Glass House Brands has published its fourth-quarter and full-year 2025 financial results, offering the first complete picture of how the California cannabis cultivator fared following a pair of large-scale ICE raids that tore through its workforce last summer.
In July 2025, U.S. Immigration and Customs Enforcement executed search warrants at the company's cultivation sites in Camarillo and Carpinteria, which led to the detention of more than 360 individuals and the death of one third-party contractor. The raids gutted Glass House's farm labor base overnight, forcing the company to terminate both contractor relationships, halt new planting, and spend months rebuilding capacity before it could return to full production.
The financial results tell that story clearly. Full-year revenue came in at $182 million, down from $200.9 million in 2024, with the bulk of the damage concentrated in the second half. Gross profit margin declined from 48% in 2024 to 42%, and full-year adjusted EBITDA fell to $17 million against $40.3 million the prior year. The company ended 2025 with $23.4 million in cash.
© Glass House Brands
Kyle Kazan, Co-Founder, Chairman and CEO, acknowledged the damage and saw it as a turning point. "In the second half of 2025, our results were impacted by events outside of our control, and actions taken to mitigate the impacts of these and to ensure our long-term success," he said. "We have built a stronger foundation for sustainable growth and profit expansion than existed before our setbacks."
In the aftermath of the raids, Glass House overhauled its labor practices, onboarding a compliance consultancy led by former ICE Director Julie Myers Wood, E-verifying all workers, and signing a labor peace agreement with the International Brotherhood of Teamsters. By year-end, it was fully planted across its legacy greenhouses, with additional acreage in the ground at Greenhouse 2.
For 2026, the company is targeting revenue of $235 to $245 million and wholesale biomass production of approximately one million pounds — roughly 50% above last year's output. Adjusted EBITDA is projected in the high $40 million range, and year-end cash is expected to exceed $50 million. Neither figure accounts for any potential interstate sales or revenue from a new hemp operation in Greenhouse 4, both of which Kazan described as near-term possibilities.
For more information:
Glass House Brands
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