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The Parent Company Plans to Invest $50 Million in Glass House Group

The strategic move follows Glass House Group’s announcement of a business combination with Mercer Park Brand Acquisition Corp.


The Parent Company will place a $50-million investment in southern California’s Glass House Group, which will open discussions to longer-term strategic market agreements. With Glass House Group’s 500,000-plus square feet of greenhouse space and its rapidly expanding retail footprint, future agreements could include greater visibility in the California adult-use cannabis market for The Parent Company’s suite of branded products (including Jay-Z’s MONOGRAM line).

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The investment comes at the same time that Glass House Group is executing a business combination with Mercer Park Brand Acquisition Corp., a SPAC that will take Glass House Group public. That transaction is expected to close this summer, upon which The Parent Company’s investment will translate into 6.2% of subordinate voting shares in the combined business.

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All told, several major players in the California cannabis landscape are converging. The Parent Company launched in late 2020 as the result of its own SPAC transaction. 

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“Our focus over the last 100 days has been to continue to scale up our supply chain,” The Parent Company CEO Steve Allan said in a public statement this month. “Our strategic investment accomplishes two important components, gaining access to Glass House’s greenhouse-grown cannabis at attractive pricing and expanding the distribution of our products to their network of retail stores. Our strategy for vertical integration in California required locking in long-term, low-cost cultivation to meet our demand for branded products in our wholesale and direct-to-consumer channels.”

The Parent Company also announced the acquisition of four acres of outdoor cannabis cultivation land affiliated with Soma Rosa Farms.

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