Cannabis Earnings: Glass House Brands Reports Third Quarter 2021 Financial Results

Glass House Brands Inc. (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTC: GHBWF), a vertically integrated cannabis company, reported its financial results Thursday afternoon for the third-quarter ending September 30, 2021.

Third Quarter 2021 Highlights

  • Net Sales increased 29% to $17.2 million from $13.3 million in Q3 and declined 8% sequentially from $18.7 million in Q2 2021.
  • Equivalent Dry Pound Production was a record high 28,268 pounds in Q3 2021, up 30% year-over-year and 22% sequentially.
  • Cost per Equivalent Dry Pound of Production fell 7% sequentially to $179.
  • Gross Profit was $2.3 million compared to $4.9 million in Q3 and $8.6 million in Q2 2021.
  • Gross Margin of 14% compared to 37% in Q3  and 46% in Q2 2021.
  • Adjusted EBITDA of $5.4 million compared to $0.2 million in Q3 2020 and $2.2 million from Q2 2021.
  • Adjusted …

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