TORONTO--(BUSINESS WIRE)--NEO is excited to welcome California-based Glass House Brands Inc. (“Glass House”), following its public markets debut yesterday on the NEO Exchange, with a market capitalization in excess of US$275,000,000. Glass House is available for trading under the symbol GLAS.A.U.
A fully integrated cannabis brand-building business, Glass House is the qualifying transaction of Mercer Park Brand Acquisition Corp. (“Mercer Park”), a Special Purpose Acquisition Company (“SPAC”) focused on the cannabis sector. Backed by finance and banking industry veteran Jonathan Sandelman, Mercer Park completed its initial public offering and began trading on the NEO Exchange on May 13, 2019.
“When we formed Mercer Park Brand Acquisition Corp, we aimed to create a platform that could launch the first national cannabis brands in the United States,” said Mercer Park Chairman Jonathan Sandelman. “This took us to California, with its ideal growing climate and community of talented and experienced growers, where we ultimately chose to partner with Glass House Group and this incredible portfolio of assets and talent. It also took us to the NEO Exchange as the ideal platform to fund our vision. NEO’s flexibility, support, and experience with SPACs has played an important role in financing the emerging cannabis sector.”
With a strong retail and wholesale network in California – the world’s largest cannabis market - Glass House strives to deliver outstanding craft cannabis products, produced sustainably, for the benefit of all. “Today marks a significant turning point for our business,” said Kyle Kazan, Glass House Chairman and CEO. “With one of the most enviable retail and cultivation footprints in California, we are well positioned to execute on the significant opportunities ahead while delivering strong value for our shareholders.”
“The Glass House listing is yet another testament to the power of SPACs as a springboard for lighthouse M&A deals,” remarked Jos Schmitt, President and CEO of NEO. “With the right stock exchange to support the launch, a qualifying transaction is well-positioned to hit the ground running. As the Canadian exchange of choice for SPACs and a long-time advocate for the cannabis industry, NEO is honoured to play an integral role in the capital markets journey for Glass House. We look forward to providing all the benefits of a Tier 1 exchange, including access to institutional investors, increased quality of trading, and our white glove service and support.”
Yesterday’s launch marks the second qualifying transaction by NEO-listed SPACs in 2021, following on the heels of The Parent Company, which resulted from a successful qualifying transaction by Subversive Capital Acquisition Corp., in January. Three additional cannabis SPACs have also listed on the NEO Exchange this year, including Silver Spike III Acquisition Corp., BGP Acquisition Corp., and Choice Consolidation Corp.
Investors can trade shares of Glass House Group (NEO:GLAS.A.U) through their usual investment channels, including discount brokerage platforms and full-service dealers.
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The NEO Exchange is Canada’s Tier 1 stock exchange for the innovation economy, bringing together investors and capital raisers within a fair, liquid, efficient, and service-oriented environment. Fully operational since June 2015, NEO puts investors first and provides access to trading across all Canadian-listed securities on a level playing field. NEO lists companies and investment products seeking an internationally recognized stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.
About Glass House Brands Inc.
Glass House Brands Inc. is one of the fastest-growing, vertically integrated cannabis and hemp companies in the U.S., with a decisive focus on the California market and building leading, lasting brands to serve consumers across all segments. From its greenhouse cultivation operations to its manufacturing practices, from brand-building to retailing, the company's efforts are rooted in the respect for people, the environment, and the community that co-founders Kyle Kazan and Graham Farrar instilled at the outset. Through its portfolio of brands, which includes Glass House Farms, Forbidden Flowers, and Mama Sue Wellness, Glass House is committed to realizing its vision of excellence: outstanding cannabis products, produced sustainably, for the benefit of all.