Glass House Brands is a vertically integrated cannabis company operating exclusively in California. The company grows cannabis at large-scale greenhouse facilities in Southern California — primarily at its roughly 1.7 million sq. ft. SoCal Farm in Camarillo — processes and manufactures products at its Lompoc facility, and sells through two channels: wholesale and its own retail dispensaries. Glass House's core economic advantage is its low cost of production per pound, achieved by growing cannabis primarily using natural sunlight in Southern California greenhouses rather than energy-intensive indoor facilities. Revenue breaks down across three segments: wholesale biomass (~63% of revenue), retail (~27%), and wholesale branded consumer packaged goods (~11%). Wholesale biomass — bulk dry flower sold to California distributors — is essentially a commodity business where Glass House competes on cost. Its branded CPG products, sold under the Glass House Farms, Allswell, and PLUS brands, are distributed to third-party dispensaries statewide. Glass House also operates 10 dispensaries under the Farmacy, Natural Healing Center, and The Pottery brands, competing primarily on value pricing. The business is seasonal, as California's outdoor cultivators flood the market in the second half of each year, compressing wholesale biomass prices. Glass House's growth strategy centers on expanding cultivation capacity through ongoing greenhouse retrofits, developing a commercial hemp business targeting higher-priced interstate markets, and pursuing additional retail managed services agreements to expand its brand footprint without capital investment.