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Q3 2025 INVESTOR PRESENTATION OTCQX: GLASFCBOE CANADA: GLAS.A.U
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THE #1 CANNABIS COMPANY IN THE #1 MARKET IN THE WORLD
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CALIFORNIA: LARGE MARKET WITH HIGH GROWTH POTENTIAL 1. Source: h ttps://www.census.gov/quickfacts/CA , the number of adults over 18 years of age. 2. Source: https://industry.visitcalifornia.com/research/travel-forecast, 2024 data. 3. Source: https://search.cannabis.ca.gov, as of November 3, 2025 4. Source: Headset, the number of brands selling flower, pre-rolls, edibles and/or vape products with sales greater than $30k during Q3 2025 >30M ADULTS 1 ~270M TOURISTS 2 ~4,400 CULTIVATORS 3 ~800 DISTRIBUTORS 3 ~1,200 RETAILERS 3 >600 BRANDS 4
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Milestones Q3 2021 Glass House Farms becomes the #1-selling flower brand in July per BDS Analytics Purchase of the 165-acre SoCal Farm, and its six state-of-the-art greenhouses Retrofit of GH1 nursery and GH6 begins Q1 2022 SoCal Farm receives state and county licenses, begins cultivation in GH6 Q3 2022 Acquisition of three NHC Dispensaries completed. Glass House launches Allswell, a value brand catering to cost- conscious consumers GHB closes $50M Series B preferred equity raise Q1 2023 Grand opening for two new Farmacy locations – Santa Ynez and Isla Vista GHB closes $5M Series C preferred equity raise Q1 2024 Cultivation activity commences ahead of schedule in GH5 in January, all ~700k sq ft planted by March GHB named to 2024 OTCQX Best 50 Q3 2024 Glass House Farms “Lilac Diesel” wins Golden Bear at the CA State Fair Announced plans to begin Phase III expansion – the retrofit of GH2 – in Q4 2024 Q4 2024 Achieved fourth consecutive quarter of record retail revenue and sold more than 1.1 million units of GHB products Q2 2024 Allswell becomes a Top 3 CA flower brand by unit sales per Headset Q2 2023 NHC Turlock store opens bringing GHB total retail presence to 10 stores Q2 2022 Glass House completes its acquisition of PLUS Products, a leading California edibles brand First harvest from SoCal Farm Greenhouse 6 completed ahead of schedule in June Q2 2021 Glass House Brands begins trading on Cboe Canada under the ticker symbol GLAS.A.U. and on the OTCQX as GLASF Q4 2023 GHB closes $15M Series D Stock Raise 2023 Adjusted EBITDA reaches $24.5M and operating cash flow hits $23M Q1 2025 Refinanced 2026 maturing senior secured debt with new $50 million loan maturing in 2030 GHB named to 2025 OTCQX Best 50 Q2 2025 Sixth consecutive quarter of same- store-sales retail growth and for first time cultivation and production cost per pound below $100 per pound long term target level Q3 2025 Refinanced Preferred Equity, retiring Series B and C Preferred Equity Stock and issuing Series E Preferred Stock Commenced MSA retail operations Q4 2025 US OTC Stock listing became the first plant touching US cannabis company to be available on Robinhood trading platform.
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A BRAND -BUILDING MACHINE IN THE LARGEST US MARKET High quality, sun - grown cannabis at scale and predictable supply capability support the success of our branded products CALL OPTION ON INTERSTATE COMMERCE AND INTOXICATING HEMP Strongly positioned to carry leading market share and cost advantage nationwide within core competency TOP ESG PLAY IN CANNABIS 95% lower CO 2 emissions and energy use than the average indoor grow COMPELLING COST STRUCTURE 100% owned cultivation assets; state - of - the - art and geographically concentrated DEVELOPING A ROBUST RETAIL AND DELIVERY NETWORK Strong access to customer touch and shelf space to drive brand awareness and placement INVESTMENT HIGHLIGHTS LARGEST CULTIVATION FOOTPRINT, UNMATCHED CAPACITY Up to 6m sq. ft. of best - in - class cultivation facilities
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VERTICAL INTEGRATION MAXIMIZES QUALITY AND PROTECTS MARGIN 10 CULTIVATION FACILITIES PADARO 350,000 ft2 CASITAS 150,000 ft2 SoCAL 5,500,000 ft2 MANUFACTURING FACILITY LOMPOC License Type 6,7 & 11 PLUS & Allswell Flower Gummies RETAIL LOCATIONS FARMACY 5 Stores NHC 4 Stores THE POTTERY 1 Store 3 1 Retail StoreCultivation Facility Manufacturing Facility Casitas Berkeley The Pottery (Los Angeles) Santa Ana Isla Vista Santa Ynez Turlock Lemoore Morro Bay Grover Beach Santa Barbara Padaro SoCAL Lompoc
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SELLING AT THE HIGHEST POSSIBLE PRICE Internal CPG 3rd Party Distros External Brands OUR SCALE, CONSISTENT QUALITY AND VARIETY OF POPULAR STRAINS ENSURES WE COMMAND THE BEST PRICES
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Source: Glass House Brands, Headset OUR VERTICALLY -INTEGRATED MODEL AND COST EFFICIENCY HAVE ENABLED GLASS HOUSE TO GROW RAPIDLY IN THE FACE OF A CHALLENGING MARKET CA Market vs. GHB Revenue 4Q Rolling Average (Millions) Glass House Brands CA Market
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FACILITY The SoCal Greenhouse Farm was designed for tomatoes and cucumbers – a single digit gross margin business Solar, cogeneration, well water, H2O recycling, etc. results in minimal utility costs and a reduced environmental footprint TECHNOLOGY Glass House is a leader in applying mainstream agricultural technology to Cannabis Positive pressure, photo -optical sorters, roof washing robots, black- out curtains, plant spacers, ebb and flood floors, etc. THE GLASS HOUSE GROWING ADVANTAGE GLASS HOUSE CONSISTENTLY GROWS HIGH QUALITY CANNABIS AT THE LOWEST COST CLIMATE AND LOCATION SoCal Sunshine is abundant and FREE! Temperature is consistent and in a range that supports Cannabis cultivation WORLD CLASS EXPERIENCE Key Glass House cultivation team members are passionate about the plant, and their combined Cannabis growing experience exceeds a century and a half 17 employees that Glass House hired from the previous grower have provided a deep operational understanding of the SoCal Farm
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CANNABIS GROWS BETTER IN CAMARILLO CALIFORNIA Ideal Temperature Range: There are more days of weather within the ideal cannabis growing temperature zone of 65 F to 85 F in Camarillo than anywhere else in the country More Sunlight: Located in a geographic region with the highest amount of average daily sunlight in the entire US. Goldilocks Latitude: Average day length is 12 hours with less variation than other parts of the US. The plants receive their preferred amount of sun on a more consistent basis.
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To KEY FEATURES OF OUR SOCAL FARM 165 - Acre Farm with 5.5M ft 2 of cultivation footprint spread amongst six state - of - the - art greenhouses Less than a 6-hour drive to the three largest markets in California San Francisco: 375 miles, 5hr 50min Amazon Distribution Center: 7 miles, 10min Los Angeles: 56 miles, 1hr LAX: 61 miles, 1hr 10min San Diego: 180 miles, 2hr 50min San Francisco Los Angeles San Diego
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FLOWER FLOWER NURSERY Hemp Trials FLOWER FLOWER Retrofit Underway OPERATIONS: EXPANDING FOOTPRINT Same size as GH4, and almost 10% larger than the other greenhouses Gross Area (K ft2) 992 Estimated Cultivation Area (K ft2) 675 Gross Area (K ft2) 861 Estimated Cultivation Area (K ft2) 585 Year 1 Estimated Production (K lbs.) 275 Announced commercial hemp strategy Gross Area (K ft2) 861 Estimated Cultivation Area (K ft2) 859 Gross Area (K ft2) 992 Estimated Cultivation Area (K ft2) 675 Gross Area (K ft2) 912 Estimated Cultivation Area (K ft2) 621 Current Production (K lbs.) >300 Gross Area (K ft2) 841 Estimated Cultivation Area (K ft2) 564 Current Production (K lbs.) 300 Kubo Ultra Clima, Positive Pressure GH5 advanced features to be backported to GH6 soon Ebb and flood floors Automated clone sticking, transplanting and spacing One of the largest Cannabis nurseries in the US Kubo Ultra Clima, Positive Pressure Our most efficient GH, incorporates all learnings from GH6 Equipped for light-assisted growing so that production and quality will be more consistent year- round. GREENHOUSE 3 GREENHOUSE 2 GREENHOUSE 1 GREENHOUSE 4 GREENHOUSE 5 GREENHOUSE 6 Operational Operational Operational Vacant Expansion Underway
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OPERATIONS: ANCILLARY FEATURES WATER On-site well water with a backup well, fully self-sufficient 4 x 1M gallon irrigation storage tanks Ultra Filtration and heat sterilization systems 100% recycling of cultivation over-drain water Rainwater capture COGEN 12.8 MW from 3 Natural Gas cogeneration units CO 2 and heat by-products aid plant growth Heat exchangers to capture the heat to warm the greenhouses SOLAR 1MW of Clean Solar to help power GH5 & GH6 climate control functions Rainwater storage in the shade o f the PV panels DRYHOUSE 14 dry rooms, each with 200k l bs wet product capacity per annum Computer-c ontrolled temperature, humidity and airflow Each strain has its own drying recipe PACKHOUSE High end photo optical sorters Capable of sorting up to 680k lbs/yr Helps with efficiency and accuracy ULTRA CLIMA 400 fans per greenhouse create overpressure to keep bugs and airborne pollutants out Climate room pulls in air Computerized heating, cooling & CO 2 infusion LOCATION Ample sunlight, less fog given 7-mile distance from the ocean Close proximity to customers in LA, OC & San Diego Ample supply of local agricultural-focused labor
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OPERATIONS: THE SOCAL GREENHOUSE FARM Our total capacity estimate for when all retrofits to all greenhouses at the SoCal Farm are complete is 1.6M pounds, including production from our Padaro and Casitas Greenhouse farms. OUR FULL CAPACITY PRODUCTION ESTIMATE IS 1.6M POUNDS 5.5M SQ FT UNMATCHED CAPACITY & LOW-COST PRODUCTION INDOOR QUALITY AT CLOSE TO OUTDOOR COSTS
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STRONG BRANDS ACROSS KEY MARKET SEGMENTS
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17 THE FARMACY THE FARMACY – SANTA ANATHE FARMACY – SANTA BARBARA THE FARMACY – BERKELEY THE FARMACY ISLA VISTA THE FARMACY SANTA YNEZ
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18 NATURAL HEALING CENTER & THE POTTERY NHC – MORRO BAY NHC – LEMOORENHC – GROVER BEACH NHC – TURLOCK THE POTTERY – LOS ANGELES
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ESG AS A STRATEGIC AND COMPETITIVE ADVANTAGE Strategically located in C alifornia, where growing conditions are optimal Focus on energy efficiency with solar and cogeneration capabilities ESG mandated U.S. AUM are forecast to reach $53 trillion by 2025 1 1. Bloomberg: https://w ww.bloomberg.com/professional/blog/esg-assets-may-hit-53-trillion-by-2025-a-third-of-global-aum/ 2. Seinergy J uly -2021, GHB commissioned study 0 50 100 150 200 250 300 Avg. Indoor Avg. CA Greenhouse GHB kWh per Sq. Ft. of Flower2 0 500 1000 1500 2000 2500 3000 Avg. Indoor Avg. CA Greenhouse GHB Kg CO2 per kg Flower2 95% less CO2 emissions than the average indoor grower 95% less energy use than the average indoor grower SUSTAINABLE LEADERSHIP AWARD WINNER 2020 STEWARDSHIP 2021 ENERGY
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20 MEET THE GLASS HOUSE TEAM WILL TUJACQUELINE DE GINESTET KYLE KAZAN Co-founder, Chairman & CEO GRAHAM FARRAR Co-founder, President & Board Director MARK VENDETTI Chief Financial Officer HILAL TABSH Chief Revenue Officer General Counsel & Corporate Secretary BEN VEGA BEN VASQUEZ JENNIFER BARRY JOSHUA KARCHMER VP RetailVP SalesVP Farm Operations VP Marketing VP Corporate Controller
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HISTORICAL FINANCIAL DATA
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22 REVENUE AND GROSS PROFIT
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23 WHOLESALE BIOMASS METRICS
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24 QUARTERLY NET INCOME / LOSS
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25 QUARTERLY ADJUSTED EBITDA
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26 SELECT BALANCE SHEET INFORMATION
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27 SELECT CASH FLOW INFORMATION
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28 EQUITY TABLE
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29 NOTES PAYABLE AND PREFERRED EQUITY
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OTCQX: GLASFCBOE CANADA: GLAS.WT.U OTCQX: GHBWFCBOE CANADA: GLAS.A.U @glasshousebrands glass- house - brands - inc @GlassHouseBR BOARD OF DIRECTORS
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31 BOARD OF DIRECTORS KYLE KAZAN Co-founder, Chairman & CEO of Glass House Group 30+ years of successful Private Equity & investment experience with focus on real estate Launched 23 PE funds, over $2.75B current value owned & managed properties Joined cannabis industry in 2016, co-founding what would become Glass House Group Former law enforcement officer & special ed teacher Frequent guest professor in business; graduate of and former varsity basketball player for USC GRAHAM FARRAR JOHN ‘JAY’ NICHOLS JR. Co-founder, President & Board Director of Glass House Group 20+ years of serial entrepreneurship, including taking two companies public Part of original/founding teams at Software.com, Sonos, & iStoryTime Inc. (zuuka) Joined cannabis industry by founding Elite Garden Wholesale, an ag-tech hydroponics supply company Board member of Seacology, Heal the Ocean, and Santa Barbara Bowl Foundation Four decades of experience in corporate strategy, operations and finance Former Chairman of the Board and Interim CEO at Protective Insurance Company; oversaw the acquisition of the company by Progressive Insurance Company Former CEO of Axis Reinsurance Ltd. 15 years at RenaissanceRe Holdings Ltd, eventually serving as President of RenaissanceRe Ventures; spearheaded the company’s growth via strategic acquisitions and accessing third party capital through joint ventures Held senior executive and financial reporting positions at Hartford Steam Boiler and Monarch Life Insurance Company, and international forensic accounting firm, Matson, Driscoll & Damico. Veteran public servant with significant government and nonprofit ex perience Early, vocal advocate for cannabis policy reform Current member and former Chair of LA Care – largest public health plan in the US Trustee and co-chair of the Obama Scholars Advisory Council at his alma mater Occidental College in Los Angeles Assembly appointee member of the California Air Resources Board Served in the California State Assembly from 2004 to 2010, representing the largely Latino 50th District in southeast LA County Chaired the Budget Subcommittee on Health and Human Services, the Rules Committee, and helped create and chair the Accountability and Administrative Review Committee during his tenure HECTOR DE LA TORRE
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32 BOARD OF DIRECTORS JOCELYN ROSENWALD HUMBLE LUKANGA Co-f ounder and Board Director of Glass House Group Veteran of real estate investment industry; most recently, successfully managed $500M portfolio Since 2016, supervised operations of the 4 funds that would become Glass House Group B.A. University of Pennsylvania; M.A. in Education, Hunter College; M.B.A UCLA Anderson School of Business Teach for America alumna, founding teacher at KIPP Star Elementary School Founder of Life Line Financial Group, premiere wealth m anagement firm servicing some of the best-known performers & leaders in business, sports & entertainment Trustee of the University of New Mexico; Board Director for s everal companies & foundations B.A. & M.B.A. University of New Mexico; certified CFP; UCLA P ersonal Finance Planning degree Named to The Hollywood Reporter's Top Business Managers l ist for 3 years running; New Mexico Business Weekly's "Top 40 Under 40" YELENA KATCHKO Attorney and founding partner of K atchko, Vitiello & Karikomi, PC, a well-regarded law firm located in Los Angeles, California with an authentic and deep-rooted presence in the local cannabis industry As leader of KVK’s cannabis practice, Yelena handles transactional, commercial, licensing, and regulatory compliance matters within the cannabis sphere Began representing medicinal cannabis clients in the City of Los Angeles in 2010 and has become one of the industry’s most recognized names. Serves as the Vice Chair of Programming for the LA County Bar Association – Cannabis Section and as affiliate counsel for the United Cannabis Business Association which was built by the leaders of the California cannabis industry
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DISCLAIMER Cautionary Statements This document is for information purposes only and should not be considered a recommendation to purchase, sell or hold a secu rity. This presentation has been prepared for discussion purposes only and is not , and in no circumstances is to be construed as an adv ertisement, public offering, or prospectus related to the securities of Glass House Brands Inc. (the “Company” or “GHB”) in any jurisdict ion. No securities commission or similar authority in Canada, the United States or elsewhere has reviewed or in any way passed upon this present ation or the merits thereof and any representation to the contrary is an offence. This presentation also contains or references certain market, industry and peer group data which is based upon information fr om independent industry publications, market research, analyst reports and surveys and other publicly available sources. Any third- party information has not been independently verified. While the Company may not have verified the third- party information, they believe that it obtained the information from reliable sources and have no reason to believe it is not accurate in all material respects. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. The Company discl aims and excludes all liability (to the maximum extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this presentation, its accuracy, completeness or by reason of reliance by any person on any of it including, without limitation, the choice of comparable companies, or any information related ther eto. This presentation should not be construed as legal, financial or tax advice to any investor, as each investor’s circumstances are different. Readers should consult with their own professional advisors regarding their particular circumstances. In making an investment decision, investors should not rely solely on the information contained in this presentation. Neither the delivery of this presentation, at any time, nor any trade in securities made in reliance on this presentation, wi ll imply that the information contained in the presentation is correct as of any time subsequent to the date set forth on the cover page of the presentation or the date at which such information is expressed to be stated, as applicable. Investing in securities of the Company involves risks. See “Risk Factors” included in our Q3 2025 Management’s Discussion and Analysis and in the Company's Annual Information Form and other public filings on SEDAR+ at www.sedarplus.ca (the “Risk Factors”). This presentation does not constitute an offer to sell or the sol icitation of an offer to buy any securities. All financial information is in U.S. dollars, unless otherwise indicated. Forward Looking Information Certain information set forth in this presentation and any other information that may be furnished to prospective investors b y the Company in connection therewith, other than statements of historical fact, may be considered “forward- looking statements” and “forward-looking information” within the meaning of applicable Canadian securities legislation (referred to herein as forward -looking statements). Forward- looking statements include but are not limited to statements related to activities, events or developments that the Company expe cts or anticipates will or may occur in the future, statements related to the Corporation’s business strategy objectives and goals, and the Corporation’s management’s assessment of future plans and operations which are based on management’s current internal expecta tions, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Forward- looking statements can often be identi fied by the use of words such as “may”, “will”, “could”, “would”, ‘should”, “anticipate”, “believe”, “expect”, “intend”, “potential”, “estimate”, “budget”, “scheduled”, “plans”, “planned”, “forecasts”, “goals” and similar expressions or the negatives thereof. In particular, and without limiting the generality of the foregoing, forward looking statements in this presentation include sta tements related to the buildout and development of the cultivation facility owned by the Company in Camarillo, California (referred to herein as the SoCal Farm); the Company’s business plans and strategies; the addressable markets for the Company’s products; the Company’s competitive po sition,; the ability to develop products, scale production and distribute products; the Company’s plans to grow its market share in ex isting and new markets; the Company’s investment in new technologies and products; the Company’s expansion of production capacity; the devel opment and expansion of the Company’s brands; strategic acquisition opportunities; the future size of the cannabis market in Califor nia and the United States; the receipt of licenses from regulatory authorities; and the Company’s future financial performance. In addit ion, the financial projections and estimates contained under “Pro Forma Wholesale Biomass Economics” and elsewhere in this presentation, includi ng proforma gross profit and gross profit margin constitute “forward looking information” within the meaning of applicable securities laws. Such information is being provided to demonstrate potential future outcomes and may not be appropriate for other purposes and should not be relied upon as necessarily being indicative of future financial results. Forward looking statements involve known and unkn own risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, those described in the Risk Factors and the other risk factors identified in this presentation. Although the Company has attempted to identify the main risk fact ors that could cause actual results to differ materially from those contained in forward looking statements, there may be other risk factors not presently known to the Company or that they presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. Although the forward-looking statements contained in this presentation are based upon what the Company believes are reasonable assumptions, you are cautioned against placing undue reliance on these statemen ts since actual results may vary from the forward-looking statements. Any data demonstrating the historical performance contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of the future performance of the Company. Consequently, all of the forward-looking statements contained in this presentation are qualified by the foregoing cautionary st atements, and there can be no guarantee that the results or developments that the Company anticipate will be realized or, even if substanti ally realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Non-GAAP Measures This presentation makes reference to certain non -U.S. GAAP measures, such as proforma gross profit and gross profit margin, amon g other non-GAAP measures that may be identified herein. These measures are not recognized under U.S. GAAP and do not have a standardize d meaning prescribed by U.S. GAAP. Rather, these measures are provided as additional information to complement U.S. GAAP measur es by providing further understanding of GH Group’s results of operations from management’s perspective. Market participants freque ntly use non- U.S. GAAP measures in the evaluation of issuers. The Company’s management uses these non -GAAP measures for trend analyses and f or budgeting and planning purposes. The Company believes that the use of these non -GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing the Company’s financial measures wi th other similar companies, many of which present similar non-GAAP financial measures to investors. Management of the Company do not consider the se non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limi tation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercises of judgments by management about which expense and income are excluded or included in determining these non -GAAP financial measures. You should review the Company’s current financial statements and not rely on any single financial measure to evaluate the Company’s busi ness. Readers are also referred to the heading “Non -GAAP Financial Measures” in the Company’s Q2 2025 MD&A at www.Sedarplus.ca . Cannabis-related Activities are Illegal Under U.S. Federal Laws The Company derives 100% of its revenues from doing business in the cannabis industry in the U.S. The concepts of “medical ca nnabis” and “adult-use cannabis” do not exist under U.S. federal law. The U.S. Federal Controlled Substances Act classifies “marihuana” as a Schedule I drug. Accordingly, cannabis-related practices or activities, including, without limitation, the manufacture, sale, importation, possession, use or distribution of cannabis and its derivatives, are illegal under U.S. federal law and the enforcement of the relevant laws poses a significant risk. These laws and their enforcement are in flux and vary dramatically from jurisdiction to jurisdiction. The enforcement of t hese laws and its effect on the Company and its business, employees, directors and shareholders are uncertain, and accordingly, involve conside rable risk. Strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under U.S. federal l aw, nor will it provide a defense to any federal proceeding which may be brought against the Company. Any such proceedings brought against the C ompany may adversely affect the Company’s operations and financial performance.
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OTCQX: GLASFCBOE CANADA: GLAS.WT.U OTCQX: GHBWFCBOE CANADA: GLAS.A.U @glasshousebrands glass- house - brands - inc @GlassHouseBR