Glass House Brands Expands Retail Presence with New Farmacy Dispensary in Isla Vista
-Farmacy Isla Vista is in a prime location and in a single license market, just blocks from UC Santa Barbara
-The store is Glass House's 8th Dispensary, up from 3 at the beginning of 2022
LONG BEACH, Calif. and TORONTO, Dec. 15, 2022 /CNW/ - Glass House Brands Inc. ("Glass House" or the "Company") (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF), one of the fastest-growing, vertically-integrated cannabis companies in the U.S., today announced the grand opening of its new Farmacy dispensary in Isla Vista, California.
"Our newest Farmacy store exemplifies our strategy of focusing on exceptional real estate and delivering a superior customer experience," said Kyle Kazan, Co-Founder, Chairman and CEO of Glass House Brands. "We continue to aggressively expand our store base on a path to becoming one of the largest cannabis retailers in the state of California, driving revenue growth that is margin accretive, underscoring the competitive advantages of our vertically integrated model."
"The Isla Vista store is in a prime location and, most importantly, a single license market, just blocks from a major university campus, well positioned to have an immediate impact on our results," said Hilal Tabsh, Chief Revenue Officer. "Within the past two quarters we've more than doubled our retail footprint to eight stores. We started the year with three stores, closed on the remaining 50% interest in The Pottery in July, followed by the acquisition of three operating dispensaries from Natural Healing Centers ("NHC"), including the flagship location in Grover Beach. We expect to open two additional locations by the end of Q4, including another NHC dispensary in Turlock as well as the Farmacy location in Santa Ynez, putting us on track to have retail revenues of over $65 million in 2023."
Located at 6555 Pardall Road in Isla Vista, California, the new Farmacy dispensary is approximately two blocks west of the University of California Santa Barbara campus. The store offers a convenient shopping environment, knowledgeable staff, and carefully curated selection of high-quality recreational and medicinal cannabis products, including premium flower, vaporizers, edibles and concentrates. Store hours are: 10:00am to 10:00pm, Monday to Sunday.
ABOUT GLASS HOUSE
Glass House is one of the fastest-growing, vertically integrated cannabis companies in the U.S., with a dedicated focus on the California market and building leading, lasting brands to serve consumers across all segments. From its greenhouse cultivation operations to its manufacturing practices, from brand-building to retailing, the Company's efforts are rooted in the respect for people, the environment, and the community that co-founders Kyle D. Kazan, Chairman and CEO, and Graham Farrar, President, instilled at the outset. Through its portfolio of brands, which includes Glass House Farms, PLUS Products, Allswell, Forbidden Flowers, and Mama Sue Wellness, Glass House is committed to realizing its vision of excellence: outstanding cannabis products, produced sustainably, for the benefit of all. For more information and company updates, visit www.glasshousebrands.com.
FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance or financial results. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward- looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, without limitation, the Company being on a path to becoming one of the largest cannabis retailers in the state of California; the Company driving revenue growth that is accretive; the expected opening of two additional dispensary locations by the end of Q4, including another NHC dispensary in Turlock as well as the Farmacy location in Santa Ynez; and the stated target of achieving retail revenues of over $65 million in 2023. All forward-looking statements, including those herein are qualified by this cautionary statement. Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. Accordingly, readers should not place undue reliance on forward-looking statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information, including those risks disclosed in the Company's Annual Information Form available on SEDAR at www.sedar.com and in the Company's Form 40-F available on EDGAR at www.sec.gov. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR at www.sedar.com. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SOURCE Glass House Brands Inc.