CXXIF
C21 INVESTMENTS INC ORD
stock OTC

Honestly, when you anchor the comparison around fundamental powerhouses like Green Thumb (GTBIF) and Trulieve (TCNNF), the valuation premium on GLASF looks completely disconnected from reality. GTBIF and TCNNF represent the absolute gold standard of real, multi-state operational cash flow, yet the market prices them like boring value stocks while treating GLASF like a tech darling. On a Price-to-Sales (P/S) basis, GTBIF and TCNNF trade with strict institutional discipline at around **1.5x and 1.8x** revenue, while GLASF demands an eye-watering **3.0x to 4.7x** multiple—meaning you are paying double or triple for every dollar of revenue. The gap gets even stupider when you look at EV/EBITDA, where GTBIF sits at a crazy conservative **3.7x** and Trulieve is compactly priced around **5.4x**, while Glass House sits in the clouds at **18x to 19x**. It culminates in Price-to-Book (P/B), where GTBIF is literally trading below its book equity at **0.88x**, while GLASF stretches past **10x**. Investors are clearly discounting the retail-heavy, state-by-state models of GTBIF and TCNNF **to pay a massive premium on GLASF’s California greenhouse scaling, gambling that interstate commerce will unlock before its priced-for-perfection multiple snaps back to earth.**

Also when you look at price action from past 6 months you see a clear disconnect from sector and imo is artificially propped up from lack of interest or lack of heavy short selling + other things, Glasf is up 82% while Gtbif is up 27% & Tcnnf is up 56%////// On march 30th you saw Gtbif & Tcnnf hit negative returns on the past 6 months from today, while Glasf was still up 23% on the 6 month chart. **There is no reason for a single state operator in the most saturated state in the USA to command such a premium over the best in breed operators of the whole sector.**
On top of that, **GLASF First-quarter gross margins fell sharply to 25% from 45% a year ago, missing internal targets. Consequently, the company lowered its 2026 adjusted EBITDA guidance to the high $30 million range, down from previous estimates in the high $40 millions**, due to higher production costs and labor inefficiencies.
The company issued a notice to redeem over 30 million outstanding warrants on May 28, 2026. Dilution for existing holders.
I am bullish the whole sector but in no way will pay a premium for Glass house...... I am bullish tiers 1s & some smaller operators like MRMD, VEXTF, CXXIF, JUSHF, VREOF, TSNDF, AAHW

Honestly, when you anchor the comparison around fundamental powerhouses like Green Thumb (GTBIF) and Trulieve (TCNNF), the valuation premium on GLASF looks completely disconnected from reality. GTBIF and TCNNF represent the absolute gold standard of real, multi-state operational cash flow, yet the market prices them like boring value stocks while treating GLASF like a tech darling. On a Price-to-Sales (P/S) basis, GTBIF and TCNNF trade with strict institutional discipline at around **1.5x and 1.8x** revenue, while GLASF demands an eye-watering **3.0x to 4.7x** multiple—meaning you are paying double or triple for every dollar of revenue. The gap gets even stupider when you look at EV/EBITDA, where GTBIF sits at a crazy conservative **3.7x** and Trulieve is compactly priced around **5.4x**, while Glass House sits in the clouds at **18x to 19x**. It culminates in Price-to-Book (P/B), where GTBIF is literally trading below its book equity at **0.88x**, while GLASF stretches past **10x**. Investors are clearly discounting the retail-heavy, state-by-state models of GTBIF and TCNNF **to pay a massive premium on GLASF’s California greenhouse scaling, gambling that interstate commerce will unlock before its priced-for-perfection multiple snaps back to earth.**

Also when you look at price action from past 6 months you see a clear disconnect from sector and imo is artificially propped up from lack of interest or lack of heavy short selling + other things, Glasf is up 82% while Gtbif is up 27% & Tcnnf is up 56%////// On march 30th you saw Gtbif & Tcnnf hit negative returns on the past 6 months from today, while Glasf was still up 23% on the 6 month chart. **There is no reason for a single state operator in the most saturated state in the USA to command such a premium over the best in breed operators of the whole sector.**
On top of that, **GLASF First-quarter gross margins fell sharply to 25% from 45% a year ago, missing internal targets. Consequently, the company lowered its 2026 adjusted EBITDA guidance to the high $30 million range, down from previous estimates in the high $40 millions**, due to higher production costs and labor inefficiencies.
The company issued a notice to redeem over 30 million outstanding warrants on May 28, 2026. Dilution for existing holders.
I am bullish the whole sector but in no way will pay a premium for Glass house...... I am bullish tiers 1s & some smaller operators like MRMD, VEXTF, CXXIF, JUSHF, VREOF, TSNDF, AAHW