Glass House Brands Announces Mailing of Circular and Establishment of Share-based Long-term Management Incentive Plan Pending Shareholder Approval

LONG BEACH, Calif. and TORONTO, May 20, 2025 (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 announces the mailing of its management information circular and related materials to shareholders in connection with the upcoming annual and special meeting of shareholders, to be held on June 20, 2025 (the “Meeting”), where disinterested shareholders will be asked to approve Performance Awards (defined below) associated with the establishment of a long-term management incentive plan and a related increase in the share reserve of the Company’s equity incentive plan.

On May 15, 2025 (the “Grant Date”), subject to Disinterested Shareholder and applicable exchange approval, the Board of Directors (the “Board”) approved an initial long-term management incentive plan granting to each of Kyle Kazan, Co-Founder, Chairman and Chief Executive Officer, Graham Farrar, President, Mark Vendetti, Chief Financial Officer, Hilal Tabsh, Chief Revenue Officer, and Benjamin Vega, General Counsel and Corporate Secretary (each, a “Recipient”) certain performance-based restricted stock units (“RSUs”) that vest only if the Company achieves certain share price milestones and the Recipients meet certain time-based vesting requirements (the “Performance Awards”). Vesting of the Performance Awards will occur over a five-year period and is dependent on the Recipients leading the Company to achieve a minimum $30.00 price per share, with further incremental vesting if the share price reaches or exceeds $60.00 per share. On May 14, 2025, the day prior to the Grant Date, the closing price per share was $6.51.

In sharing his thoughts, Mr. Kazan said, “I believe that to hit the share price targets in the LTIP, Glass House Brands will need to be uplisted on a major exchange, and should that happen, I would expect a renewed focus on this industry, likely with monetary resources never seen. As Glass House has in my view one of the best, if not the best, executing teams in cannabis, I sincerely appreciate the Board granting an incentive package that aligns with investors on a stretch goal. The ‘glue in the seat’ for the senior team is a helpful motivation to keep the team intact.”