft pedal is really downplaying the situation.

Slowing Sales

Of course, no one wants to suggest that sales could be maturing in some states. Rubin also said Cannabis Benchmarks noted that the expanded production coincided with slowing sales after the initial pandemic boom in 2020. “Beginning this spring and summer, sales began to plateau and then began to decline in late summer, continuing into the autumn and early winter. So in contrast to 2020 when demand was spiking and sales were breaking records in many legal cannabis markets, that has slowed in the second half of 2021 and recent month’s sales in the states under discussion are down year-on-year.” That statement agrees with Harborside’s assessment.

Higher Energy Prices

Not only are these companies facing slowing sales, too much inventory, and falling prices, but they are also getting squeezed by higher energy costs, Granted if you’re an outside grower in California, you likely encounter water pressures. The recent Consumer Price Index (CPI) for all items jumped 0.9% in October and there were notable increases in the energy and energy services (utilities) sectors. Energy prices rose 4.8% in October with gasoline up 6.1%, fuel oil up 12.3%, and electricity up 1.8% on the month.

Indoor growers rely heavily on electricity to run lights and massive HVAC systems. They are known to be energy hogs. Over the past 12 months, the CPI reports that overall energy prices have risen 30%, with energy commodities, gasoline, and fuel oil, up 49.6% and 59.1%, respectively. Energy services (utilities) are up 11.2% year-on-year.

In Closing

The question will be who can weather this storm of low prices, high energy costs, and slowing demand in legal dispensaries? LeafLink’s Feldman noted, “We’ve seen wholesale bulk flower pricing declines through October in key states including Michigan, Oregon, Colorado, and Arizona, but are seeing the trend improve as early December average prices in three of the four states are increasing, with the exception of Colorado.” So there could be light at the end of the tunnel.

However, some cannabis industry vultures say they are already circling to look for those smaller players who are in distress and don’t have the reserves to ride this out. The larger companies can cut costs in the challenging states while relying on sales in states where wholesale prices have stayed steady. These dynamics are just part of the overall portfolio in a larger company. The California-only companies will see the crushing need for diversification.

Kazan concluded, “To us, that’s not all bad news — the best strategy for weathering commoditization is producing the highest quality product at the lowest cost, and that’s basically a description of Glass House Brands’ strategy. In other words, we’re ready. Price compression is expected in every evolving industry and it makes strong companies stronger, though it unfortunately also removes others from the playing field. We’ve been preparing for this for a long time, and we think these market conditions will see the best-in-class companies thrive.

Julie AitchesonDecember 2, 2021

The numbers are in and it’s official—Green Wednesday 2021 was a big one for the cannabis industry, while Black Friday fizzled in comparison. Green Wednesday saw cannabis sales increase across the U.S. Black Friday did not have the sales growth seen in previous years, though some data (Flowhub) showed larger order values and bigger discounts than Green Wednesday. Data from market analytics and cannabis companies like Headset, LeafLink, Lantern, Glass House Brands, and others show common trends regarding most popular products and year-over-year sales numbers. Using this data, companies extrapolate some possible variables affecting this year’s numbers, including a decreased emphasis on Black Friday door-buster deals targeted towards packing stores with bargain-hungry shoppers, focusing instead on online sales spread out over the holiday season (Springbig).

Headset’s Green Wednesday 2021 data showed a 33% increase in total retail sales compared with the four previous Wednesdays, with a marked trend of customers taking advantage of promotions on offer to receive discounts on holiday shopping, with the average discount up 29 percent. This was in contrast to a slight decrease in sales (-4.6%) on Black Friday relative to the previous four Fridays, despite the fact that average Black Friday discounts increased by 56% from the previous four Fridays.

Flowhub’s data showed an average Green Wednesday discount of $9.57 (up from $8.94 in 2020) and an average Black Friday discount of $11.09. Notable in Flowhub’s findings was the conclusion that while Green Wednesday was a big sales day, Thanksgiving weekend as a whole had lower pre-tax sales than a typical Wednesday through Sunday. Jushi Holdings (OTC: JUSHF) didn’t seem to notice, however, experiencing its best online sales day in the company’s history on Green Wednesday 2021 with an 80% uptick in sales during Thanksgiving week and online ordering up 200% on Green Wednesday. Eaze saw a 135% increase in deliveries compared to a typical Wednesday in 2021, making it their second biggest day this year by both numbers of deliveries and sales after 04/20/21.

Edibles Most Popular For Green Wednesday

Headset’s data on category winners by sales numbers showed edibles leading the pack with 67% growth on Green Wednesday and 11% on Black Friday. Topicals and tinctures took second and third place while beverages saw a whopping 86% growth. Leaflink showed flower holding the top spot for most popular category in the month leading up to Green Wednesday making up 33% of sales with cartridges coming in second up 24.9% from the previous month. Jane Technologies saw its biggest category sales increases in edibles (94%), vapes (84%), and flower (73%) compared to the previous three Wednesdays, with chocolates and disposables leading subcategory sales by increases of 126% and 100% respectively. For Glass House Brands (OTC: GLASF), flower, carts, and edibles were the big winners.

LeafLink’s data measured the growth of sales (10.61%) during the month leading up to Green Wednesday compared to October, with the biggest sales increase (16%) coming during the week of November 14^thover the previous week. The run-up to Green Wednesday broke records for cannabis company Lantern, with a 44% rise in average daily sales leading up to Green Wednesday, though there was no significant change to daily Average Order Value. As the cannabis economy continues to transform to meet a shifting retail environment and shopping behaviors adaptive to these uncertain times, market analysts and retailers will continue to keep an eye on Green Wednesdays and Black Fridays to come as annual bellwethers for the market.

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Glass House Brands Archives - Page 2 of 2 - Green Market Report

Music and Marijuana Are Officially Hooking Up

Live Event Marketing Grows In Cannabis

Associating With Live Acts Reportedly Pays Off

Thinking Beyond The Show

Glass House Revenues Rise 44%, Expects To Be Cash Flow Positive This Year

Women’s Month Spotlight: Shiao Williams-Sheng

PLUS Products

Glass House CEO Hints At Opportunities In Cannabis Market

Glass House Buys Plus Products For $25 Million

Glass House Brands Gets $100 Million Loan Approved

Wholesale Cannabis Prices Killing California’s Buzz

Too Much Marijuana

Low Prices Hurting Companies

Slowing Sales

Green Wednesday More Popular Than Black Friday

Curaleaf Doubles Down on Utah as Medical Market Grows

Daily Hit: March 30, 2023

Lowell Farms Posts $24.6 Million Loss for 2022, But CEO Optimistic

Live Event Marketing Grows In Cannabis

Associating With Live Acts Reportedly Pays Off

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Too Much Marijuana

Low Prices Hurting Companies

Slowing Sales

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