CA - Glass House Brands: The Rally Is Overheated And Due For A Breather
2024-04-04 10:00:10 ET
Summary
- Glass House Brands Inc. has rallied a remarkable 232% over the last 1 year to trade at a nearly 4x multiple to its full-year fiscal 2023 revenue.
- The company saw retail sales dip by 5% year-over-year as wholesale revenue realized material growth.
- Cash and equivalents stood at $32.5 million at the end of 2023 against a negative free cash flow of $4.7 million during the fourth quarter.
Glass House Brands Inc. ( GLASF ) is currently trading for nearly 4x multiple to its full-year fiscal 2023 revenue of $160.8 million on the back of a heavy rally over the last 1 year that has transformed the ticker into one the most expensive U.S. reporting cannabis stocks. GLASF's multiple is far ahead of the three largest U.S. multi-state operators (MSOs) Curaleaf ( CURLF ), Trulieve ( TCNNF ), and Green Thumb Industries ( GTBIF ). The Long Beach, California-based company went public in the summer of 2021 via a special purpose acquisition company and has rallied a parabolic 232% over the last 1 year, one of the best performances in the cannabis space....
Glass House Brands: The Rally Is Overheated And Due For A Breather