Santa Barbara-based cannabis company going public, says its creating 1,000 more local jobs
SANTA BARBARA, Calif. The Farmacy was the first cannabis store in Santa Barbara when it opened August 24, 2019. The parent company for The Farmacy is Glass House Group.
Last week, Glass House Group merged with the special acquisition company (SPAC) Mercer Park Brand Acquisition Corp. The deal will allow Glass House Group to be traded on the Canadian stock market, the NEO Exchange.
Companies often merge with SPACs in what’s referred to as a reverse acquisition. The SPAC acquires the company, then the company takes over the business. These deals happen to allow a company to forego initial public offerings and go public more easily.
Santa Barbara-based cannabis company going public, says its creating 1,000 more local jobs
SANTA BARBARA, Calif. The Farmacy was the first cannabis store in Santa Barbara when it opened August 24, 2019. The parent company for The Farmacy is Glass House Group.
Last week, Glass House Group merged with the special acquisition company (SPAC) Mercer Park Brand Acquisition Corp. The deal will allow Glass House Group to be traded on the Canadian stock market, the NEO Exchange.
Companies often merge with SPACs in what’s referred to as a reverse acquisition. The SPAC acquires the company, then the company takes over the business. These deals happen to allow a company to forego initial public offerings and go public more easily.
Special purpose acquisition company Glass House Group for $567 million.
The deal implies a $1.024-billion equity valuation and an approximate enterprise valuation of $691 million.
Curaleaf Holdings, Inc. (CSE:CURA) (OTCQX:CURLF) purchased European operator EMMAC Life Sciences. The U.S.-based company agreed to pay $50 million in cash and 17.5 million in stock worth roughly $260 million.
In addition, Curaleaf teamed up with an institutional investor to secure $130 million in financing for further expansion of Curaleaf International.
Meanwhile,
Canopy Growth Corporation (TSX:WEED) (NASDAQ:CGC) announced it will buy
The Supreme Cannabis Company, Inc. (TSX:FIRE) (OTCQX:SPRWF) for about CA$435 million ($345.7 million).
Top California pot grower Glass House to go public in blank-check deal Undated handout image of Glass House marijuana products. Glass House/Handout via Reuters By Shariq Khan
n > 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.
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.
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