
Infinite Beauty: Why The Future Of Sustainable Packaging Is Circular
In an industry obsessed with transformation, the beauty sector is long overdue for one of its own—not in skincare or color but in how it handles packaging waste. Today's systems weren't designed for the complexity of beauty products. But that's starting to change, thanks to a shift toward circular economy thinking and a new wave of recycling technologies that promise to break the waste cycle for good.
What Is A Circular Economy—And Why It Matters In Beauty
The circular economy is more than just a sustainability buzzword. It's a systemic shift away from the linear 'take-make-dispose' model and toward one that designs out waste, keeps materials in use and regenerates natural systems. Packaging isn't an afterthought in a circular model—it's an asset. It's a resource to be recovered, reused and remade again and again.
For beauty, that means reimagining everything: how materials are sourced, how packaging is designed and what happens at end-of-life. The goal? Prevent packaging from becoming waste in the first place—a tall order in a category known for small formats, complex pumps and luxurious layers.
But now, thanks to molecular recycling and collective action, the industry finally has the tools to make that vision real.
Molecular Recycling: The Technology Unlocking Infinite Reuse
While mechanical recycling has been the standard for decades, it comes with constraints: It can only handle certain plastics (like PET and HDPE), requires clean material streams and degrades quality with each cycle. That's a problem when beauty packaging is often small, mixed-material and product-contaminated.
Enter molecular recycling—also called advanced or chemical recycling. This next-gen technology breaks plastics down to their molecular building blocks (monomers), which can be reassembled into virgin-quality resin—without relying on fossil fuels.
Companies Leading The Charge
• Eastman uses polyester renewal technology and carbon renewal technology to process hard-to-recycle plastics into new materials with no performance loss. Its Kingsport, Tennessee, facility is now one of the world's largest molecular recycling sites, producing high-grade recycled content for beauty, textiles and more.
• SK Chemicals is commercializing chemically recycled PET (CR-PET) and BHET from textile and packaging waste, with investments that make them one of the few suppliers globally offering mass production of infinite-loop PET. Its systems can handle even complex inputs like cosmetics containers and fibers.
• PureCycle Technologies specializes in recycling polypropylene (commonly marked as No. 5 plastic) through a patented solvent-based purification process. This innovative method removes color, odor and contaminants from waste polypropylene (PP), producing ultra-pure recycled resin known as PureFive. The resulting material closely resembles virgin plastic and can be recycled multiple times without significant degradation.
With these technologies, materials that would otherwise be incinerated or downcycled can be turned into high-performance packaging—again and again.
Why Curbside Recycling Still Falls Short
Unfortunately, today's curbside systems in the U.S. aren't built to process beauty packaging. Most recycling facilities (MRFs) are optimized for large, simple items—not mascaras, pumps with springs or multilayer tubes and bottles.
Some of the key barriers include:
• Size: Items under 2 inches often fall through sorting equipment.
• Complexity: Mixed materials (e.g., plastic + metal) are hard to separate.
• Residue: Leftover products can contaminate entire batches.
• Color: Dark or opaque plastics are hard for optical sorters to detect.
According to the Ellen MacArthur Foundation, 62% of beauty packaging is still non-recyclable, even when technically recyclable. Worse, some facilities report that 20% to 25% of collected materials are unrecyclable due to contamination or design. In short, recyclability on paper doesn't equal recyclability in practice.
Closing The Loop: The Role Of Pact And TerraCycle
Two organizations are helping bridge the gap between recyclability and actual recycling:
Founded by MOB Beauty and Credo, the Pact Collective is a nonprofit focused entirely on beauty. With more than 140 brand and retailer members, Pact installs collection bins at major stores like Sephora and Ulta and runs mail-back programs for hard-to-recycle formats. Beyond logistics, it also advises brands on how to design for circularity, influencing upstream change.
One of the most recognized names in private recycling, TerraCycle collects complex waste (like pumps and laminates) through both branded and general programs. Brands including Garnier, Nordstrom and L'Oréal have worked with them to implement drop-off and take-back programs. Its innovation platform, Loop, also reimagines packaging with reusable formats designed to last hundreds of uses.
Together, Pact and TerraCycle are building infrastructure where traditional systems fail, helping beauty brands demonstrate true circular commitment.
The Future Of Recyclable Design
At FusionPKG, we believe design is the first and most powerful step toward circularity. That's why we're proud to lead with packages that are not just innovative but recyclable within real-world systems.
Our Airless-One package meets Preferred Guidance from the Association of Plastic Recyclers (APR)—the most stringent standard for recyclability in North America. It eliminates non-recyclable materials, uses a single material stream and is optimized for recycling—without compromising product protection or performance.
More than a technical achievement, Airless-One represents a broader shift from legacy multicomponent packaging to mono-material, circular-ready solutions. While we continue to push boundaries, we're seeing other suppliers start to follow suit, racing to create packages that are more compatible with recycling realities.
Looking Ahead: A Circular Future For Beauty
The future of recycling in beauty won't hinge on one fix but rather require smart design, emerging tech and evolving policy:
• Molecular recycling is scaling, and mono-material packaging is making circularity more achievable without compromising performance.
• Regulations like the EU's PPWR and California's new laws are setting stricter standards for recyclability and recycled content.
• Collaboration is growing, with groups like Pact and platforms like Loop driving collective progress.
Change won't happen overnight. But with consumer pressure, regulatory push and innovations from beauty suppliers and resin manufacturers, beauty is on track to lead the circular movement—with packaging that's not just beautiful but built to last.
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Glass House Brands Reports Second Quarter 2025 Financial Results
Results surpassed expectations across key metrics including biomass production, revenue, gross profit, and Adjusted EBITDA Wholesale biomass production was 230,748 pounds, up 54% year-over-year Cost of production was $91 per pound, a substantial improvement compared to $148 per pound in Q2 2024 Second quarter 2025 revenue was $59.9 million, exceeding guidance and up 11% year-over-year Gross margin was 53%, compared to 45% in Q1 2025 and 53% in Q2 2024 Adjusted EBITDA of $18.1 million, considerably higher than guidance and a notable sequential improvement compared to $4.4 million in Q1 2025 Cash and restricted cash balance rose to $44.2 million on June 30, 2025, compared to $37.6 million on March 31, 2025 Conference Call to be held today August 13, 2025 at 5:00 p.m. ET LONG BEACH, Calif. and TORONTO, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Glass House Brands Inc. ("Glass House" or the "Company") (CBOE CA: GLAS.A.U) (CBOE CA: (OTCQX: GLASF) (OTCQX: GHBWF), one of the fastest-growing, vertically integrated cannabis companies in the U.S., today reported financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Highlights (Unaudited results, unless otherwise stated, all results and dollar references are in U.S. dollars) Revenue of $59.9 million, an increase of 11% from $53.9 million in Q2 2024 and up 34% from $44.8 million in Q1 2025. Gross Profit was $31.9 million, compared to $28.7 million in Q2 2024 and $20.1 million in Q1 2025. Gross Profit Margin was 53%, compared to 53% in Q2 2024 and 45% in Q1 2025. Adjusted EBITDA1 was $18.1 million, compared to $12.4 million in Q2 2024 and $4.4 million in Q1 2025. Operating Cash Flow was positive $17.7 million, compared to $8.9 million in Q2 2024 and $2.5 million in Q1 2025. Equivalent Dry Pound Production2 was 230,748 pounds, up 54% year-over-year. Cost per Equivalent Dry Pound of Production3 was $91 per pound, a decrease of 39% compared to the same period last year. Cash, Restricted Cash and Cash Equivalents balance was $44.2 million at quarter-end versus $37.6 million at the end of Q1 2025. Management Commentary 'Second quarter results surpassed expectations across key metrics including biomass production, revenue, gross profit, and Adjusted EBITDA,' said Kyle Kazan, Co-Founder, Chairman and CEO of Glass House. 'Consolidated revenue was $59.9 million, up 11% year-over-year and 34% quarter-over-quarter. Growth this quarter was spread across all three revenue segments led by wholesale, where our team continued to outperform production expectations, coupled with strong retail performance.' 'During the quarter, we produced almost 231,000 pounds of biomass which was well ahead of original guidance of between 210,000 and 215,000. Cost of production was $91 per pound, reflecting a substantial improvement compared to $148 per pound last year and below our long-term $100 per pound target. Retail revenues increased 13% in the quarter on a year-over-year basis. This compares to a California retail sales decline of 15% over the same period per Headset data.' 'This retail strength comes from solid same store sales and reflects increasing consumer demand for our branded products, and the continued benefit of the strategic pricing initiative we began implementing last year.' 'Complementing sales growth, our retail team's continued execution combined with lower than anticipated cultivation costs, tight cost management within retail operations and cost saving initiatives in our CPG supply chain and manufacturing processes continued to drive sequential gross margin improvement despite persistent continued challenging California pricing conditions. All of this contributed to Adjusted EBITDA of $18.1 million, which was considerably higher than our guidance and a notable sequential improvement compared to $4.4 million last quarter.' Second Quarter 2025 Operational Highlights Glass House Brands and LEEF Announce MSA for The Leaf El Paseo Dispensary and Off-Take Agreement Glass House Brands and Eaze Partner to Launch PLUS Cannabis Gummies in Florida Glass House Brands Announces Hemp Research and Development Agreement with the University of California, Berkeley Subsequent Events Glass House Brands Announces Preferred Equity Refinancing Glass House Brands Provides Updates to Recent Events Q2 2025 Financial Results Discussion Revenues for Q2 2025 were $59.9 million, representing growth of 11% compared to the year-ago period, and a 34% increase from Q1 2025. This reflects growth in all three business segments even with this being the first like-for-like quarter of comparison representing a full contribution from Greenhouse 5 since it became fully operational. The wholesale biomass business achieved revenue of $42.1 million, accounting for 70% of total revenue and increasing 8% versus the same period in 2024 and 49% sequentially. Biomass production reached 230,748 pounds during Q2 2025, exceeding guidance of 210,000 to 215,000 and growing by 54% year-over-year. Q2 2025 retail revenue was $12.3 million compared to $10.9 million the second quarter of last year and $11.8 million in Q1 2025. Retail gross margin was 48% in the second quarter, consistent with the first quarter. Wholesale CPG revenues were $5.5 million, representing a 16% sequential increase and 38% year-over-year growth. Second quarter consolidated gross profit was $31.9 million, compared to $28.7 million for the year-ago period and $20.1 million in Q1 2025. Gross margin was 53%, ahead of our guidance of 49% and compared to 53% in the second quarter of 2024 and 45% in the first quarter of 2025. Average selling price was $206 per pound, coming in ahead of guidance of $200 to $203 per pound and compared to $283 in the second quarter of 2024. General and administrative expenses were $14.6 million for the second quarter of 2025, down 16% from $17.4 million last year and 3% from $15.1 million in the first quarter. Sales and marketing expenses were $0.8 million, compared to $0.7 million both during the same period last year and in the prior quarter. Professional fees were $2.0 million in Q2, compared to $1.7 million in Q1 2025 and $1.9 million in Q2 2024. Depreciation and amortization in Q2 2025 were $3.9 million, compared to $3.8 million in Q1 2025 and $3.7 million in Q2 2024. Adjusted EBITDA was $18.1 million in Q2 2025, exceeding our guidance of $11 million to $13 million and compared to $4.4 million in Q1 2025. Operating cash flow was $17.7 million, compared to $8.9 million in the year-ago period and $2.5 million in Q1 2025. As of June 30, 2025, the Company had $44.2 million of cash and restricted cash, up from $37.6 million at the start of the second quarter. The Company spent $9.5 million in capex in the second quarter, which was mostly for Phase III expansion at Camarillo. The Company also paid $1.9 million in preferred stock dividend payments. Preferred Equity Recapitalization In July, the Company announced a recapitalization and non-brokered private placement (collectively, the 'Offering') of approximately $74 million in Series E Convertible Preferred Stock replacing GH Group's existing Series B and Series C Preferred Stock. Holders of Series B and Series C Preferred Stock were presented the opportunity to exchange into the Series E Preferred Stock and any electing not to exchange were redeemed in full. Investors in the Series E Preferred Stock will receive an annual 12% dividend rate, which will accrue and be paid quarterly. The Series E Preferred Stock is convertible into a new class of GH Group Class B common stock at a conversion price of $9.00 per share at any time, and ultimately, exchangeable into the Company's publicly-traded equity shares (the 'Equity Shares') on a one-for-one basis at any time. GH Group also will have a 5-year redemption right with respect to the Series E Preferred Stock upon the occurrence of each of the following: (i) the 60-day volume weighted average price of the Equity Shares is greater than or equal to $12.00, (ii) the average daily trading volume of the Equity Shares exceeds one million shares and (iii) the Equity Shares are trading on a major United States stock exchange. If the Company exercises its redemption right, the redemption price for the Series E Preferred Stock will be equal to the original purchase price per share plus any accrued and unpaid dividends. By comparison, Series B and C Preferred Stock which were issued in 2022, offered a 22.5% cumulative annual dividend rate inclusive of a 10% annual dividend and 12.5% paid-in-kind ('PIK') of additional preferred equity at the time of redemption. Outlook We are providing the following guidance for the third quarter of 2025 and remainder of the year based on the decision to reduce production due to temporary labor constraints at our farms amidst changes made in response to recent events. For further insights on recent events and subsequent events, please see the Company's press release dated August 4, 2025. We expect third quarter total revenue to be between $35 million and $38 million, roughly $25 million to $30 million below where we were tracking based on production levels prior to July 10, 2025. We will produce between 95,000 and 100,000 pounds of biomass for the quarter, less than 40% of what we would typically expect. Coinciding with a ramp in staffing, fourth quarter production is expected to be approximately double third quarter levels. With the increased production, we expect fourth quarter revenues to rebound and be slightly below last year's period at approximately $53 million. Full-year revenue is anticipated to be in the range of $190 million and $195 million, down from prior guidance of $220 million to $230 million. Third quarter average selling price for wholesale biomass is assumed to be between $178 and $183 per pound, down from $229 last year while cost of production will be approximately $160 per pound due to lower production in the quarter and labor inefficiency of bringing on a new workforce. Fourth quarter cost of production is expected to be approximately $110 per pound as production increases and efficiency improves with the workforce. We anticipate gross margin in the second half of the year will be in the mid 30% range. Full year adjusted EBITDA is now expected to be between $23 million and $26 million, which compared to prior guidance in the mid $40 million range with AEBITDA in the second half estimated at flat to $3 million. Wholesale biomass production is forecasted to be approximately 670,000 with a cost of production of approximately $110 and an average selling price between $183 and $188 per pound. Financial results and analyses will be available on the Company's website on the 'Investors' and 'News & Events' drop-down menus ( and SEDAR+ ( Unaudited results, unless otherwise stated, all results are in U.S. dollars. Net Income / Loss (in thousands) Q2 2024 Q1 2025 Q2 2025 Revenues, Net $ 53,938 $ 44,818 $ 59,867 Cost of Goods Sold 25,264 24,753 27,936 Gross Profit 28,674 20,065 31,931 % of Net Revenue 53 % 45 % 53 % Operating Expenses: General and Administrative 17,366 15,083 14,618 Sales and Marketing 682 687 803 Professional Fees 1,860 1,668 1,965 Depreciation and Amortization 3,723 3,837 3,905 Impairment — 1,900 — Total Operating Expenses 23,631 23,175 21,291 Income (Loss) from Operations 5,043 (3,110 ) 10,640 Interest Expense 2,593 2,276 1,919 (Gain) Loss on Change in Fair Value of Contingent Liabilities and Shares Payable (7,910 ) (95 ) 95 Other (Income) Expense, Net 118 1,789 (5,087 ) Total Other (Income) Expense, Net (5,199 ) 3,970 (3,073 ) Income Taxes 203 2,928 4,969 Net Income (Loss) $ 10,039 $ (10,008 ) $ 8,744 Adjusted EBITDA (in thousands) Q2 2024 Q1 2025 Q2 2025 Net Income (Loss) (GAAP) $ 10,039 $ (10,008 ) $ 8,744 Depreciation and Amortization 3,723 3,837 3,905 Interest, Net 2,593 1,988 1,919 Income Tax Expense 203 2,928 4,969 EBITDA (Non-GAAP) 16,558 (1,255 ) 19,537 Adjustments: Share-Based Compensation 3,621 2,105 2,944 Stock Appreciation Rights Expense 51 (37 ) 37 (Gain) Loss on Equity Method Investments 94 (40 ) (44 ) Change in Fair Value of Derivative Asset and Liability (32 ) 1,733 328 Impairment Expense for Intangible Assets — 1,900 — Change in Fair Value of Contingent Liabilities and Shares Payable (7,910 ) (95 ) 95 Loss on Extinguishment of Debt — 292 — Employee Retention Tax Credits — (210 ) (4,750 ) Adjusted EBITDA (Non-GAAP) $ 12,382 $ 4,393 $ 18,147 Select Cash Flow Information (in thousands) Q2 2024 Q1 2025 Q2 2025 Net Income (Loss) $ 10,039 $ (10,008 ) $ 8,744 Depreciation and Amortization 3,723 3,837 3,905 Share-Based Compensation 3,621 2,105 2,944 Impairment Expense for Intangibles — 1,900 — (Gain) Loss on Change in Fair Value of Contingent Liabilities and Shares Payable (7,910 ) (95 ) 95 Other 1,326 2,573 881 Cash From Net Income (Loss) 10,799 312 16,569 Accounts Receivable (4,864 ) (1,424 ) (3,248 ) Income Taxes Receivable — — 996 Prepaid Expenses and Other Current Assets (911 ) 1,086 (243 ) Inventory (3,292 ) (1,430 ) (3,987 ) Other Assets 71 2,062 (96 ) Accounts Payable and Accrued Liabilities 7,366 (587 ) 4,290 Income Taxes Payable (476 ) 27 1,290 Other 207 2,425 2,166 Working Capital Impact (1,899 ) 2,159 1,168 Operating Activities Cash Flow 8,900 2,471 17,737 Purchases of Property and Equipment (3,912 ) (6,695 ) (9,458 ) Other — — 190 Investing Activities Cash Flow (3,912 ) (6,695 ) (9,268 ) Proceeds from the Issuance of Notes Payable — 49,140 — Payments on Notes Payable, Third Parties and Related Parties (1,890 ) (42,068 ) (1 ) Distributions to Preferred Shareholders (1,936 ) (1,938 ) (1,937 ) Other 309 (218 ) 55 Financing Activities Cash Flow (3,517 ) 4,916 (1,883 ) Net Increase in Cash, Restricted Cash and Cash Equivalents 1,471 692 6,586 Cash, Restricted Cash and Cash Equivalents, Beginning of Period 24,408 36,923 37,615 Cash, Restricted Cash and Cash Equivalents, End of Period $ 25,879 $ 37,615 $ 44,201 Select Balance Sheet Information (in thousands) Q2 2024 Q1 2025 Q2 2025 Cash and Restricted Cash $ 25,879 $ 34,615 $ 40,701 Accounts Receivable, Net 7,717 6,712 9,842 Income Taxes Receivable — 1,929 933 Prepaid Expenses and Other Current Assets 4,366 9,608 15,355 Inventory 14,503 15,682 19,669 Total Current Assets 52,465 68,546 86,500 Operating and Finance Lease Right-of-Use Assets, Net 10,713 10,188 6,974 Long Term Investments 2,251 2,381 172 Property, Plant and Equipment, Net 215,179 212,789 222,999 Intangible Assets, Net and Goodwill 20,868 12,120 11,939 Restricted Cash, Net of Current Portion — 3,000 3,500 Other Assets 4,367 2,566 2,477 TOTAL ASSETS $ 305,843 $ 311,590 $ 334,561 Accounts Payable and Accrued Liabilities $ 33,739 $ 30,708 $ 37,532 Income Taxes Payable 7,712 2,435 3,725 Contingent Shares and Earnout Liabilities 33,132 — — Shares Payable 5,825 2,485 — Current Portion of Operating and Finance Lease Liabilities 1,950 2,344 2,111 Current Portion of Notes Payable 7,552 — — Total Current Liabilities 89,910 37,972 43,368 Operating and Finance Lease Liabilities, Net of Current Portion 8,926 8,001 4,795 Other Non-Current Liabilities 6,624 25,259 28,237 Notes Payable, Net of Current Portion 53,699 65,797 65,845 TOTAL LIABILITIES 159,159 137,029 142,245 Preferred Equity Series B, C and D 81,808 89,002 91,790 Additional Paid-In Capital, Accumulated Deficit and Non-Controlling Interest 64,876 85,559 100,526 TOTAL SHAREHOLDERS' EQUITY 146,684 174,561 192,316 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 305,843 $ 311,590 $ 334,561 Notes Payable and Preferred Equity (in thousands) Q4 2024 Q1 2025 Q2 2025 Comments Notes Payable Secured Credit Facility $ — $ 50,000 $ 50,000 Maturity is 2/28/30 Secured Credit Agreement 41,875 — — Maturity of the Secured Credit Agreement was 11/30/2026. On 2/28/2025, the Company entered into a Senior Secured Credit Facility for an aggregate principal amount of $50 million, maturing 2/28/2030. Proceeds from the Senior Secured Credit Facility were used to repay the remaining balance of the Secured Credit Agreement in the amount of $40.6 million on 2/28/2025. Series A 11,895 11,895 11,895 8% semi annual interest, cash or shares, higher of 10 day VWAP 5 trading days prior to pay date or $4.08, Maturity 4/15/27 Series B 4,111 4,111 4,111 8% semi annual interest, cash or shares, lower of 10 day VWAP 5 trading days prior to pay date or $10.00, Maturity 4/15/27 Plus Convertible Debt 16,006 16,006 16,006 Other 315 (209 ) (161 ) Mostly original issue discount Notes Payable Total $ 58,196 $ 65,797 $ 65,845 Preferred Equity Series B $ 65,084 $ 67,495 $ 70,042 Currently at 22.5% dividend with 10% cash payment Series C 6,279 6,507 6,748 Currently at 22.5% dividend with 10% cash payment Series D 15,000 15,000 15,000 Currently at 15% dividend with 15% cash payment Preferred Equity Total $ 86,363 $ 89,002 $ 91,790 Cash Payments Debt Amortization $ 1,889 $ 42,022 $ 1 Q1 2025 Includes $40.6 million paid on 2/28/2025 for the Secured Credit Agreement; principal payments on the Secured Credit Facility start in 2027 Cash Interest 1,474 876 1,203 8.58% interest rate on the Senior Secured Credit Facility, entered into on 2/28/25 Debt Service 3,363 42,898 1,204 Series B 1,250 1,250 1,249 10% annual rate until 2/28/27 when it increases to 20% Series C 125 125 125 10% annual rate until 6/30/27 when it increases to 20% Series D 563 563 563 15% annual rate until 8/24/28 when it increases to 20% Preferred Equity Dividends 1,938 1,938 1,937 Total Debt Service and Dividends $ 5,301 $ 44,836 $ 3,141 Dividend Rates for Series B, C, and D 22.5% 25.0% 20.0% Series B 8/31/2024 8/31/2025 2/28/2027 Currently at 22.5% dividend with 10% cash payment Series C 12/30/2024 12/30/2025 6/30/2027 Currently at 22.5% dividend with 10% cash payment Series D 8/24/2028 Currently at 15% dividend with 15% cash payment *Dividend in excess of cash dividend is paid out as PIK, outstanding preferred equity balance compounds quarterly. Equity Table (in thousands, except share price) Q2 2025 Q1 2025 Change Comments Total Equity and Exchangeable Shares 79,081 77,407 1,673 Shares issued in connection of exercise of RSUs and ISOs, Camarillo acquisition contingent shares, bonuses paid in shares, convertible debenture interest and NHC acquisition deferred shares Warrants Series D 2,980 2,980 — Exercise price of $6.00 with an expiration date of August 2028 Series C 1,000 1,000 — Exercise price of $5.00 with an expiration date of August 2027 Series B 9,739 9,739 — Exercise price of $5.00 with an expiration date of August 2027 SPAC 30,665 30,665 — Exercise price of $11.50 with an expiration date of June 2026 Total Warrants 44,384 44,384 — Stock Options 381 489 (108 ) Weighted average exercise price of $3.09 with expiration dates from January 2026 to June 2026 RSUs 6,194 6,778 (584 ) Up to 3-year vesting through 2028 Total 6,575 7,267 (692 ) Share Price at Quarter End $ 6.05 $ 4.97 $ 1.08 Convertible Debentures Series A $ 11,895 $ 11,895 $ — 8% semi annual interest, cash or shares, higher of 10 day VWAP 5 trading days prior to pay date or $4.08, Maturity 4/15/27 Series B 4,111 4,111 — 8% semi annual interest, cash or shares, lower of 10 day VWAP 5 trading days prior to pay date or $10.00, Maturity 4/15/27 Total Convertible Debentures $ 16,006 $ 16,006 $ — Number of Shares if Converted Assuming Share Price at Quarter End 2,646 3,221 (575 ) Revenue (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 FY 2023 FY 2024 Retail (B2C) $ 9,921 $ 10,885 $ 11,214 $ 11,796 $ 11,788 $ 12,262 $ 39,078 $ 43,816 Wholesale CPG (B2B) 4,253 3,979 4,777 4,987 4,747 5,483 16,062 17,996 Wholesale Biomass (B2B) 15,926 39,074 47,830 36,256 28,283 42,122 105,696 139,086 Total $ 30,100 $ 53,938 $ 63,821 $ 53,039 $ 44,818 $ 59,867 $ 160,836 $ 200,898 Sequential % Change Retail (B2C) 4 % 10 % 3 % 5 % — % 4 % Wholesale CPG (B2B) 4 % (6 )% 20 % 4 % (5 )% 16 % Wholesale Biomass (B2B) (40 )% 145 % 22 % (24 )% (22 )% 49 % Total (26 )% 79 % 18 % (17 )% (15 )% 34 % % Change to Prior Year Retail (B2C) 6 % 8 % 11 % 23 % 19 % 13 % 46 % 12 % Wholesale CPG (B2B) 14 % 1 % 11 % 22 % 12 % 38 % (4 )% 12 % Wholesale Biomass (B2B) 10 % 28 % 41 % 36 % 78 % 8 % 155 % 32 % Total 9 % 21 % 32 % 31 % 49 % 11 % 89 % 25 % Gross Profit (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 FY 2023 FY 2024 Retail (B2C) $ 5,253 $ 5,162 $ 4,952 $ 5,396 $ 5,653 $ 5,861 $ 21,551 $ 20,763 Wholesale CPG (B2B) 1,065 886 1,398 1,168 1,221 1,949 1,223 4,517 Wholesale Biomass (B2B) 6,208 22,626 27,092 16,187 13,191 24,121 58,195 72,113 Total $ 12,526 $ 28,674 $ 33,442 $ 22,751 $ 20,065 $ 31,931 $ 80,969 $ 97,393 % of Revenue Retail (B2C) 53 % 47 % 44 % 46 % 48 % 48 % 55 % 47 % Wholesale CPG (B2B) 25 % 22 % 29 % 23 % 26 % 36 % 8 % 25 % Wholesale Biomass (B2B) 39 % 58 % 57 % 45 % 47 % 57 % 55 % 52 % Total 42 % 53 % 52 % 43 % 45 % 53 % 50 % 48 % Wholesale Biomass Production and Cost per Pound Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 FY 2023 FY 2024 Equivalent Dry Pounds of Production 61,392 149,717 232,295 165,074 152,568 230,748 356,722 608,478 % Change to Prior Year 28 % 45 % 128 % 60 % 149 % 54 % 84 % 71 % Cost per Equivalent Dry Pounds of Production $ 182 $ 148 $ 103 $ 110 $ 108 $ 91 $ 136 $ 123 % Change to Prior Year (7 )% 6 % (13 )% (9 )% (41 )% (39 )% (6 )% (10 )% Ending Operational Canopy Licensed (000 sq. ft) 959 1,525 1,525 1,525 1,525 1,525 959 1,525 Wholesale Biomass Sold and Average Selling Price per Pound Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 FY 2023 FY 2024 Equivalent Dry Pounds Sold 56,432 137,866 209,175 164,660 146,555 204,015 338,957 568,133 % Change to Prior Year 13 % 53 % 108 % 68 % 160 % 48 % 97 % 68 % Equivalent Dry Pounds Sold Average Selling Price $ 282 $ 283 $ 229 $ 220 $ 193 $ 206 $ 312 $ 245 % Change to Prior Year (3 )% (17 )% (32 )% (19 )% (32 )% (27 )% 43 % (21 )% Equivalent Dry Pounds Average Selling Price excludes the impact of cultivation tax. Conference Call The Company will host a conference call to discuss the results today, August 13, 2025 at 5:00 p.m. Eastern Time. Webcast and Replay: Register Here Dial-In Number: 1-800-715-9871 Conference ID: 3651206# (replay available for approximately 30 days) In addition, content related to the earnings call including a transcript and audio recording of the call, as well as the Company's financial statements and management's discussion and analysis of financial condition and results of operations for the period (upon completion), will be posted to the Company's website and can be found here. Content from previous reporting periods is also available. Non-GAAP Financial Measures Glass House defines EBITDA as Net Income (Loss) (GAAP) adjusted for interest and financing costs, income taxes, depreciation, and amortization. Adjusted EBITDA is defined as EBITDA excluding share-based compensation, stock appreciation rights expense, loss (gain) on equity method investments, impairment expense for goodwill and intangible assets, change in fair value of derivative liabilities, change in fair value of contingent liabilities and shares payable, certain debt-related fees, acquisition related professional fees, non-operational start-up costs and employee retention tax credits. EBITDA and Adjusted EBITDA are presented because management has evaluated the financial results both including and excluding the adjusted items and believe that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. Such supplemental non-GAAP financial measures are not standardized financial measures under U.S. GAAP used to prepare the Company's financial statements and might not be comparable to similar financial measures disclosed by other companies and, thus, should only be considered in conjunction with the GAAP financial measures presented herein. The Company has provided a table above that provides a reconciliation of the Company's Net Income (Loss) (GAAP) to Adjusted EBITDA for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and three months ended March 31, 2025. Footnotes and Sources: EBITDA and Adjusted EBITDA are non-GAAP financial measures that are not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Please see 'Non-GAAP Financial Measures' herein for further information and for a reconciliation of such non-GAAP measures to the closest GAAP measure. Equivalent Dry Pound Production includes all dry production (flower, smalls and trim) plus equivalent dry weight for wet weight and fresh frozen not converted into dry weight by the Company. Cost per Equivalent Dry Pound of Production, is the application of a subset of Costs of Goods Sold for cannabis biomass production (including all expenses from nursery and cultivation to curing and trimming - the point at which product is ready for sales as wholesale cannabis or to be transferred to CPG) applied to the Company's metric of dry production which includes all dry production (flower, smalls and trim) plus equivalent dry weight for wet weight and fresh frozen that is not converted into dry goods by the Company. About Glass House Brands Glass 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. Whether it be through its portfolio of brands, which includes Glass House Farms, PLUS Products, Allswell and Mama Sue Wellness, or its network of retail dispensaries throughout the state of California, which includes The Farmacy, Natural Healing Center and The Pottery, 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 and 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. Forward-looking statements in this news release include, without limitation, the Company's: ability to further deliver strong operational and financial results; ability to continue growing high quality cannabis at the lowest cost; statement that California, the most competitive cannabis market in the world, is experiencing pricing at levels which the Company would describe as destructive, meaning many cultivators in the state are likely having 'going concern' issues; statement that while the Company expects lower prices to continue in the short-term, longer-term management expects Glass House will benefit, as the Company is built to weather market cycles and emerge even stronger; statement that consolidation has always been the Company's thesis which the company sees as an opportunity to expand market share; statement that the Company commenced commercial operation of Greenhouse 5 in January 2024; statement the Company completed Phase II expansion at its SoCal Farm and Greenhouse 5 had its first full quarter of production and sales in Q2 2024; statement that production volumes, quality and yields from this facility have all substantially exceeded original expectations; statement that the Company expects to start generating revenue from Greenhouse 2 by the fourth quarter of 2025, with Greenhouse 2 production estimated at 275,000 pounds of cannabis in its first full year of production; statement the Company secured a new $50 million senior secured credit facility that strengthens its balance sheet, significantly improves cash flow and pushes out the maturity of senior secured debt into 2030; statement the Company completed a preferred equity refinancing that has eliminated burdensome Payment-in-Kind terms related to the former Series B and Series C Preferred Stock in turn reducing cumulative interest, statement the Company's second quarter results surpassed expectations across key metrics including biomass production, revenue, gross profit, Adjusted EBITDA; statement that guidance for Q3 of 2025 and remainder of the year is based on the decision to reduce production due to temporary labor constraints at our farms amidst changes made in response to recent events; guidance that Q3 revenue is expected to be between $35 million and $38 million, roughly $25 million to $30 million below where we were tracking based on production levels prior to July 10th; guidance that the Company anticipates Q3 biomass production of 95,000 and 100,000 pounds, less than 40% of what we would typically expect; guidance that coinciding with a ramp in staffing, Q4 production is expected to be approximately double Q3 levels; guidance that with the increased production, we expect Q4 revenues to rebound and be slightly below last year's period at approximately $53 million; guidance that full-year revenue is anticipated to be in the range of $190 million and $195 million, down from prior guidance of $220 million to $230 million; guidance that Q3 average selling price for wholesale biomass is assumed to be between $178 and $183 per pound, down from $229 last year; guidance that Q3 cost of production will be approximately $160 per pound due to lower production in the quarter and labor inefficiency of bringing on a new workforce; guidance that Q4 cost of production is expected to be approximately $110 per pound as production increases and efficiency improves with the workforce; guidance that we anticipate gross margin in the second half of the year will be in the mid 30% range; guidance that full year adjusted EBITDA is now expected to be between $23 million and $26 million which compared to prior guidance in the mid $40 million with AEBITDA in the second half estimated at flat to $3 million; and guidance that full year wholesale biomass production is forecasted to be approximately 670,000 with a cost of production of approximately $110 and an average selling price between $183 and $188 per pound. Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements do not guarantee future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information, including financial and operational results not proving to be as expected or on the timelines expected; the Company not completing certain proposed acquisition or financing transactions at all, or on the timelines expected; the Company not achieving the synergies expected; and other risks disclosed in the Company's Annual Information Form and other public filings on SEDAR+ at Accordingly, readers should not place undue reliance on forward-looking statements. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR+ at 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. 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 DeCourcey, Vice President of Investor RelationsT: (781) 724-6869E: ir@ Investor Relations Contact: KCSA Strategic CommunicationsPhil CarlsonT: 212-896-1233E: GlassHouseIR@ in to access your portfolio


CNET
24 minutes ago
- CNET
More Than Just Free Shipping: Here Are 19 Underrated Amazon Prime Perks
Your Amazon Prime membership gives you access to great perks like free two-day shipping. But did you know you can also get free same-day delivery when you order perishable groceries? Here's another unexpected benefit: You can actually save money on gas with your Prime subscription. From grocery deals to streaming extras, there's a lot more value packed into your membership than most people realize and a lot of those discounts can be used beyond Amazon. Prime Day 2025 is Changing: New Drops, More Drama Prime Day 2025 is Changing: New Drops, More Drama Click to unmute Video Player is loading. Play Video Pause Skip Backward Skip Forward Next playlist item Unmute Current Time 0:11 / Duration 3:54 Loaded : 22.82% 0:11 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 3:43 Share Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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Prime Day 2025 is Changing: New Drops, More Drama Sure, a 30-day free trial lets you take advantage of limited-time deals but it only lets you scratch the surface of all that a membership has to offer. It might surprise you to learn what else you can get by being a Prime member. Below, we're going to break down some of the best perks you may not know about. Spoiler: Some of them are bangers. For more, don't miss out on the best Amazon tech deals and how to get great savings on Amazon right now with coupons. 1. Watch HBO or other premium TV channels without cable You probably know about Prime Video and Amazon Music Prime but you might not know all the special details. Amazon Prime members have access to a large number of feature-length movies and hit original TV shows like The Boys and The Lord of the Rings: Rings of Power, as well as an Amazon Music Prime library featuring 2 million songs and thousands of curated playlists. Prime members can also download movies and TV shows for watching later offline. If a show or movie you want to watch is not included as part of your basic Prime subscription, you can subscribe to premium channels such as HBO, Showtime and Starz for $5 to $15 a month, with no need for cable or satellite service. Music lovers can upgrade to Amazon Music Unlimited to get a library of 90 million songs that can be streamed to multiple devices for $9 a month or $89 a year. 2. Get money back by choosing no-rush shipping If you don't need your purchase to be delivered quickly, you can opt out of two-day or shorter delivery options by selecting "no-rush shipping" and receive your package in about six days. In return for your patience, Amazon will give you rewards. There's no standard for no-rush shipping rewards -- they vary from item to item -- but they generally provide discounts on products and services that you might buy from Amazon. Some common rewards are $1 credits for Amazon digital services like movies, music and ebooks, $3 coupons for Amazon's Happy Belly-branded snacks, $10 to $20 off TV or furniture purchases and $10 to $20 off Amazon Home Services. The value of no-rush shipping will depend on whether you'll use any of the rewards. It might not seem like much, but a few no-rush shipping selections could easily earn you the $3 to $4 you need for a free movie rental from Prime Video. 3. Whole Foods grocery discounts If you're a frequent shopper at Whole Foods, an Amazon Prime membership can reap serious dividends. Prime Member Deals available in physical Whole Foods stores give members discounts of 10% to 20% on selected items marked with blue Amazon stickers. Yellow tags indicate even further savings, usually at least another 10% off an already discounted price. Prime members who scan the Whole Foods Market or Amazon app at checkout get an extra 10% off storewide sales. Prime membership also gives you access to special online deals. 4. Exclusive access to Thursday night NFL football games Prime Video launched its NFL coverage in 2017. Amazon/Screenshot by CNET It's the second year that Amazon Prime has had exclusive rights to air Thursday Night Football, and Prime seems to be killing the game. It received five Sports Emmys nominations for its 2022 coverage and boasts a stacked cast of experts, commentators and former players. If you are a Prime subscriber, you can stream 2023-2024 Thursday Night Football games on Prime Video, NFL +, or Twitch. There is also a Spanish-language broadcast available on Prime Video. TNF pregame coverage begins at 7 p.m. EST each Thursday. 5. Free same-day Amazon Fresh delivery Whole Foods isn't the only grocery option available to Amazon Prime members. Subscribers also have access to the online grocery store Amazon Fresh, which provides free deliveries to some locations. Amazon Fresh has some similar products to Whole Foods but generally focuses on a broader range of groceries and home products at lower prices. Anyone can purchase products from Amazon Fresh but only Prime members get free same-day delivery. Amazon Fresh also has 44 physical locations that offer special weekly deals for Prime members. 6. Free same-day delivery for perishable groceries Similar to Amazon Fresh, a new service gives Amazon users access to perishable groceries with same-day delivery service. More than 1,000 cities and towns in the US can now get groceries delivered within hours and Amazon plans to expand the service to more than 2,300 locations by the end of 2025. Same-day delivery is available to all Amazon customers for $12.99 but it's free for Prime members who order at least $25 worth of groceries (it costs $2.99 if your order is less than $25). If you're running low on milk and eggs and you don't have time to make a trip to the grocery store, this is a great way to stock up without leaving the house. 7. Try on clothes and shoes before you buy them It's almost impossible to size clothing correctly online -- to know if it fits, you have to try it on. Prime members get that chance with Amazon's Try Before You Buy service. In specific personal shopping categories like clothes, shoes and accessories, you can order items and keep them for seven days without paying for them. Return what you don't want before the trial week is over and you'll only pay for the items that you keep. Eligible products are indicated on Amazon with a "Try Before You Buy" icon. Several online reports have indicated a limit of six products for Try Before You Buy but the Amazon site doesn't specify a maximum. 8. Borrow unlimited books, magazines and comics Amazon Prime members gain access to Prime Reading, a service similar to Kindle Unlimited with a different collection of materials. You can borrow as many books as you like, and many include audible narration, so you can switch back and forth between reading and listening. The electronic downloads don't require a Kindle or Fire device. Amazon First Reads gives Prime members access to editors' selections of early book releases. Anyone with a Prime membership gets one free Kindle book a month, as well as regular discounts on selected titles. 9. Prime-exclusive deals and promos Amazon offers Prime-exclusive deals all-year round on top products meaning you can make back the cost of your membership in savings. For big shopping seasons like Black Friday or Prime Day, there are even more member-only prices to shop. Plus, Prime subscribers often get early access to Lightning Deals. These are sort of like Amazon's version of a fire sale, featuring very low prices for a limited number of products that usually sell out very quickly. The good news for Amazon Prime members is that they get access to these deals earlier than everyone else. The bad news? There are a lot of Amazon Prime members. 10. Exclusive Zappos deals, faster shipping and a test month for running shoes Amazon acquired the online shoe giant Zappos in 2009, and it now provides a number of benefits for Prime members who link their accounts on Prime members get faster shipping, bonus reward points for shopping and exclusive deals on certain products. Zappos also lets Prime members participate in Runlimited, a 30-day guarantee program for running shoes. 11. Save money on prescription drugs online Amazon Prime members have exclusive access to Amazon RxPass. The subscription service provides all of your eligible medications for a single payment of $5 a month, regardless of how many prescriptions you have. More than 50 commonly prescribed medications are available. Amazon says that the average member with an RxPass saves 38% on medications but it's important to note that Amazon's Prime Rx savings program does not work with health insurance. You'll need to be sure that any savings you get from the program are more than you'd get from insurance coverage. 12. One Medical membership discounts One Medical is a membership-based health service that provides primary in-person and virtual health care. Its concierge-like medical service is designed to allow members to easily schedule appointments and care using the company's mobile app or website. Amazon acquired One Medical in 2023 and is now offering a major discount for Prime members. Instead of the usual price of $199 a year, Amazon Prime members can subscribe for $99 a year, or $9 per month. To activate the discount, Prime members should visit this page. Existing One Medical subscribers who are Prime members can also take advantage of the discount starting with their next payment. 13. Access to Prime Gaming Prime Gaming is a fun feature that is included with Amazon Prime and Prime Video. Eligible subscribers are able to download content in-game for their favorite games, free games and even a free monthly Twitch channel subscription. Prime Gaming is included with annual and monthly Prime subscriptions, Prime Student subscriptions, Amazon Prime free trials, and Prime Video memberships. It's important to note that only one member per household may claim an offer and if you have a Prime Video monthly free trial you will be unable to claim a free Twitch subscription. If you are using a free trial of Student Prime, your free Twitch membership will expire when your free trial expires. 14. Unlimited photo storage with Amazon Photos With a subscription to Amazon Prime, you can store unlimited photos and 5GB of video on Amazon Photos. Without Amazon Prime, you're limited to a total of 5GB of videos and photos total. You can view or share your photos and videos on Amazon Photos using the iOS or Android app, or on a computer with the desktop or web app. Your photo and video files are fully encrypted, so they're only visible to people with whom you intentionally share them. 15. Get discounts on Shutterfly Amazon has partnered with photography company Shutterfly to offer Prime members 45% off most regular-priced products. Shoppers also can get free shipping on orders of $35 or more. To get the discount, you'll have to link your Shutterfly and Amazon accounts. If you store your photos with Amazon, you can now access your Amazon Photos directly from Shutterfly. This makes it extra convenient for Prime members to share images from their extensive photo library. 16. Get a free Grubhub Plus membership Don't feel like cooking tonight? There's a perk for that, too. When Amazon announced it would offer Grubhub Plus free for a year in 2022, it was a solid, but temporary, perk added to Prime. In 2023, Prime members were treated to another free year. For 2024, instead of renewing the food delivery service's premium membership again for another year, Grubhub Plus became a permanent Amazon Prime perk. Grubhub Plus typically costs $9.99 a month and provides unlimited free delivery for all orders over $12 in more than 4,000 cities nationwide. 17. Save on Amazon Kids Plus If you have Amazon Prime, you also get access to discounted Amazon Kids Plus. The subscription service features a range of ad-free content, including books, games and videos for children ages 3 to 12. Parents can limit the amount of screen time available to their children and manage up to four profiles on iOS and Android. The Amazon Kids Plus subscription is normally $79 a year but Prime members can get it for $48 a year. 18. Get your package on the day you want it with Amazon Day If none of the usual delivery dates work for you, you have one additional option as a Prime member. Amazon Day is a free perk that lets you schedule your packages to arrive on your day of choice. Next time you're on vacation, you don't have to arrange for the neighbors to help you bring in your boxes, and you won't have to worry about porch pirates stealing your delivery on days when you're not home. Amazon Day is also a great option to cut down on the number of boxes for your packages, as you can schedule multiple purchases to arrive as a single delivery. 19. Save money on gas Do you spend several hours each week driving to and from work? If you're an Amazon Prime member living in the US, your dollar will now stretch a little farther at the gas pump. You can save 10 cents per gallon at BP, Amoco and AM/PM gas stations -- there are about 7,000 locations across the 50 states. Amazon estimates that this perk will save the average American nearly $70 per year. To get the full 10-cent-per-gallon discount, Prime members must create a free earnify™ account and link it to their Prime account. You can use the earnify™ app to find stations, then simply go to the pump and enter your phone number or linked payment method for instant savings. (Using the earnify™ app is optional -- it just needs to be linked to your Prime account.) For more about Amazon Prime and what to expect from this year's back-to-school deals. Plus, check out these Amazon deals on tech and home goods and tips for getting the best Amazon deals.


Bloomberg
25 minutes ago
- Bloomberg
Goldman Prices $1.4 Billion Loan for Hyatt's Playa Resorts Sale
Goldman Sachs Group Inc. on Wednesday priced a $1.4 billion leveraged loan to support Hyatt Hotels Corp. 's sale of 15 all-inclusive resorts that it had acquired from Playa Hotels & Resorts NV, according to a person familiar with the matter. The offering priced tighter than initial discussions indicated, at 3.25 percentage points over the benchmark rate and at a discounted price of 99.5 cents on the dollar, said the person, who was not authorized to speak publicly. Leveraged finance investors have been eager to fund the relatively few mergers and acquisitions that have hit the market lately.