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.
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With Daniel Lippman
PECK MADIGAN JONES REBRANDS: Peck Madigan Jones, one of the top lobbying firms on K Street, announced today that it will drop the name and rebrand as
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).
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