Why is Glass House going public?
As a public company, Glass House Brands Inc. has the unparalleled capability to expand its cultivation footprint and retail presence, as well as execute its brand growth strategy. Glass House Brands’ recent acquisition of a 5.5 million square foot greenhouse property will give the brand the largest sustainable supply chain footprint on the globe, and its dispensary expansion will grow the company’s retail presence to the largest number of stores in California. With increased capital, these developments position the Company to continue its rapid scale-up, growing “green” cannabis in a whole new way.
Is the company still called Glass House Group?
Not quite! As a part of the closing of the public transaction, the organization formerly known as Glass House Group is now officially named Glass House Brands Inc. Nevertheless, the company will continue to operate as it always has and its owned brands and leadership team remain unchanged.
What is Mercer Park?
Mercer Park is a privately held family business with extensive experience sourcing and executing private investments. In finance terms, Mercer Park is a SPAC. The company focuses on both private and public equity opportunities as well as private credit investment opportunities through both public and private vehicles.
What is a special purpose acquisition corporation, or “SPAC?”
A SPAC is a Special Purpose Acquisition Corporation, formed for the purpose of combining with a high-growth private company. SPACs are typically formed by sponsors who believe that their experience and expertise will allow them to identify and complete a transaction that will ultimately be a successful public company. In short, it is a simple, effective, and efficient way for a company to begin trading publicly and access capital from the public markets.
Why is Mercer Park a good partner for Glass House?
Mercer Park and Glass House are a good fit for several reasons. The Mercer Park team is aligned with Glass House in its mission, culture, and values, especially a shared vision for the future of California cannabis. Mercer Park’s team’s vast expertise in cannabis combinations make them a valuable partner to support Glass House Group’s move onto the public markets. Mercer Park sponsored the first cannabis SPAC in 2017; now known as Ayr Wellness, one of the most successful SPACs to date with returns to initial investors of over 600%.
Who is leading Glass House Brands Inc. going forward?
Kyle Kazan continues to serve as Glass House Brands Inc. Chairman & CEO while Graham Farrar continues to serve as the President and Chief Cannabis Officer. Information about the full team and board can be found here.
Why is the company’s stock listed in Canada?
We are a publicly traded company on the Canadian NEO (NEO) Exchange through our combination with Mercer Park. We are listed on NEO for several reasons, one of which is that cannabis is not legal at the federal level in the United States. The NEO Exchange is simply where public shares of Glass House Brands Inc. are traded; after July 5, 2021 the symbols will be GLAS.A.U for common shares and GLAS.WT.U for warrants of the company.
What does the company have planned for CSR initiatives?
Since the beginning, Glass House Brands Inc. has remained deeply committed to our corporate social responsibility efforts to ensure we are positive, contributing members of our local community and the cannabis industry at large.
From a social justice perspective, we continue to partner directly with the families of individuals who have been affected by the war on drugs with the goal of achieving clemency and full social reintegration. We continue to advocate for the release of all cannabis prisoners and are committed to employing and supporting those released in every way we can, including providing employment when feasible.
With the increased resources afforded by the business combination, we are also devoted to prioritizing retail shelf space for minority-owned brands, seeking out additional partnerships with minority-owned businesses, increasing our supply chain diversity, and expanding the scope of all the efforts mentioned above. As we develop as a business, we’re especially excited by the opportunity to substantially increase our positive impact on the world.