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Mercer Park Brand Acquisition Corp. (OTCQX: MRCQF), a Special Purpose Acquisition Company (SPAC), just announced its agreement to acquire Glass House Group, a vertically integrated California operator, for $567M USD.
The deal has a $1.024B equity valuation and a $691M approximate enterprise valuation, and with plans for a whopping 6M sqft greenhouse and 21 retail stores this year, making this the biggest California cannabis company to date. Glass House Group will be listed on the NEO Exchange (NEO:GLAS.U)
“When we formed Mercer Park BRND, we aimed to create a platform that could launch the first national cannabis brands in the United States,” said BRND Chairman Jonathan Sandelman. “We view successful cannabis brand-building as a combination of four factors: the ability to control quality biomass at a large scale; produce at the most competitive costs; offer the highest quality products; and deliver the best value proposition to consumers. This took us to California with its ideal growing climate and community of talented and experienced growers, and ultimately to Glass House Group and this incredible portfolio of assets and talent. Glass House has a track record of excellence across all four of these drivers and has established a top ranked flower brand in one of the most competitive cannabis markets in the world. Combined with the proposed combination with the Southern California Greenhouse asset and 17 proposed Element 7 retail licenses, Glass House Group is poised to become the largest, vertically integrated brand-building platform in California, the world’s largest cannabis market.”
Glass House consists of the following:
Mercer Park Acquires Glass House For $567 Million on Green Market Report.