Following an established script, another publicly traded cannabis operator has separated its medical marijuana from its adult-use holdings in a bid to uplist on the New York Stock Exchange.
But California-based vertically integrated operator Glass House Brands said in documents filed Thursday that it plans to go beyond uplisting to the NYSE. Specifically, the company said it’s preparing for export and interstate commerce.
The company previously said in a press release Wednesday that it’s applied to list on the NYSE after “segregating” its medical and adult-use businesses.
If successful, Glass House would become the second U.S.-based cannabis company to list on a major mainstream American exchange after Florida-based marijuana multistate operator Trulieve Cannabis Corp.
How is cannabis operator Glass House Brands preparing for uplisting?
According to documents filed with the Canadian Securities Exchange – where Glass House is currently listed – the company’s California-based adult-use cannabis retail operation is now held by its “former indirectly wholly-owned subsidiary,” Glass House Retail.
The two companies are still related. A Glass House subsidiary owns 90% of Glass House Retail, with an outside investor, NSJB Investments, acquiring 10% for “approximately $2.5 million,” according to documents filed with the CSE.
California business records identify NSJB Investments’ CEO as Jared Beilke. He, Nicholas Sarris and Glass House Brands founder and CEO Kyle Kazan are all on the board of GHR, according to documents.
Graham Farrar, Glass House Brands’ president, did not immediately respond to a request for comment Thursday.
CSE documents filed Wednesday valued Glass House Retail at about $20 million. Newly medical-only Glass House Brands reported losing $29.6 million in 2025 on revenue of $181 million.
Can cannabis operators uplist while also servicing the adult-use market?
While it’s still not entirely clear what convinced the NYSE to list Trulieve, the company did establish a model to follow that also includes filing for a U.S. Drug Enforcement Administration registration.
That’s an option available to state-compliant medical operators following the April 23 Justice Department final order reclassifying medical cannabis as a Schedule 3 drug.
Glass House applied for that designation in May, as did several other cannabis MSOs with adult-use operations.
While detaching its adult-use retail, it wasn’t immediately clear how Glass House divided its well-known cultivation operations between adult-use and medical to satisfy the NYSE.
Glass House operates a massive 7-acre grow in Carpinteria in Southern California’s Santa Barbara County that supplies its 10 retail locations in the state.
In a separate investor deck also filed with the CSE on Thursday, Glass House said it had “Converted All Licenses for California Medical” (sic).
“Glass House’s remaining operations consist only of medical marijuana facilities licensed by the state of California and the DEA,” the deck reads.
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Is Glass House preparing for cannabis exports and interstate commerce?
That same deck also suggested Glass House is diversifying for all future scenarios.
The company said it had sold its first hemp harvest earlier this month and also applied for an “Export License.”
According to Glass House’s deck, “Medical Cannabis Export and Interstate Commerce Between DEA Registered Operators Becomes Feasible.”
A company spokesperson did not immediately respond to a request for comment.
More regulatory changes – including a reclassification of adult-use cannabis – could follow hearings before a DEA administrative law judge scheduled to begin June 29.
Notably, the Trump Justice Department’s final order reclassified only medical marijuana. A since-abandoned Biden administration-era proposal would have seen all cannabis moved to Schedule 3.
Chris Roberts can be reached at chris.roberts@mjbizdaily.com.
