Glass House Brands Closes $93M Acquisition Of Huge Southern California Greenhouse Facility

Vertically integrated company Glass House Brands Inc. (NEOGLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GHBWF) said Wednesday that its subsidiary has wrapped up the previously announced acquisition of a roughly 5.5 million square foot greenhouse facility in Southern California.

Deal Details

Under the terms of the agreement, the Long Beach, California-based company paid the sellers of the facility at closing $93 million in cash – reducing the price from $118 million – and issued to the option holder 6.5 million subordinate voting shares at $10 per share.

The shares are subject to a customary lock-up agreement restricting the sale of 50% of such shares for six months following the closing and the remaining 50% of such shares …

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