Glass House Brands Inc. (OTCMKTS:GLASF) announced its collaboration with Seed Junky Genetics on August 24, 2022. Seed Junky, one of the premier breeders both in California and globally, has created several of the most well-known strains in cannabis and powers a select few of the top brands in California.
Trading Data
On Wednesday, GLASF stock rose 1.67% to $2.1300 with more than 131.14K shares traded, compared to volume of 89.43K shares. The stock moved within a range of $2.0900 – 2.1600 after opening trading at $2.0900.
Glass House Brands Forms Genetics and Nursery Partnership with Seed Junky
As per the terms of the collaboration, Seed Junky will partner with Glass House to breed and select strains that will be exclusively made available in Glass House brands including Glass House Farms, Forbidden Flowers, Field extracts, and others. Starting the fall of 2022, California growers can directly buy Seed Junky clones from Glass House, thus giving them access to unique genetics that could be otherwise tough to acquire particularly at scale.
Glass House Farms is already an award-winning cultivator, and this partnership integrates world-class genetics into its cultivation and brand arsenal. It will grow and sell strains that are in great demand and extremely sought after, at scale from the state-of-the-art nursery at its 5.5 million-square-foot SoCal farm, while offering the best quality genetics, clones, and cannabis innovation both to California growers and through its portfolio of in-house brands.
These exclusive strains should be available in Glass House products through licensed dispensaries across California starting early next year. Clones are anticipated to be available from this fall itself.
Key Quote
“We’re excited to be able to formalize and expand our relationship with Seed Junky,” said Kyle Kazan, Chairman and Chief Executive Officer of Glass House Brands. “We have great respect for the outstanding quality and strain library which JBeezy and Wes Vazquez have built, and the synergies between our two companies are extremely complementary, which we think will become increasingly strategic, particularly in this highly competitive market.” Kazan added, “We look forward to offering their genetics to California cultivators, including farmers small and large. We also look forward to carrying these brands on our store shelves, where we’ve dedicated space for small craft growers, and offering our customers exclusive and even more premium strains.”
Technical Data
GLASF stock is below the 20-Day and 50-Day Moving averages of $2.18 and $2.31 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.94. The company has a total market capitalization of $95.85 million. The stock is down 61% over the past 6-month.
