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, announced today that it expects that immediately prior to the closing of the Glass House Group Transaction it will have cash in the aggregate amount of approximately US$195 million before expenses and transaction fees, which includes the previously announced private placement transactions totaling $135 million expected to close concurrently with the Glass House Group Transaction. A total of 11,786,249 additional class A restricted voting shares were deposited for redemption by the June 2, 2021 and not validly withdrawn prior to the June 7, 2021 deadlines.
“We are poised to close on a transaction that will position Glass House Group to become the largest, vertically integrated brand-building platform in California, the world’s largest cannabis market,” said BRND Chairman Jonathan Sandelman.
As previously announced, 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.
Upon closing, Glass House Group expects to begin trading on the NEO Exchange under the ticker symbol “GLAS.A.U,” subject to final approval from the NEO.