Glass House Group, (“Glass House” or the “Company”), one of the fastest-growing, privately-held, vertically integrated cannabis and hemp companies in the U.S., has been awarded two additional retail licenses by Santa Barbara County to open adult-use dispensaries in Santa Ynez and Isla Vista. With the additional dispensary licenses, Glass House will expand its retail footprint to six throughout California, adding to its existing operating locations in the City of Santa Barbara, Berkeley, Santa Ana, and Los Angeles. The Santa Ynez and Isla Vista locations are expected to open in the Q1 2022.
With a population of more than 500,000 in Santa Barbara County, the new retail dispensary locations are strategically positioned along the U.S. 101 Pacific Coast Highway to service local residents and support the region’s robust, year-round tourism industry. Each of the planned dispensaries are located in regions which are only approved for a single license. Home to the University of Santa Barbara, the coastal town of Isla Vista is one of the most densely populated areas in California and Glass House’s new Farmacy Isla Vista dispensary will be easily accessible by either bike or foot from campus. With world-class wineries and serene country roads, Santa Ynez is a popular travel destination for a wide variety of tourists seeking boutique hotels and artisan restaurants.
“We are thrilled to expand our Santa Barbara retail portfolio with the addition of two, coveted retail dispensaries in highly sought-after locations,” said Graham Farrar, Co-Founder and President of Glass House Group. “With these additional locations, we have an opportunity to continue to establish Santa Barbara as an exceptional cannabis destination, supported by our strong retail footprint and the success of The Farmacy brand and the trust we have built within the local community. We have developed a reputation as a high-quality cultivator and retailer in the region and look forward to bringing the Farmacy to the communities of Isla Vista and Santa Ynez.”
Mr. Farrar added, “These additional locations are a testament to our history of quality operations and our team’s ability to navigate complex and competitive regulatory environments as we execute ahead of our expansion plan and continue to secure new opportunities across the state.”
With increasing demand for Glass House products and services, the additional retail licenses will expand the Company’s reach to a broader pool of potential consumers. Last month, Glass House reported record-breaking 4/20 sales across its retail locations. Both Farmacy Berkeley and The Pottery Los Angeles experienced 129% and 46% year-over-year sales growth, respectively. Farmacy Santa Ana also saw its second largest sales day since opening last year. On 4/20/21, all four Glass House Group retail locations experienced a combined 20% increase in net sales compared to last year. There is nothing better than being able to open the first and only stores in these communities and serve them through our focus on being best in class retailers,” said Kyle Kazan, Co-Founder and Chief Executive Officer of Glass House Group. “From an investor standpoint, these investments are valuable as they move the needle nicely especially since we don’t anticipate these in our projections.”
As previously announced, Glass House has entered into a definitive agreement to be acquired by Mercer Park Brand Acquisition Corp. (NEO: BRND.A.U;OTCQX: MRCQF), a Special Purpose Acquisition Company (SPAC) with the intent to focus on branded product businesses in cannabis and/or cannabis-adjacent industries. Subject to the satisfaction of all required conditions, the transaction is expected to close in the first half of 2021 and at such time the resulting company’s shares will be listed on the NEO Exchange (under the ticker symbol GLAS.U).
