Glass House Brands applies for New York Stock Exchange listing
The company entered into a deconsolidation transaction on June 12, 2026, to segregate its cannabis business units
Glass House Brands Inc. (GLAS), a cannabis company, applied to list its subordinate voting shares on the New York Stock Exchange.
To facilitate the listing application, the company entered into a deconsolidation transaction on June 12, 2026. The company and its indirect wholly owned subsidiary, GHB Usub, LLC, used the transaction to segregate the medical cannabis business from the dual-use cannabis business. This structure allows the company to deconsolidate the financial results of its former indirect wholly owned subsidiary, Glass House Retail, LLC, in accordance with U.S. generally accepted accounting principles.
As a result of the transaction, GHB Usub, LLC now holds non-voting and non-participating units in Glass House Retail, LLC. These units do not carry voting rights, do not provide rights to receive dividends, and do not allow the company to direct the business or operations of the subsidiary.
Glass House Retail, LLC now holds the former dual-use cannabis business of the company. Certain businesses subject to regulatory approval will transfer to the subsidiary automatically once that approval is received.
The non-voting units are convertible into Class B common units of Glass House Retail, LLC. This conversion can only occur after the New York Stock Exchange permits the listing of companies that consolidate financial statements of entities that cultivate, distribute, or possess marijuana for non-medical uses.