Venable represented Glass House Group, California's largest cannabis producer, and its affiliates in a merger with Mercer Park Brand Acquisition Corp. in a deal worth more than $1 billion.
The merger makes Glass House the latest cannabis producer to list on Canada's NEO exchange. Pursuant to the terms of the merger, Glass House also will acquire 17 dispensary licenses for cannabis retailer Element 7 in California and purchase a 5.5 million-square-foot greenhouse facility owned by Equilibrium Capital Group in Camarillo, California. The facility will be converted to grow cannabis, helping cement Glass House's position as the state's largest cannabis producer and retailer and the second-largest cannabis producer in the United States. The merger is expected to close later this quarter.
The Venable team was led by Matthew Portnoff, Dan Straga, and Friedemann Thomma.
The merger was covered in numerous publications, including this Reuters article.
© 2021 Venable LLP. Using, distributing, possessing, and/or selling marijuana is illegal under existing federal law. Compliance with state law does not guarantee or constitute compliance with federal law. This informational overview is not intended to provide any legal advice or any guidance or assistance in violating federal law.