Big Law
California-Based Cannabis Firm Glass House Group Acquired for $567 Million
California-based cannabis firm Glass House Group will go public on Canada’s NEO exchange in a SPAC deal valued at more than $1 billion. The transaction, announced last week, includes over 500,000 sq. ft. of existing cultivation space, four dispensaries, and robust wholesale business.
Mercer Park Brand Acquisition Corp. (BRND), formed in 2019, has also agreed to provide financing for the purchase of 5.5 million sq. ft. of greenhouse space and 17 retail dispensary licenses.
According to a news release, Glass House will eventually own 6 million sq. ft. of cultivation capacity, the largest of any operator in California. It also plans to operate 21 dispensaries by the end of the first quarter of next year.
