GH Group and Mercer Park Complete De-SPAC, Creating Largest Cannabis Brand-Building Platform in California

Mercer Park Brand Acquisition

GH Group, a vertically integrated cannabis and hemp company said it completed its merger with Mercer Park Brand Acquisition.

Glass House Brands will focus on branded product businesses in cannabis and/or cannabis-adjacent industries. The subordinate, restricted and limited voting shares and warrants of Glass House are approved for listing on the NEO Exchange under GLAS.A.U and GLAS.WT.U, respectively. Trading begins July 5.

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 to support the acquisition.

Announced in April, the purchase price on the deal was $567 million. The SPAC raised $402.5 million in an IPO two years ago. Read more.

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