Glass House Brands Board of Directors Establishes Product Expansion Committee to Support New Product and Business Development

LONG BEACH, Calif. and TORONTO, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Glass House Brands Inc. (“Glass House” or the “Company”) (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX:GHBWF), one of the fastest-growing, vertically-integrated cannabis companies in the U.S., today announced the establishment of a Special Committee of its Board of Directors (“the Board”) to oversee new products and business expansion beyond the Company’s legacy California cannabis business and to evaluate ongoing and future partnership opportunities with traditional industry participants.

The Special Committee consists of Board members Kyle Kazan, Co-Founder, Chairman and CEO of Glass House, Graham Farrar, Co-Founder and President, Co-Founder Joceyln Rosenwald; and Independent Directors Jay Nichols and Alison Payne.

Mr. Nichols has been appointed Chairman of the Special Committee. He has over four decades of experience in corporate strategy and operations, having most recently served as Chairman of the Board and Interim CEO of Protective Insurance Company, and prior to that as CEO of Axis Reinsurance Ltd.

Ms. Payne is an expert in branding and marketing, with extensive experience in driving brand growth across multiple categories including beer, spirits, snacks and breakfast foods in the US and Europe. She also currently serves as the Chief Marketing Officer of Heineken, USA.

“As we await the final rescheduling order from Attorney General Pam Bondi, we are actively preparing for the related new business opportunities we are confident will be forthcoming,” said Kyle Kazan, Co-Founder, Chairman, and CEO of Glass House. “This committee’s mandate is to evaluate prospects and ensure our organization is fully prepared to capitalize on these opportunities as they arise, driven by building momentum in cannabis reform.”

“We remain confident that rescheduling cannabis to Schedule III can provide cannabis export opportunities to international medical markets in the near term and believe that Glass House is uniquely qualified to supply the Medicare reimbursable CBD market. Related to this, we are also excited by the President’s announced creation of a reimbursable CBD program, potentially with an annual market size of $30 Billion, which, combined with rescheduling would drive greater investment into the development of cannabis and hemp-based products across an array of traditional industry consumer product categories to support rising demand. Given that we’ve been growing cannabis for over 10 years, we have developed products and can cultivate input materials at a scale and price that is unmatched in the industry, which should dovetail into these new opportunities.”

“To meet this demand, we have already accelerated cultivation and production expansion with the announced buildouts of Greenhouses 2 and 4, which greatly increase our cultivation capacity. We are also actively engaged with future distribution partners to supply medical cannabis markets in Europe upon rescheduling as well as international CBD and hemp markets later this year. Forming this Special Product Expansion Committee is a key part of our strategy, improving how we find and act on new opportunities—such as partnerships with top product and brand developers—that go beyond what we are currently doing. As traditional industry companies develop cannabinoid-based products and brands, we want branded Glass House California cannabis inside.”

Mr. Nichols, Chairman of the Special Committee, added, “We are at a crossroads of mainstream adoption for cannabinoid products, and Glass House is well-positioned for success in the evolving landscape. I am excited to collaborate with the other members of this committee as well as members of the Company’s senior management team to explore ways in which Glass House can best utilize its core competency of low cost, high quality cannabinoid production to thrive within this changing world while partnering with legacy industry companies to leverage their leading capabilities on production, distribution and brand development.”

About Glass House Brands

Glass House is one of the fastest-growing, vertically integrated cannabis companies in the U.S., with a dedicated focus on the California market and building leading, lasting brands to serve consumers across all segments. Whether it be through its portfolio of brands, which includes Glass House Farms, PLUS Products, Allswell and Mama Sue Wellness or its network of retail dispensaries throughout the state of California, which includes The Farmacy, Natural Healing Center and The Pottery, Glass House is committed to realizing its vision of excellence: outstanding cannabis products, produced sustainably, for the benefit of all. For more information and company updates, visit www.glasshousebrands.com/ and https://ir.glasshousebrands.com/contact/email-alerts/.

Forward Looking Statements

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as “forward-looking statements”). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company’s future performance or financial results. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward- looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include, without limitation, statements regarding the Company’s financial outlook or operational plans and statements related to future market conditions. All forward-looking statements, including those herein, are qualified by this cautionary statement. Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. Accordingly, readers should not place undue reliance on forward-looking statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information, including those risks disclosed in the Company’s Annual Information Form available on SEDAR+ at www.sedarplus.ca and in the Company’s Form 40-F available on EDGAR at www.sec.gov. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR+ at www.sedarplus.ca. The forward-looking statements and financial outlooks contained in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

For further information, please contact:
Glass House Brands Inc.
Jon DeCourcey, Vice President of Investor Relations
T: (781) 724 6869
E: ir@glasshousebrands.com

Investor Relations Contact:
KCSA Strategic Communications
Phil Carlson
T: 212-896-1233
E: GlassHouseIR@kcsa.com

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