Glass House is down 90% since its NYSE debut

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What happened: Glass House Brands stock fell more than 33% Thursday to about $1.25 a share after the company said it had pushed out its new auditor and brought back its old one. $GLAS ( ▼ 33.16% )

Glass House spun off its recreational retail business so it could list on the NYSE on June 30, a move only possible after the federal government moved medical cannabis to Schedule III.

Glass House said it asked BDO to resign because BDO might not finish the third-quarter review on time, and it brought back MGO, its auditor, until September. BDO called its unfinished review of the deconsolidation behind the NYSE listing an “unresolved issue.”

What they’re saying: “Hard for me to remember a human being destroying a stock like Kyle Kazan and his puppet master Jamie Rosenwald have destroyed Glass House,” famed short seller and longtime Glass House booster Marc Cohodes said on X as the stock fell Thursday. 

Why it matters: Glass House was the second U.S. cannabis company to list on the NYSE, after Trulieve. 

It was supposed to test whether Wall Street would buy into cannabis. Instead, shares have faceplanted about 90% since its June 30 debut. Cohodes, once the stock’s loudest champion, has turned on Kazan.

The stock’s freefall has also dragged down the AdvisorShares Pure Cannabis ETF, or $MSOS. It fell 5.4% on Thursday. 

What’s next: Glass House reports third-quarter results November 16.

If its average closing price stays below $1 for 30 consecutive trading days, the NYSE can flag it for noncompliance, which starts a six-month clock to recover. 

If Cohodes and Kazan both show up on the call, expect fireworks.

-JB

Editor’s note: We didn’t independently confirm Cohodes’ allegations.

“THC is a highly addictive and mind-altering drug,” Republican Sen. Pete Ricketts, a longtime cannabis opponent, said in a Fox News editorial urging his colleagues in the Senate to ban hemp-derived THC. 

“Today should have been a day to celebrate. Instead, we gave a multibillion-dollar industry more time to profit off hurting our kids and communities.”

The ban would have gone into effect on Thursday. It now goes into effect in December, unless Congress acts. Of course, Texas Republicans’ anti-THC stance is part of why the party faceplanted during the midterms. Ricketts seems to want to repeat that.

Hemp Industry & Farmers of America’s political fund paid $15,000 to a firm managed by Caroline Wiles a week after Trump urged Congress to rewrite the hemp THC ban, reports the Daily Mail, though her spokeswoman said she hasn’t lobbied for anyone. Watchdog group American Oversight separately filed records requests for the former chief of staff’s communications on hemp, after a former Kennedy adviser accused Wiles of tilting hemp policy toward her son-in-law Bret Worley’s business.

Illinois agreed to hold off until Nov. 19 on enforcing its new law capping hemp-derived THC products at 0.4 milligrams for roughly 250 businesses suing over it, plus members of their trade group. A federal judge hears arguments that day on whether to block the law.

Missouri began limiting intoxicating hemp sales to licensed dispensaries Thursday under a law Gov. Mike Kehoe signed in April, though qualifying hemp drinks can stay on shelves elsewhere until Dec. 11. Violators face a $5,000 fine per transaction and a Class D felony charge.

The Oklahoma Supreme Court struck down the 2025 law that capped signatures county by county and restricted who could collect them, ruling that it violated the First Amendment. That’s too late for State Question 837, which came up about 63,000 signatures short of putting recreational legalization on the ballot, but organizer Jed Green says his group may take another shot.

For many financial institutions, cannabis banking still feels like a maze of evolving guidance, documentation requirements, and risk questions. 

That uncertainty doesn’t just slow down banks and credit unions. It limits access to the financial services operators need to grow.

Shield Compliance helps banks and credit unions turn that complexity into an opportunity to serve cannabis-related businesses with efficient and scalable programs.

Its Cannabis Banking Playbook lays out what a sustainable program looks like, from building the right foundation to managing risk. 

Whether you’re a banking professional exploring the space or an operator trying to understand what your bank needs to say yes, it’s a practical place to start.

Read the Shield Compliance Cannabis Banking Playbook →

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A New York investor paid $4.1 million for the 9,900-square-foot Brewery District building that houses a Trulieve dispensary, which brokerage Matthews says set an eight-year pricing record for Columbus retail. The building sold for $2.5 million a year ago, and Trulieve signed a 10-year lease that has it covering property taxes and expenses on top of rent. $TRLV ( ▼ 0.71% )

Illinois cannabis retailer Ivy Hall is hosting Grand Theft Auto VI launch parties with free mobile gaming trucks at all 10 of its stores on Nov. 19, and shoppers who spend $100 or more can enter to win a copy of the game. Video games appear to be a strong activation point for cannabis brands.

Cronos Group $CRON ( ▼ 1.16% ) CEO Mike Gorenstein joined Cultivated Live on Thursday to break down the company’s biggest quarter yet, and why he cares more about who’s buying his product than who’s buying his stock: 

In case you missed it »

Only 14% of 480 products bought at 52 Colorado dispensaries met every labeling requirement, and just 2% of flower did, University of Colorado Boulder researchers reported in the Journal of Cannabis Research. Nearly all products carried the required THC symbol and warnings, but fewer than half listed an expiration date.

Canadian cannabis company Auxly reported third-quarter net income of C$13.6 million on $49.5 million in net revenue, or $0.13 per share. For the first nine months, Auxly posted $24.8 million in net income on $135 million in net revenue, or $0.24 per share. $CBWTF ( ▲ 1.59% )

Canadian cannabis company Avicanna reported third-quarter revenue of $5.7 million Canadian dollars, down 10% from a year earlier, and positive adjusted EBITDA of $220,000, compared with a $790,000 loss a year ago.

Dispensaries using cannabis retail software company Sweed rang up 2.18x a typical Wednesday’s sales on Green Wednesday 2025, or about $11,000 in extra revenue per store, according to the company’s Green Wednesday guide. Transactions came in at 1.95x, nearly matching 2024’s 1.97x, so the day before Thanksgiving is now a spike retailers can count on.

Sweed is a Cultivated partner.

Fewer Massachusetts teens are smoking weed. But not among this vulnerable group, a report finds. | GBH

Cannabis Musings - November 12, 2026