Why is Glass House Group going public?
As a public company, Glass House Group will have the unparalleled capability to expand its cultivation footprint and retail presence, as well as execute its brand growth strategy. Glass House Group’s recent acquisition of a 5.5 million square foot greenhouse property will give the brand the largest sustainable supply chain footprint on the globe, positioning the Company to continue its rapid scale-up, growing “green” cannabis in a whole new way.
Who is Mercer Park?
Mercer Park is a privately held family business with extensive experience sourcing and executing private investments. Mercer Park 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?
Mercer Park and Glass House Group are a good fit for several reasons. The Mercer Park team is aligned with Glass House Group in its mission, culture, and values, especially a shared vision for the future of California cannabis. Mercer Park’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 will lead Glass House Group going forward?
Kyle Kazan will continue to serve as Glass House Group’s Chairman & CEO while Graham Farrar will continue to serve as the President and Chief Cannabis Officer. The rest of Glass House Group’s executive leadership team will remain intact.
Will Glass House Group retain its name?
Yes. Glass House Group will continue to operate as it always has after the deal closes and the company is public. Glass House Group will retain its name, branding, owned brands, and leadership team.
Why is the company listing in Canada?
We intend to become a publicly traded company on the Canadian NEO (NEO) exchange through a combination with Mercer Park. We are being 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 will simply be where public shares of the Company will be traded following the close of the transaction.
When will the transaction be finalized?
We expect the transaction to close in the summer of 2021, at which point Glass House Group will be publicly listed on the Canadian NEO exchange under the ticker (NEO: GLAS).
What does the company have planned for CSR initiatives?
Since the beginning, Glass House Group 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 efforts outlined above. As we develop as a business, we’re excited by the opportunity to substantially increase our positive impact on the world.