Glass House Brands reports Q2 2026 revenue of $47 million

Glass House Brands (NYSE: GLAS ) held its second-quarter earnings conference call on Thursday.

Below is the complete transcript from the call.

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Access the full call at Summary Glass House Brands reported Q2 2026 revenue of $47 million, below the original guidance of $55-60 million, due to the deconsolidation of their retail operations.

Gross profit increased to $15.8 million from $4.1 million in Q1, with a gross margin of 34%, though impacted by a higher mix of lower-value trim in production.

The company spun off its retail operations and uplisted its equity shares to the New York Stock Exchange, signaling a strategic shift towards focusing on medical cannabis under DEA Schedule III.

Glass House Brands produced 246,000 pounds of biomass, exceeding guidance and planning to reach a 1 million-pound production target for the year, with a goal to reduce production costs to below $100 per pound.

Management expressed optimism about the rescheduling of medical cannabis and potential interstate commerce, with plans to leverage their low-cost production model to supply new markets domestically and internationally.

Full Transcript OPERATOR Good afternoon, ladies and gentlemen.

Welcome to the Glass House Brands second quarter 2026 earnings call.

Matters discussed during today's conference call may constitute forward-looking statements that are subject to risks and uncertainties related to Glass House Brands' future financial or business performance.

Actual results could differ materially from those anticipated in those forward-looking statements.

The risk factors that may affect results are detailed in Glass House Brands' periodic filings and registration statements.

These documents may be accessed via the SEDAR+ database.

I'd also like to remind everyone that this call is being recorded today, Thursday, Aug.

13, 2026.

On today's call we have Kyle Kazan, Co-Founder, Chairman and Chief Executive Officer of Glass House Brands, and Chief Financial Officer Mark Vendetti.

Following prepared remarks, management will open up the call to analyst questions.

Also joining for questions is Graham Farrar, Co-Founder and President, and with that I'll turn the call over to Kyle Kazan.

Kyle Kazan, Co-Founder, Chairman and CEO Good afternoon.

Thank you, Operator, and to all of you for joining today's call.

For greater detail on results, please refer to our second quarter 2026 earnings press release.

Before I discuss results, I want to acknowledge the quarter's landmark event within our industry: the rescheduling of medical cannabis to Schedule III in late April.

This represents the most important drug reform in my lifetime and overdue common-sense drug regulation.

I applaud President Trump and his administration for progressing with this change and remain encouraged by the rapid response from administrators in both California and at the DEA in updating systems, opening new licenses and registrations.

Changes made to date have not been just lip service.

They appear to be designed to produce tangible results for industry participants and, more importantly, patients.

We are confident that subsequent updates will lead to an eventual normalization of operations for consumers and cannabis operators.

We are optimistic for further legislative progress to come in connection with the Administrative Law Judge, or ALJ, hearings regarding the rescheduling of adult-use cannabis, which concluded last month, and anticipate further regulatory updates from both the State of California and the DEA in coming months.

With that said, while we favor freedom for the patients and the plant, we at Glass House Brands do not require adult-use rescheduling as we built in optionality.

We are registered with the DEA and operate today under a Schedule III designation.

We are confident that medical cannabis rescheduling is sufficient to support interstate commerce between companies with appropriately registered DEA licenses and export to international medical cannabis markets.

The opening of interstate commerce and export dramatically expands our addressable market size and unlocks profitability and cash-generation potential at a magnitude that is beyond what is achievable with exclusive California operations.

California is the most difficult cannabis market on the planet on account of fierce competition, high regulatory costs and taxes, and low wholesale prices which stem in large part from illicit competition.

It also has the most discerning cannabis consumers in the world, who know great marijuana.