Glass House Brands (CBOE: GLAS.A.U) has cleared its path to the New York Stock Exchange. The cannabis producer said this morning that its subordinate voting shares have been approved for listing on the exchange, capping a process that began with a formal application earlier this month.
The shares are expected to start trading under the ticker “GLAS” when the market opens on June 30. Until then, the stock will keep trading on the OTCQX under “GLASF” through the close on June 29, after which it moves over to the new venue.
The company’s CBOE Canada listing under “GLAS.A.U” is expected to remain unchanged.
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Chief Executive Officer Kyle Kazan framed the listing as a turning point that simply was not available to the company before. He noted the move only became possible after the recent reclassification of medical cannabis to Schedule III, calling it a milestone for both the company and the wider industry. He pointed to the exchange’s standing as the central reason the approval carries weight.
Kazan also tied the listing to the broader regulatory shift now underway, commenting “As a leading producer of low-cost sought after cannabis, Glass House is uniquely positioned to benefit potential near term opportunities presented including the opening of interstate commerce and export of medical cannabis to Europe, each of which would meaningfully increase our addressable market size and unlock enhanced profit and cash flow generation driven by more favorable pricing dynamics.”
The approval follows the groundwork the company laid in its mid-June application. To meet the exchange’s requirements, Glass House restructured its operations through a deconsolidation transaction that separated its dual-use cannabis business from its medical business. That move pushed the former dual-use operations into a separate entity, Glass House Retail, whose voting units are now held by a third-party investor.
Glass House retains non-voting units in that entity, which can only convert to voting units once the NYSE permits listings of companies tied to non-medical cannabis. The structure effectively keeps the listed company on the right side of the exchange’s current rules.
Glass House Brands last traded at $10.97 on the CBOE.
