California cannabis producer and retailer Glass House Brands reported fourth-quarter improvements in gross profits and margins for the fourth quarter of 2023, leading to record revenue of $160.8 million for the full year.
Revenue in the fourth quarter hit $40.4 million, up 35% from the same period a year ago, Glass House executives said during a Thursday earnings call with analysts.
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The Long Beach-based company’s wholesale business drove the gains, bringing in revenue of $26.8 million, up 71% year-over-year.
Glass House’s retail business, which includes 10 California stores, saw revenue slide to $9.6 million, down 5% as product discounts and promotions cut into sales.
The company posted a gross profit of $18 million in the fourth quarter, up 96% from a year earlier.
Its gross
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