Mercer Park Brand Acquisition set a target date of June 29 to close its merger with cannabis company Glass House Group.
The SPAC and GH Group have agreed that the closing conditions of the transaction have been met. With the business combination the SPAC and GH Group intend to create the largest cannabis brand-building platform in California, which is the world’s largest cannabis market.
The combined company has planned expansions to reach 6 million square-feet of cultivation in state-of-the-art greenhouses, representing by far the largest capacity of any cannabis operator in California and an anticipated retail footprint of 21 operational dispensaries by Q1 2022, more than double the next largest retail operator in the state.
Mercer Park faced heavy redemptions ahead of a shareholder vote in May to extend the merger deadline, later announcing it had secured $50 million through an additional PIPE.
Announced in April, the purchase price on the deal is $567 million. The SPAC raised $402.5 million in an IPO two years ago. Read more.
