Mercer Park Brand Acquisition Corp.’s Business Combination with Glass House

Cassels acted as Canadian counsel for Glass House in the transaction while Goodwin Procter LLP advised Mercer Park Brand Acquisition Corp.

On April 8, 2021, Mercer Park Brand Acquisition Corp., a special purpose acquisition company (SPAC), entered into a definitive agreement to acquire Glass House and all related assets for total consideration of approximately US$567 million.

Combined with the proposed combination with the Southern California Greenhouse asset that Glass House has an agreement to acquire and 17 proposed Element 7 retail licences that Glass House has an agreement to merge with, Glass House is poised to become the largest, vertically integrated brand-building platform in California, the world’s largest cannabis market.

The full consideration amount of US$567 million includes US$325 million for Glass House, US$219 million for Southern California Greenhouse and US$24 million for the Element 7 retail licences.

The transaction is expected to close in the first half of 2021.

The Cassels team comprised of Andrea FitzGerald (Picture, Securities, M&A and Cannabis) and including Corinne Grigoriu (Tax).

The Goodwin team was led by Jennifer Fisher and included Nick Costanza, Barzin Pakandam, and Dan Mello.

Involved fees earner: Andrea Fitzgerald – Cassels Brock & Blackwell LLP; Corinne Grigoriu – Cassels Brock & Blackwell LLP; Nicholas Costanza – Goodwin Procter; Jennifer Fisher – Goodwin Procter; Daniel Mello – Goodwin Procter; Barzin Pakandam – Goodwin Procter;

Law Firms: Cassels Brock & Blackwell LLP; Goodwin Procter;

Clients: Glass House Group; Mercer Park Brand Acquisition Corp.;

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Martina Bellini

Author: Martina Bellini