Glass House, the parent company Cancel the agreement

Glass House Brands Inc. (NEO: GLAS.AU) has canceled its previously announced conditional agreement to accept a $50 million strategic investment of the parent company, whose official name is TPCO Holding Corp (OTC: GRAMF). Glass House said it was a mutual agreement and the strategic investment will not be completed at this time. Glass House said in its statement that it would consider future partnership opportunities with the parent company following the purchase and upgrade of the 5.5 meters square foot greenhouse growing facility located in Ventura County, California.

TPCO Holding Corp. confirmed that the private placement offering from Mercer Park Brand Acquisition Corp. has been terminated by the parties effective today. Mercer Park Brand Acquisition Corp. recently merged with Glass House.

“In addition to our award-winning homegrown cannabis offering, we remain well positioned with sufficient access to high-quality, low-cost indoor and outdoor grown cannabis for use in our portfolio of branded products which are sold through our wholesale and direct-to-consumer channels,” said Steve Allen, Chief Executive Officer of the Parent Company. “Glass House is building a strong cultural footprint in California, and we look forward to working with their team in the future on potential collaborations as we expand our reach across the state. Going forward, we will continue to strategically deploy our capital on high-growth investment opportunities that will solidify our leadership position and deliver strong value to our shareholders.

Glass House also said it did not expect the termination of the investment to affect the current plans to purchase and develop the Camarillo greenhouse facility, its acquisition of seventeen sales licenses retail or pre-transfer construction currently underway for four of these outlets. , or its current land use permit regarding recently obtained licenses in Vista Island and Santa Ynez, California.

Glass House said it plans to complete the purchase of the Camarillo Greenhouse facility this quarter and is currently negotiating with several banks and other lenders for property-secured financing, the majority of which is expected to be used for the renovation.

On Monday, July 5, Glass House is expected to begin trading on the NEO exchange in Canada as GH Group, Inc. or Glass House Brands. Glass House’s subordinate, restricted and limited voting shares and warrants have been approved for listing on the NEO Exchange under the symbols “GLAS.AU” and “GLAS.WT.U”.

In 2020, Glass House reported growing revenue 185% year-over-year to reach $53 million and generated positive adjusted EBITDA, driven by its expanded cultivation and distribution footprint, improved supply chain and production efficiencies, and improved consumer brand profile. Including the Southern California Greenhouse assets and proposed Element 7 retail licenses, the combined company expects to generate full-year 2022 revenue and Adjusted EBITDA of approximately $326 million and $104 millionrespectively.

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