If you’ve been sitting on the sidelines wondering if this cannabis thing is for real, a blockbuster deal is happening right now worthy of your attention. Glass House Group is set to be acquired by a special acquisition company (SPAC) in a blockbuster $567 million deal. The goal is to create California’s largest marijuana business. The owner of Glass House Group is Toronto-based Mercer Park Brand Acquisition Corp. This SPAC referenced was founded in 2019 with the ultimate goal of establishing a national marijuana brand.
Before the end of the first quarter of 2022 Glass House is expected to add an additional 17 retail locations by merging with Element 7 and plans to add to its cultivation footprint by another 5.5 million square feet through the acquisition of Southern California Greenhouse. Jonathan Sandelman from Mercer Park said that as a result of this deal, “Glass House Group is poised to become the largest, vertically integrated brand-building platform in California.” Sandelman also is CEO of Ayr Wellness, a multistate marijuana operator with offices in New York and Toronto.
This acquisition, among others, is just the latest example of the power of SPACs and shows how they are expected to impact the cannabis industry. SPAC’s have emerged and have become drivers of mergers and acquisition deals in many different sectors. Glass House already manages more than 500,000 square feet of cannabis cultivation and controls four retail shops. The company plans to expand its wholesale cannabis business and is aiming to have products in roughly 700 California cannabis stores.
One of the critical factors being largely ignored is where these new found mega-companies will find the skilled manpower to build and convert the cultivation facilities to feed a rapidly growing market. Many builders with the expertise to do this specialized work successfully are already scheduling into 2023. They know where they’ll go to work for the next two years, the money is great and when they talk people listen. Want in? Let’s talk.
Cannabis Grow Builders has been involved in the emerging legal Cannabis Industry as a builder and developer of grow facilities since 2016. Daniel Stevenson and his team work with Cannabis Entrepreneurs and Solopreneurs to maximize the potential in their business while remaining on the cutting edge of constantly changing governmental regulations. Please reach out to us at 916-933-7333, via e-mail at firstname.lastname@example.org