Special purpose acquisition company
Mercer Park Brand Acquisition Corp. (NEO:BRND.A.U) (OTCQX:MRCQF) announced Thursday afternoon it will acquire vertically integrated California cannabis operator Glass House Group for $567 million.
The deal implies a $1.024-billion equity valuation and an approximate enterprise valuation of $691 million. Following the transaction, Glass House Group will be listed on the NEO Exchange under the “GLAS.U” ticker, becoming the largest California cannabis company to date.
The transaction expected to close in first half of 2021.
“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 pr
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(Reuters) - Glass House Group, California’s largest pot producer, said on Thursday it would go public by merging with a blank-check firm backed by industry veteran Jonathan Sandelman, in a deal worth more than $1 billion.
Undated handout image of Glass House marijuana products. Glass House/Handout via REUTERS
The company’s merger with Sandelman’s Mercer Park Brand Acquisition Corp makes it the latest pot producer to list on Canada’s NEO exchange, a favorite destination for companies looking to raise funds for meeting untapped demand for marijuana from potential U.S. federal legalization.
Under the deal, Glass House would acquire licenses of pot retailer Element 7 in California and buy a 5.5 million-square- foot greenhouse that would be converted to grow cannabis, helping it cement its position as the state’s biggest producer and retailer.
Top California pot grower Glass House to go public in blank-check deal reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
SoCal Hemp Renews Partnership with Victor Valley College to Support Hemp Research at Cadiz Ranch
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LOS ANGELES, April 6, 2021 /PRNewswire/ Today, SoCal Hemp JV LLC ( SoCal Hemp ) is pleased to announce that it has renewed its local partnership with Victorville, California s Victor Valley College ( VVC ) to support student research into desert hemp farming, hemp product marketing and development. SoCal Hemp is a joint venture partnership between Cadiz Inc. (NASDAQ: CDZI), the largest agricultural operation in San Bernardino County, and Glass House Farms, one of California s most successful legal cannabis growers, dedicated to growing hemp in California s Mojave Desert and developing and marketing hemp-derived products nationwide.
How 3 People Made a Career Change After 50 aarp.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aarp.org Daily Mail and Mail on Sunday newspapers.