Glass House will be the second U.S. cannabis company to list on the New York Stock Exchange

Glass House, one of the largest producers of Cannabis in the United States, will make its debut at the New York Stock Exchange (NYSE) June 30.

The California-based company thus becomes the second U.S. company in the cannabis industry to be listed on this prestigious stock exchange, after Trulieve, following the restructuring of its medical cannabis operations.

The reclassification of cannabis paves the way for the NYSE

For years, the major U.S. stock exchanges remained largely closed to companies directly involved in the cultivation or sale of cannabis due to the federal ban. This situation began to change after the U.S. Department of Justice finalized, earlier this year, the reclassification of medical cannabis authorized by states in Category III.

To comply with NYSE listing requirements, Glass House has separated its medical cannabis cultivation business from its retail operations for adults. The company's retail stores are now owned by a separate legal entity, while Glass House continues to focus on cultivation and wholesale production for the medical market.

«We're in good standing,» said the president of Glass House, Graham Farrar, to MJBizDaily. «Ford Motor Company is listed on the NYSE, and we’ll be right there with them.»

The company said it worked with the NYSE for about a year before obtaining approval for this promotion.

The Largest Cannabis Greenhouse in the United States

Founded in 2015 by Graham Farrar and Kyle Kazan, a former police officer, Glass House has become California's leading cannabis grower. Its flagship grow facility in Camarillo covers approximately 50 hectares greenhouses spread across six massive buildings, making it the largest cannabis greenhouse complex in the United States.

In 2025, the company produced approximately 350,000 kilograms of cannabis, generating $182 million in revenue. Although this represents a decline from the previous year, Glass House expects its production to reach 500 metric tons by the end of 2026, with estimated revenue of 245 million dollars.

Although it remains smaller than operators with a presence in multiple states—such as Curaleaf—in terms of total revenue, Glass House has built its business around large-scale cultivation and wholesale distribution rather than retail expansion.

Its ambitions extend beyond California's borders. The company is already working with regulatory authorities to export cannabis to other operators licensed by the DEA, thereby positioning itself in a future international market as regulations continue to evolve.

In an interview with Forbes, Mr. Farrar summed up this ambition by drawing a comparison with the consumer goods sector, stating that he wanted Glass House to become «The Sunkist of cannabis», in reference to the famous agricultural cooperative.

A Comeback After a Difficult Year

This listing on the New York Stock Exchange also comes nearly a year after Glass House has been under intense scrutiny following immigration raids at two of its cultivation sites.

These operations, carried out by the’Immigration and Customs Enforcement (ICE), led to the detention of more than 300 workers. An employee died after falling from a rooftop while trying to escape the authorities, thereby drawing national attention to the company.

The Trump administration subsequently accused Glass House of employing undocumented workers and using child labor.

More recently, the California Department of Cannabis Regulation (DCC) imposed a a $21,000 fine against the company for inadequate procedures for verifying and documenting workers' ages. Glass House has appealed this decision.

According to the DCC, inspectors had visited one of the company’s sites prior to the ICE raids and «had not observed any minors on the premises.» Under California labor law, teenagers as young as 14 can legally work in agriculture under certain conditions, although workers handling cannabis must be at least 21 years old.

Despite these controversies, the company's financial outlook has improved. Its market capitalization recently exceeded $1 billion, while its stock price rose ahead of its initial public offering on the New York Stock Exchange (NYSE), as investors reacted positively to the listing.

The success of this listing on a higher-tier exchange could also pave the way for other U.S. cannabis companies seeking access to major U.S. stock exchanges. Operators with a presence in several states, including Curaleaf and Summer, have already taken steps to meet the listing requirements, although both companies continue to engage in recreational cannabis-related activities, which makes their path more complex than that of Glass House, whose structure is now focused exclusively on medical cannabis.