The Real Eisman Playbook Inside the Cannabis Comeback: How One Company is Beating a Broken Market | The Real Eisman Playbook
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Nov 3, 2025 In this discussion, Kyle Kazan, CEO of Glasshouse Brands, shares insights on navigating the cannabis industry’s challenges. Graham Farrar, President, elaborates on their competitive brands and operational efficiencies. Mark Vendetti, CFO, provides a deep dive into financial strategies and the impact of regulatory changes. They explore illegal competition, the implications of federal policy shifts, and scaling operations for profitability. The trio reveals how they’re overcoming market obstacles while aiming for growth in a fast-evolving landscape.
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California-First Scale Strategy
- Glasshouse built 6 million sq ft of greenhouse capacity in California to exploit sunlight-driven low costs and scale advantages.
- They intentionally focused on vertical integration and California's climate to prepare for a legalized national market.
Avoid Debt; Invest In Scalable Capex
- Avoid heavy debt during rapid growth because leverage kills many cannabis operators according to Kyle Kazan.
- Focus capex on scalable, repeatable facilities that let you push down COGS over time.
Rapid Cost Reduction Engine
- Glasshouse halved cost-per-equivalent dry pound from $182 to $91 within six quarters through scale, automation, and site-specific advantages.
- They combine greenhouse sunlight, cogeneration, and automation to sustain a cost lead versus other operators.