Glass House Brands Announces Court Dismissal of Catalyst Lawsuit
July 22 2024 - 6:30AM
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., announced today that a civil complaint against the
Company has been dismissed with prejudice and judgment has been
entered in the Company’s favor.
On June 25, 2024, the Superior Court of
California (Los Angeles County) dismissed a lawsuit (Case
23LBCV01025) filed by 562 Discount Med Inc. (doing business as
Catalyst Cannabis Co.) against Glass House for unfair competition.
The Court granted Glass House’s motion for judgment on the
pleadings with prejudice, finding that a requested injunction to
halt the alleged illegal sales would “assume the functions of an
administrative agency, or to interfere with the functions of an
administrative agency,” and the enforcement of any injunction would
be “overly burdensome.” On July 15, 2024, the Court entered a
judgment in Glass House’s favor, awarding costs against the
plaintiff and concluding the case.
In an earlier press release dated May 20, 2024,
Glass House announced it was voluntarily dismissing without
prejudice its defamation lawsuit against Catalyst Cannabis Co.,
citing serious concerns about Catalyst’s financial viability, which
could render a judgment worthless, and harassment threats by
Catalyst to Glass House’s customers, and its customers’
customers.
ABOUT GLASS HOUSEGlass 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.
From its greenhouse cultivation operations to its manufacturing
practices, from brand-building to retailing, the company's efforts
are rooted in the respect for people, the environment, and the
community that co-founders Kyle Kazan Chairman and CEO,
and Graham Farrar Board Member and President, instilled at the
outset. Through its portfolio of brands, which includes Glass
House Farms, PLUS Products, Allswell and Mama Sue
Wellness, 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://glasshousebrands.com/press-releases/.
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. All forward-looking
statements 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 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. John Brebeck, Vice
President of Investor Relations T: (562) 264-5078 E:
ir@glasshousebrands.com
Mark Vendetti, Chief Financial Officer T: (562) 264-5078 E:
ir@glasshousebrands.com
Investor Relations Contact:KCSA
Strategic CommunicationsPhil Carlson T: (212) 896-1233E:
GlassHouse@kcsa.com
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