CA - Glass House Brands Inc. (GLASF) Q4 2023 Earnings Call Transcript

2024-03-28 13:49:16 ET

Glass House Brands Inc. (GLASF)

Q4 2023 Earnings Conference Call

March 28, 2024 08:30 AM ET

Company Participants

Kyle Kazan - Co-Founder, Chairman, Chief Executive Officer

Mark Vendetti - Chief Financial Officer

Graham Farrar - Co-Founder & President

John Brebeck - Investor Relations

Conference Call Participants

Mike Regan - Excelsior

Andrew Semple - Echelon Capital Markets

Pablo Zuanic - Zuanic & Associates

Presentation

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Glass House Brands Fourth Quarter and Full Year 2023 Investor Call.

I would now like to turn the conference over to Mr. John Brebeck, Glass House Brands Vice President of Investor Relations. Please go ahead, sir.

John Brebeck

Thank you, Julie. Welcome everyone to the Glass House Brands fourth quarter and year-end 2023 conference call for the period ending December 31, 2023. I'd like to remind everyone that matters discussed during today's conference call could constitute forward-looking statements that are subject to the risks and uncertainties relating to Glass House Brands future, financial or business performance.

Actual results could differ materially from those anticipated in those forward-looking statements. The risk factors that may affect results are detailed in Glass House Brands periodic filings and registration statement. These documents may be accessed via the SEDAR+ database. I'd also like to remind everyone that this call is being recorded today, Thursday, March 28, 2024.

And I would now like to introduce Mr. Kyle Kazan, Co-Founder, Chairman and Chief Executive Officer of Glass House Brands. Kyle, over to you.

Kyle Kazan

Thank you, John. Good morning, everyone, and thank you for joining us for today's call. Before discussing our results, I'd like to refer everyone to our fourth quarter and year-end 2023 press release, where you can review our numbers in more detail. 2023 was a year of remarkable growth for Glass House Brands. As I stated in our last quarterly call, companies and investors continue to manage through tough times in this industry. Whether it is dealing with the high tax burden of 280E, local cannabis taxes, state excise taxes, competition from illicit operators, the large weed deserts in approximately 65% of California or conversely, the oversaturation of stores in much of the 35% of the state, which allows legal retail. The reality is that many of our California peers are struggling to survive....

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