Mercer Park Brand Acquisition Corp. BRND MRCQF has posted an update regarding its upcoming acquisition of vertically integrated California cannabis operator Glass House Group.
The Toronto-based special purpose acquisition company revealed its plans last month to purchase Glass House for $567 million, which will then be listed on the NEO Exchange under the "GLAS.U" ticker. The merger, scheduled to close in the first half of 2021, is expected to result in the largest California cannabis company to date.
Mercer Park said Friday that the number of multiple voting shares in relation to the previously announced transaction would remain unchanged. However, they are to be re-allocated, increasing the proposed holdings of GH Group CEO Kyle D. Kazan from 1,704,586 to 2,025,244 multiple voting shares.
Following the merger until the expiry of the three-year sunset period, Glass House Group founders – or holders of multiple voting shares – will be entitled to roughly 82% of the voting power of the outstanding voting shares of the company, with Kazan holding approximately 35% of the voting power.
TPCO Holding Corp. GRAMF, which does business as "The Parent Company" recently disclosed its $50 million investment in Glass House which will result in the acquisition of roughly 6.2% of subordinate voting shares of Mercer Park Brand.
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