Mercer Park Brand Acquisition Corp. (NEO: BRND.A.U; OTCQX: MRCQF; “BRND” or the “Company”), a Special Purpose Acquisition Company (SPAC) which has entered into a definitive agreement to merge (the “Glass House Group Transaction”) with GH Group, Inc. (“GH Group”), California’s leading fully-integrated cannabis business, is updating the status of its proposed merger with GH Group.
On June 2, 2021, the holders of the Company’s class A restricted voting shares and class B shares (collectively, the “Shareholders”) approved the Glass House Group Transaction. In addition, the Shareholders approved the resulting company’s proposed equity incentive plan and the election of Kyle Kazan, Graham Farrar, Jamie Mendola, Jocelyn Rosenwald, Lameck Humble Lukanga, George Raveling, Bob Hoban and Hector De Le Torre as directors, subject to and conditional upon the closing of the Glass House Group Transaction.
As previously announced, the Company and GH Group announced a business combination to create the largest cannabis brand-building platform in California, the world’s largest cannabis market.
GH Group will support its existing and future portfolio of brands with unmatched capacity and distribution in the state. The combined company has planned expansions to reach 6 million ft2 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.
Holders of the Company’s class A restricted voting shares had until 5:00 p.m. (Toronto time) on June 2, 2021 to deposit their class A restricted voting shares for redemption and may withdraw their tender prior to June 7, 2021 at 5:00 p.m. (Toronto time). The Company expects to announce the number of class A restricted voting shares that have been validly deposited for redemption and not withdrawn on June 8, 2021.
The Company encourages shareholders to remain fully invested through the closing of the Glass House Group Transaction.