Glass House Brands: Strong Q3 2023, 71% YoY Revenue Increase, $26M In Gross Profit
Portfolio Pulse from Joana Scopel
Glass House Brands Inc. reported strong financial results for Q3 2023, with a 71% year-over-year increase in net sales to $48.2 million and a gross profit of $26 million. The company achieved a record low production cost of $118 per pound and attended various conferences. It also appointed new board members and settled an agreement with Element 7, APB, and GH Group. The stock (OTCQX:GLASF) was up 3.79% at $4.65 per share.
November 13, 2023 | 11:17 pm
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Glass House Brands Inc. reported a significant year-over-year revenue increase and a substantial rise in gross profit for Q3 2023, with a positive outlook for future production costs.
The positive financial results, including a significant increase in revenue and gross profit, along with a record low production cost, are likely to instill investor confidence and could lead to a short-term increase in the stock price. The stock's positive price action following the announcement further supports this outlook.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100