Carpinteria-based cannabis company Glass House Farms is going public by merging with Toronto-based Mercer Park Brand Acquisition Corp. to create the state’s largest cannabis branding platform.
“I’m really excited for the next chapter,” said Graham Farrar, co-founder and president of Glass House Group. “I think it’s validation that what we’ve built is important and exciting. And I think that’s validation that cannabis is becoming more mainstream. I look forward to having more resources to fund Glass House‘s mission to bring the good of cannabis to the good of people, and now we’ll be able to do that for even more people.
Mercer Park Brand acquired Glass House Farms for $567 million.
Farrar said consumers shouldn’t worry because they won’t be affected by the move. Farrar and his co-founder Kyle Kazan are expected to continue as president and CEO, and their products aren’t going anywhere.
“I was asked by a neighbor in Carpinteria if he would now talk to a guy in Canada who doesn’t care about him when ordering cannabis products and the answer was no, you always talk to me,” said said Farrar. . “I’m running the show no different than yesterday. We happen to be now a publicly traded stock on the Canadian stock exchange. »
But other parts of his business will change. With this new acquisition, Glass House intends to expand its business. It currently operates over 500,000 square feet of greenhouse space. The company’s long-term goal of six million square feet should be the largest cultivation capacity in California. Farrar, however, said the expansion would not be in the Santa Barbara area.
The Glass House Farms website is here.
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