Q2 2024 Glass House Brands Inc Earnings Call Transcript
Key Points
- Glass House Brands Inc (GLASF) achieved record quarterly highs in consolidated revenue ($54 million), consolidated gross profit ($29 million), and wholesale biomass revenue ($39 million).
- The company won multiple awards at the California State Fair Cannabis Awards, highlighting the exceptional quality of their products.
- Greenhouse 5 outperformed expectations in terms of quantity and quality, becoming the company's most efficient greenhouse.
- The Allswell brand has driven significant growth in retail dispensary revenues, becoming a top three flower brand by units sold in California.
- Glass House Brands Inc (GLASF) has integrated cutting-edge photo optical sorters into their production process, increasing throughput and improving sorting accuracy.
- The average selling price for wholesale biomass decreased to $283 per pound, below the guidance of $330 to $335 per pound.
- General and administrative expenses increased by 33% year-over-year, primarily due to bonus approvals and increased wholesale cannabis sales taxes.
- The company revised its full-year revenue guidance down to $205 million to $210 million from the previous $215 million to $220 million due to the current wholesale biomass pricing environment.
- Retail gross margin decreased to 47% in Q2 from 53% in Q1, partly due to the strategic pricing plan implemented earlier in the year.
- The company faces ongoing legal challenges, including an appeal in the catalyst lawsuit that was dismissed in June 2024.
Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to Glass House Brands Second Quarter 2024 Investor Call. I would now like to turn the conference over to Mr. John Brebeck, Glass House Brand, Vice President of Investor Relations. Please go ahead, sir.
Thank you, operator. Welcome everyone to the Glass House Brands second quarter 2024 conference call for the period ending June 30, 2024. I'd like to remind everyone that matters discussed during today's conference call could constitute forward-looking statements that are subject to the risks and uncertainties relating 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 statement. These documents may be accessed via the SEDAR+ database. I'd also like to remind everyone that this call is
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