Glass House Brands Inc (QX) (GLASF) News

https://www.faa.gov/pilots/transporting_marijuana

Anyone and or burner own, lease, rent or hire a plane? Why would he include that specifically in the complaint? Does anyone else see a fact series of events about to be disclosed as more than likely? Feds also use forfeiture laws for getting high on their enforcement. Pun intended. Hub and spoke...sorry, but if up to 75% of their biz was intentionally going by way to illicit the IC perp party won't stop at the burner dispo imo as the law may have contemplated as the final and only bad actor. I hope this is not another in the sad story book for the industry as alleged. Really effn bad if so.

Suit alleges that Glass House propped up its balance sheet with sales to the black market.
California-based Glass House Brands Inc. (NEO: GLAS.A.U) (OTCQX: GLASF) is “one of the largest, if not the largest, black marketers of cannabis in the State of California, if not the country,” and has been shipping cannabis across state lines on airplanes, according to a new lawsuit filed by one of the company’s retail competitors.

The suit, filed by Long Beach-based 562 Discount Med Inc., which does business as retailer Catalyst, contends that Glass House Brands has been capitalizing on the illicit cannabis trade in California, and in doing so is undercutting the legal market and those trying to operate by the book.

Glass House relies on both legal distributors and also so-called “burner distros,” an industry term for licensed distributors that channel legally produced cannabis to the underground market nationwide, the suit alleges. The method allows Glass House to sell marijuana to both the legal and illegal markets, effectively propping up its balance sheet, the suit asserts.

“By specifically choosing to deal with Burner Distros and others to channel its cannabis to the black market, GHB is supporting a flourishing black market that pays no taxes – a market that permits GHB to sell ‘excess capacity’ that it could not otherwise sell in the legal market without substantially affecting the legal price of cannabis – and by doing so has been able to sell a veritable mountain of illegal cannabis at high margins,” the suit claims.

“This in turn has allowed them to ‘cook the books,’ to make its operations look better than they actually are, to obtain substantial investment and/or financing, and to grow in competitive strength and market power – something legal cultivators are unable to do,” the suit claims. “That in turn permits unlicensed dispensaries to sell GHB’s cannabis at prices that legal dispensaries such as Catalyst cannot match, leading to lower sales and profits.”


The suit further alleges that publicly available information can be used to prove Glass House’s culpability and charged that in the fourth quarter of 2022 alone that “upwards of 75% of GHB’s Q4 2022 sales were outside the legal market.”

Selling into the underground market, the suit alleges, is the only viable way that Glass House could justify opening a 5.5 million-square-foot cultivation facility last year, with plans to ramp up production by 62% this year.

“The dual channel structure it has employed is a huge ‘win-win’ for GHB, but a huge loss for Catalyst and other legal operators who lose sales to illegal dispensaries and are required to actually pay the mandated taxes that are not paid in black market transactions,” the suit claims.

“Enough is enough,” the suit claims. “Via this action, Catalyst seeks to put an end to GHB’s illegal, fraudulent and unfair business practices, and hopefully help bring about what actually was envisioned when California first legalized cannabis – a regulated market where black marketeers do not reign supreme.”

The suit was filed in Los Angeles County Superior Court on June 6 and has not yet been scheduled for any hearings. It requests a preliminary and permanent injunction against Glass House.

Catalyst CEO Elliot Lewis took Glass House to task on social media last month and made many of the same allegations in a video.

Representatives for Glass House did not immediately respond to a request for comment Monday.

Glass House Brands posted a $36.2 million net loss in 2022.

Catalyst has tried taking on the issue of burner distros in the past with a lawsuit against the state in 2021, and though the case was dismissed, the new suit against Glass House refers to it as currently on appeal.

Interesting...

https://www.reddit.com/r/WhitePeopleTwitter/comments/147v8ua/atleast_bathroom_doors_lock/?utm_source=share&utm_medium=web2x&context=3

Making a nice move.

CASH FLOW POSITIVE soon.

Thanks for the $4.22

Glass House Brands Appoints Erik W. Thoresen as Chief Business Development Officer

https://finance.yahoo.com/news/glass-house-brands-appoints-erik-113000875.html

Something big happened, I just can find anything published on it. up 27% today

Double damn, up 25%

Damn, I was tempted to buy yesterday and should have, up 15% today

Billionaire Charles Koch On Why Cannabis Should Be Legal

https://www.forbes.com/sites/willyakowicz/2021/07/27/billionaire-charles-koch-on-why-cannabis-should-be-legal/?sh=4a5755e24a73

Yep, I used to own Mercer Park, Now I own Glass House which is fine with me. Not too happy the way the price has dropped recently, good thing it's a small holding. If things drop much more I'll be buying more.

MRCQF changed to GLASF:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

Effective July 6, 2021 Mercer Park Brand Acquisition Corp. will change to Glass House Brands Inc.

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

Consolidating California Cannabis (Podcast Transcript)

https://seekingalpha.com/article/4434649-consolidating-california-cannabis-podcast-transcript?mail_subject=mrcqf-consolidating-california-cannabis-podcast-transcript&utm_campaign=rta-stock-article&utm_content=link-2&utm_medium=email&utm_source=seeking_alpha#comments

This looks like it's going to be a big money maker. I'm picking up some shares today

CRLBF CURLF GRAMF GTBIF HRVSF JUSHF NXGWF MRCQF PLNHF RWBYF TCNNF VRNOF

Ticker and category is wrong on this one. I will try to get this board fixed up