Glass House Brands Applies to Uplist on NYSE 

California-based Glass House Brands Inc. last week applied to uplist its stock on the New York Stock Exchange (NYSE), with plans to deconsolidate its adult-use and medical businesses in order to make the move. 

In a press release, Glass House said it had entered into an agreement with its indirect wholly owned subsidiary GHB Usub, LLC to facilitate the restricting of the business and make Glass House a medical cannabis business in its effort to list on the NYSE. 

The announcement comes on the heels of Florida-based multi-state cannabis operator Trulieve successful uplisting move on the exchange which was made possible by the federal rescheduling of state-legal medical cannabis from Schedule I to Schedule III under the Controlled Substances Act.  

As a result of Glass House’s deconsolidation transaction, the company’s subsidiary holds non-voting and non-voting units in the capital of GHR, which now holds Glass House’s former dual-use cannabis business. The voting units of GHR are held by a third-party investor and the non-voting units can only be converted into voting units of GHR after the NYSE permits the listing of companies that consolidate the financial statements of companies that cultivate, distribute, or process cannabis for non-medical purposes in the U.S. 

Glass House Brands include Glass House Farms, PLUS Products, Allswell, and Mama Sue Wellness.