Glass House Brands acquired the remaining equity ownership interest of The Pottery, a Los Angeles dispensary.
Glass House previously owned 50% of the business, which is located on Venice Boulevard in Los Angeles, and has now acquired the remaining 50% of the dispensary. Under terms of the agreement, Glass House acquired all equity interests of The Pottery and N.R.O. management, The Pottery’s management company, in exchange for 500,000 equity shares of Glass House at a fixed price of $6 per share, according to a company release.
In addition, Glass House also acquired The Pottery’s three active state cannabis licenses in retail, distribution, and cultivation, as well as six city-level adult-use and medical cannabis retailer, distributor and cultivation licenses.
Glass House’s full acquisition of The Pottery expands the company’s retail footprint to four dispensaries in California.
“Over the past year, The Pottery has been cited by several publication, such as LA Weekly, Thrillist, the LA Times, and Angeleno as being one of the best high-end dispensaries in Southern California. We are excited to have acquired the remaining ownership stake,” said Kyle Kazan, chairman and CEO at Glass House Brands. “Designed with a unique urban aesthetic reflective of its convenient, centrally located location, The Pottery provides consumers with elevated and interactive retail experiences. It also has a fully functioning indoor cultivation facility. We are thrilled to acquire the remaining ownership stake in this location, our fourth wholly-owned dispensary in the state, and look forward to consolidating its performance in our financial results.”