California Company Led By Ex-Police Officer-Turned- Cannabis CEO Could Pivot Into Hemp Space
Portfolio Pulse from Jelena Martinovic
Glass House Brands Inc. is considering diversifying into the hemp sector, leveraging its existing greenhouses. The company reported a record-setting Q2 2024 with $53.9 million in revenue. CEO Kyle Kazan is exploring direct-to-consumer hemp products and sees potential in both cannabis and hemp markets. The move comes amid challenges in California's cannabis market due to over-taxation and falling prices.
August 19, 2024 | 4:11 pm
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Glass House Brands Inc. is exploring a pivot into the hemp sector, potentially increasing its market presence and revenue streams. The company reported a strong Q2 2024, with $53.9 million in revenue, and is considering direct-to-consumer hemp products.
Glass House Brands' potential entry into the hemp market could diversify its revenue streams and leverage existing infrastructure. The strong Q2 results indicate financial health, supporting the expansion. The move aligns with industry trends and could mitigate risks from the struggling California cannabis market.
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IMPORTANCE 80
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