Glass House Farms, a Carpinteria-based cannabis company, is going public by merging with Toronto-based Mercer Park Brand Acquisition Corp. to create the state’s biggest cannabis brand-building platform.
“I’m really excited for the next chapter,” said Graham Farrar, cofounder and president of Glass House Group. “I think it’s validation that what we built is important and exciting. And I think it’s validation that cannabis is becoming more mainstream. I look forward to having more resources to fund the mission of Glass House, which is to bring the good of cannabis to the good of the people, and now we’re going to be able to do that for even more people.”
Mercer Park Brand acquired Glass House Farms for $567 million.
Farrar said that consumers shouldn’t worry because they won’t be affected by the move. Farrar and his cofounder Kyle Kazan are expected to continue to serve as president and CEO, and their products aren’t going anywhere.
“I was asked by a neighbor in Carpinteria if now he’ll be talking to some guy in Canada who doesn’t care about him when ordering cannabis products and the answer was, no, you’re still talking to me,” Farrar said. “I run the show no different than yesterday. We just now happen to be a publicly traded stock on the Canadian exchange.”
But other parts of its business will change. With the new acquisition, Glass House does intend to expand its operations. It currently operates more than 500,000 square feet of greenhouse space. The company’s long-term goal of six million square feet is expected to be the largest cultivation capacity in California. Farrar said the expansion would not be in the Santa Barbara area, however.
Glass House Farms website is here.