The Conversation (0)
Glass House Brands Inc. ("Glass House" or the "Company") (CBOE CA: GLAS.A.U) (NYSE: GLAS) today announced that the Company has retained Matt Murphy, as an advisor on DEA compliance as it relates to instituting regulations related to interstate commerce and the export of medical cannabis compliant with Schedule III regulatory requirements contained in the Controlled Substances Act (CSA).
Mr. Murphy is the Founder and President of Pharma Compliance Group ("PCG"), an advisory firm specializing in providing compliance expertise to pharmaceutical companies assisting them to comply with the regulations related to the Controlled Substances Act ("CSA") and the Code of Federal Regulations ("CFR"), enforced by the DEA, as it pertains to pharmaceutical drug manufacturing, wholesale drug distribution and retail pharmacy operations. Prior to founding PCG, Mr. Murphy had a distinguished twenty-six-year career with the Drug Enforcement Administration ("DEA") as a Special Agent and regulatory subject matter expert. Mr. Murphy served as the Chief of Pharmaceutical Investigations for the DEA and retired as the Assistant Special Agent in Charge in the New England Field Division.
Additionally, from 2017 through 2021, Mr. Murphy was the Chief Compliance Officer for Khiron Life Sciences ("Khiron"), the first licensed vertically integrated cannabis operator in Colombia and an early supplier of cannabis flower and extracts to Germany and the UK. During his tenure, Mr. Murphy developed Khiron's compliance and seed to sale tracking program, enabling the company to become Colombia's first medical cannabis producer to comply with DEA security and compliance protocols.
"Given our scale and low-cost production capabilities, Glass House is uniquely qualified to opportunistically supply cannabis markets outside the state of California and the United States. As we progress in developing new sales channels, there are few, if any people, as uniquely qualified as Matt to assist us with the development of new regulatory compliance processes," said Kyle Kazan, Co-Founder, Chairman and CEO of Glass House.
"Having lived it for more than two decades, Matt knows the inner workings of the DEA and controlled substance and pharmaceutical grade compliance and while at Khiron he experienced the inner-workings of compliant cannabis production and distribution. At Khiron, Matt achieved much of what we are trying to do, implementing systems to enable the secure distribution of products out of Colombia and into Europe. As we aim to develop and implement track and trace processes that comply with existing closed-loop California systems and enable us to distribute outside the state, we will lean on Matt's experience and expertise. Furthermore, we hope for Matt to be a resource to state and federal regulators providing a pathway to better understand and implement viable regulatory frameworks resulting in expedited opportunities for interstate commerce and US cannabis export."
"As we look ahead, we aim to compliantly grow cannabis for sale in whatever markets offer us the highest possible price. It is clear that European and US customers outside our home state want our and other California product and our goal remains to deliver it to them as quickly as possible."
Added Matt Murphy, "At Khiron, in coordination with the Colombian government, we led the development of Khiron's comprehensive seed-to-sale compliance and security program, enabling the company to become Colombia's first licensed medical cannabis producer to implement DEA comparable controlled substance compliance and security protocols supporting international exports. The Khiron compliance and security plan identified and mitigated all risks related to the traceability of products covering the entire production, distribution, logistics and operations chain, therefore detecting and preventing diversion. The team at Glass House has built a formidable compliance system with its current California operations. I look forward to advising the team on the implementation of new tools and systems that can simultaneously adhere to and align with the criteria of additional regulated markets."
About Glass House Brands
Glass House is one of the fastest-growing, 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. Whether it be through its portfolio of brands, which includes Glass House Farms, PLUS Products, Allswell and Mama Sue Wellness or as a wholesale biomass supplier, 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://ir.glasshousebrands.com/contact/email-alerts/.
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 Glass House'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, including those herein, are qualified by this cautionary statement. Although Glass House 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 Glass House's Annual Information Form available on SEDAR+ at www.sedarplus.ca and in Glass House's Form 40-F available on EDGAR at www.sec.gov. For more information on Glass House, investors are encouraged to review Glass House's public filings on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The forward-looking statements and financial outlooks contained 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. Glass House 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.
Jon DeCourcey, Vice President of Capital Markets
T: (781) 724 6869
E: ir@glasshousebrands.com
Investor Relations Contact:
KCSA Strategic Communications
Phil Carlson
T: 212-896-1233
E:Â GlassHouseIR@kcsa.com
