LONG BEACH, Calif. and TORONTO, Sept. 03, 2025 (GLOBE NEWSWIRE) -- Glass House Brands Inc. ("Glass House" or the "Company") (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX:GHBWF), one of the fastest-growing, vertically-integrated cannabis companies in the U.S., today announced with great sadness the passing of Mr. George Raveling, a valued member of the Company’s Board of Directors and the Glass House family. Mr. Raveling joined the Board in 2021 when the company went public, bringing with hi ...

Core Viewpoint - Glass House Brands Inc. has faced significant operational changes following federal raids on its farms, leading to the termination of relationships with certain labor contractors and the implementation of enhanced compliance measures [1][2][3]. Group 1: Federal Raids and Immediate Impact - On July 10, 2025, federal officers conducted raids on two of the Company's farms, resulting in the detention of approximately 360 individuals for immigration violations, with nine being Company employees [1][3]. - The Company has terminated its relationships with the two Farm Labor Contractors that provided workers for its farms following the raids [2][6]. - Reports indicate that the Company has verified that none of the minors detained during the raids were its employees, as the Company enforces a strict age requirement of 21 years or older for its workers [3][6]. Group 2: Labor Practices and Compliance Measures - The Company has revised its agreements with Farm Labor Contractors to ensure compliance with legal standards and has engaged new contractors under enhanced agreements [6]. - Glass House has hired compliance consultants to assist in implementing best practices for employment eligibility verification, ensuring all employees and contractors are E-verified [6]. - The Company has signed a Labor Peace Agreement with the International Brotherhood of Teamsters, allowing the organization to present to employees and ensuring cooperation from the Company [6]. Group 3: Financial and Operational Context - For the first half of 2025, labor contractors were paid an average net hourly rate of approximately $18.60, which is over 12% higher than California's minimum wage and 2.2 times higher than the federal minimum wage [3]. - Glass House Brands Inc. is recognized as one of the fastest-growing, vertically integrated cannabis companies in the U.S., focusing on the California market and building strong consumer brands [4].

Core Viewpoint - Glass House Brands Inc. announced a recapitalization and non-brokered private placement of Series E Convertible Preferred Stock, aimed at replacing existing Series B and C Preferred Stock, with a total offering anticipated to be approximately $77.5 million [1][4]. Group 1: Offering Details - The Series E Preferred Stock will have a face value of $1,000 per share and will offer an annual dividend rate of 12%, paid quarterly [2]. - Investors can convert Series E Preferred Stock into Class B common stock at a conversion price of $9.00 per share, and ultimately exchange it for the Company's publicly-traded equity shares on a one-for-one basis [2]. - GH Group has a 5-year redemption right for the Series E Preferred Stock under specific conditions, including a minimum share price of $12.00 and an average daily trading volume exceeding one million shares [2]. Group 2: Comparison with Previous Offerings - The previous Series B and C Preferred Stock issued in 2022 offered a cumulative annual dividend rate of 22.5%, which included a 10% annual dividend and 12.5% paid-in-kind [3]. Group 3: Subscription and Capital Inflow - The Offering is nearly fully subscribed, with over 75% of Series B and C investors exchanging into Series E Preferred Stock, resulting in approximately $14.7 million of new capital from new investors [4]. - GH Group will pay around $4.1 million in cash to fund the redemptions of non-participating Series B and C Preferred Stock [4]. Group 4: Related Party Transactions - Directors, officers, and significant shareholders exchanged existing Series B and C Preferred Stock for $12.9 million of Series E Preferred Stock, representing 16.6% of the total [5]. - The Company did not announce the recapitalization transaction more than 21 days before the expected closing date due to the timing of related party participation [5]. Group 5: Regulatory Information - The securities issued in the recapitalization have not been registered under the U.S. Securities Act of 1933 and cannot be offered or sold in the U.S. without registration or an exemption [6].

Core Points - Glass House Brands Inc. held its annual and special meeting on June 20, 2025, where shareholders passed all resolutions presented [1] - All eight nominees for the Board of Directors were elected with overwhelming support, with voting percentages ranging from 99.350% to 99.999% [2] - Shareholders approved the re-appointment of Macias Gini & O'Connell LLP as auditors with a 99.99% favorable vote and a 97.85% approval for a one-time fixed increase to the rolling 10% share reserve under the long-term equity incentive plan [3] Company Overview - Glass House Brands is recognized as one of the fastest-growing, vertically integrated cannabis companies in the U.S., focusing on the California market [5] - The company emphasizes sustainable practices in its operations, which include greenhouse cultivation, manufacturing, brand-building, and retailing [5] - Glass House's brand portfolio includes Glass House Farms, PLUS Products, Allswell, and Mama Sue Wellness, along with a network of retail dispensaries [5]

Group 1 - Glass House Brands Inc. is one of the fastest-growing, vertically integrated cannabis companies in the U.S., focusing on the California market and building leading brands [5] - The company will participate in the Benzinga Cannabis Capital Conference from June 8-10, 2025, with key executives involved in discussions [1][2] - An annual Investor Sesh will be hosted on June 20, 2025, at the Camarillo Farm, featuring the Fiscal Year 2024 General Meeting and opportunities for investors to engage with management [3] Group 2 - Kyle Kazan, Co-founder, Chairman & CEO, will participate in a panel discussion titled 'The Hemp Industry Divide: Quick Cash vs. Sustainable Growth' on June 10, 2025 [2] - The company emphasizes sustainable practices in its operations, from greenhouse cultivation to retailing, aiming to produce outstanding cannabis products for the benefit of all [5] - Interested investors can register for the Investor Sesh and greenhouse tour through the company's website [4]

Core Viewpoint - Glass House Brands Inc. is implementing a long-term management incentive plan that includes performance-based restricted stock units (RSUs) for key executives, aimed at aligning their interests with those of shareholders and driving long-term value creation [1][2][6]. Group 1: Management Incentive Plan - The Board of Directors approved a long-term management incentive plan on May 15, 2025, granting performance-based RSUs to key executives, which will vest based on achieving specific share price milestones [2][5]. - The performance-based RSUs will vest over a five-year period, contingent upon the company achieving a minimum share price of $30.00, with additional vesting if the price reaches or exceeds $60.00 [2][3]. - A total of 3,000,000 performance-based RSUs were granted, representing approximately 2.3% of the fully diluted share count as of May 14, 2025 [3]. Group 2: Shareholder Alignment and Governance - The Performance Awards are designed to align the interests of shareholders, the company, and the recipients, encouraging retention of key executives and promoting the achievement of strategic and financial objectives [6][7]. - A special committee of independent directors was established to assess the efficacy of the Performance Awards, ensuring they are in the best interests of the company [5]. - The Board adopted a clawback policy to recover any proceeds from the Performance Awards in the event of financial restatements, consistent with best governance practices [7]. Group 3: Company Overview - Glass House Brands is recognized as one of the fastest-growing, vertically integrated cannabis companies in the U.S., focusing on the California market and building strong brands [8][9]. - The company operates a range of brands and retail dispensaries, emphasizing sustainable practices and community respect [9].

We are excited to continue our tradition of hosting this unique cannabis industry event, providing transparency and expressing gratitude to our loyal shareholders LONG BEACH, Calif. and TORONTO, May 12, 2025 (GLOBE NEWSWIRE) -- Glass House Brands Inc. ("Glass House" or the "Company") (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF), one of the fastest-growing, vertically integrated cannabis companies in the U.S., today announced that it will be holding Investor Sesh IV at the Camarillo ...

Company Overview - Glass House Brands Inc. is one of the fastest-growing, vertically integrated cannabis companies in the U.S. with a focus on the California market [3] - The company is dedicated to building leading brands and serving consumers across all segments, with a commitment to sustainability and community respect [3] Financial Reporting - Glass House will report its financial results for the first quarter of 2025, which ended on March 31, 2025, on May 13, 2025, after market close [1] - A conference call to discuss the results will be held at 5:00 p.m. Eastern Time on the same day [1] Communication and Accessibility - Participants can access the live webcast of the conference call on the Glass House Brands website, which will be archived for approximately 30 days [2] - For those interested in dialing in, a specific conference ID is provided for access [2]