Cannabis and Hemp Branded Products Company Plus Products Inc. (CSE:PLUS) (OTCQX:PLPRF) is seeking a sanction order to complete its previously announced transaction with Glass House Brands (NEO: GLAS.AU) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF).
On Thursday, the Californian company announced that it has filed an application with the British Columbia Supreme Court’s Creditors Arrangement Act for an order sanctioning its Amended Plan of Compromise, Arrangement and Reorganization dated January 17, 2022.
The order also extends the stay of proceedings under the CCAA until the date that PricewaterhouseCoopers Inc., in its capacity as court-appointed monitor of the company, is discharged by another court order.
The company’s penalty order request is to be heard by the Court on January 21, 2022.
Pursuant to the penalty order, upon implementation of the plan and after distributions have been made to the company’s noteholders as set forth in the plan, PlusProducts will distribute common stock of the Glass House brands to its security holders through Odyssey Trust Company.
The details of the offer
Glass House Brands revealed last month that its intention to acquire the California cannabis edibles company for approximately $25.6 million through a combination of unsecured convertible debt and equity, plus additional performance-based consideration.
The transaction should close in the first three months of 2021.
What this means for Glass House brands
Glass House Brands recently said the deal would create California’s largest cannabis brand building platform.
Additionally, the combined entity would be the only company to place in the top five in the flower and edibles categories in California.
“PLUS’ diverse and well-known line of edibles, including dual-action sleep and strain-specific products, are the perfect addition to our portfolio,” said Kyle Kazan, co-founder, president and CEO of Glass House Group, adding that “edibles are a key part of Glass House’s growth strategy.”
Glass House’s vertically integrated platform will expand the distribution of PLUS to the more than 700 stores in its network, in addition to its exclusive outlets.
- Cannabis Movers & Shakers: Plus Products, Arcview Capital, Greenspoon Marder, KetamineOne, Open Book Extracts, Cannabics Pharmaceuticals, Sundial, Flora Growth
- Cannabis Movers & Shakers: Plus Products, THC Farmaceuticals, Kanabo Group, Surna, Albert Labs
GLSF Price Action
House brands of glass shares traded up 1.12% at $4.5 per share at the time of Friday’s writing.
Photo: Courtesy of Chris Liverani on Unsplash