Glass House Brands has begun cultivation in its newly retrofitted Greenhouse 5 at the SoCal Farm.
Kyle Kazan, Glass House Co-Founder, Chairman, and CEO, stated, "We are proud to announce that we have successfully commenced cultivation activities at Greenhouse 5 only seven months after starting to retrofit the facility for cannabis use. The new greenhouse is a sister greenhouse to the currently operating Greenhouse 6 at our SoCal Farm, and both greenhouses are Kubo Ultra-Clima models that utilize positive pressure in their design. The addition of Greenhouse 5 will increase our capacity by over 70% and allow Glass House to provide legal, safe, and high-quality cannabis to even more consumers at the most competitive cost. We also expect Greenhouse 5 to significantly increase our cash flow generation and shareholder value creation with economics on par with Greenhouse 6. At current pricing, we expect Greenhouse 5 to add $80 million in incremental revenues on an annual basis. We're thrilled to start 2024 with the achievement of this key milestone and expect to see a significant impact on our operating results in the quarters to come."
"At full capacity, Greenhouse 5 will have a flowering canopy nearly 10% larger than Greenhouse 6. It is expected to produce 250,000 pounds of cannabis biomass annually, increasing the Company's overall cultivation capacity to over 600,000 pounds per annum. With cultivation already in progress, we expect the cannabis grown in Greenhouse 5 to begin generating revenue in April. We also expect Greenhouse 5 to be fully planted by early April. This timing allows us to take full advantage of the prime growing conditions and seasonally increased production expected during the California summer."
For more information:
Glass House Farms
www.glasshousefarms.org