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Mercer Park Model Acquisition Corp. (OTCQX: MRCQF), a Particular Function Acquisition Firm (SPAC), simply introduced its settlement to amass Glass Home Group, a vertically built-in California operator, for $567M USD.
The deal has a $1.024B fairness valuation and a $691M approximate enterprise valuation, and with plans for a whopping 6M sqft greenhouse and 21 retail shops this 12 months, making this the most important California cannabis firm up to now. Glass Home Group can be listed on the NEO Change (NEO:GLAS.U)
“After we fashioned Mercer Park BRND, we aimed to create a platform that would launch the primary nationwide cannabis manufacturers in the USA,” stated BRND Chairman Jonathan Sandelman. “We view profitable cannabis brand-building as a mixture of 4 components: the power to manage high quality biomass at a big scale; produce on the best prices; supply the very best high quality merchandise; and ship the very best worth proposition to customers. This took us to California with its preferrred rising local weather and group of gifted and skilled growers, and in the end to Glass Home Group and this unbelievable portfolio of property and expertise. Glass Home has a observe file of excellence throughout all 4 of those drivers and has established a high ranked flower model in one of the crucial aggressive cannabis markets on this planet. Mixed with the proposed mixture with the Southern California Greenhouse asset and 17 proposed Ingredient 7 retail licenses, Glass Home Group is poised to grow to be the biggest, vertically built-in brand-building platform in California, the world’s largest cannabis market.”
Glass Home consists of the next:
- Cultivation: Glass Home at the moment operates a cultivation footprint of over 500,000 ft2, producing over 110,000 lbs. of dry flower biomass per 12 months. Glass Home additionally has an settlement to amass a further 5.5 million ft2 state-of-the-art Southern California Greenhouse, an agricultural producer that can transition in phases to cannabis cultivation. This extra capability is predicted to extend Glass Home’s present footprint to as much as roughly 2.5 million ft2 by 2023. The Firm’s whole, focused long-term footprint of 6 million ft2 is predicted to be by far the biggest cultivation capability in California.
- Retail: Throughout the 4 award-winning dispensaries it at the moment operates in California, Glass Home generated 365,000 transactions, a median in-store ticket of US$65 and a median supply ticket of US$101 in 2020. Along with its present footprint, Glass Home has entered into an settlement to merge with 17 in-process retail licenses from Ingredient 7, a California firm specializing in acquiring meting out licenses. These licenses are anticipated to convey the Firm’s retail footprint to a complete of 21 open areas by the top of the primary quarter 2022, representing the very best statewide retailer rely of any single California cannabis operator.
- Wholesale: Since starting its CPG enterprise in early 2020, Glass Home added 250 retail doorways to its CPG distribution, attaining a US$50 million annualized income run charge for its wholesale enterprise at year-end. Over the long run, the Firm goals to construct its wholesale community to over 700 dispensaries statewide.
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