The Parent Company Provides Update on Potential Mercer Park Acquisition Corp. Private Placement
SAN JOSE, Calif., July 2, 2021 /CNW/ – TPCO Holding Corp. (“The Parent Company” or the “Company”) (NEO: GRAM.U) (OTCQX: GRAMF), today announced that its previously announced conditional agreement to complete a $50 million strategic investment (the “Strategic Investment”) in GH Group, Inc. (“Glass House”), through a private placement offering by Mercer Park Brand Acquisition Corp., has been terminated by the parties effective today and the Strategic Investment will not be completed at this time. Mercer Park Brand Acquisition Corp., a special purpose acquisition company, recently merged with Glass House. The Parent Company will consider future partnership opportunities as Glass House purchases and completes the retrofit of its greenhouse cultivation facility in southern California.
In addition to our supply of award-winning, in-house cannabis, we remain well-positioned with sufficient access to both high-quality, low-cost indoor and outdoor-grown cannabis for use in our portfolio of branded products that are sold through our wholesale and direct-to-consumer channels.
Steve Allan, Chief Executive Officer of The Parent Company
Glass House is building a robust cultivation footprint in California, and we look forward to working with their team in the future on potential collaborations as we broaden our reach across the State. Looking ahead, we will continue to strategically deploy our capital on high-growth investment opportunities that will solidify our leadership position and offer strong value for our shareholders.
About The Parent Company:
The Parent Company (TPCO Holding Corp.) (NEO: GRAM.U) (OTCQX: GRAMF) is California’s leading vertically integrated cannabis company combining best-in-class operations with leading voices in popular culture and social impact. The Parent Company brings together global icon and entrepreneur Shawn “JAY-Z” Carter, entertainment powerhouse ROC NATION, California’s leading direct-to-consumer platform CALIVA, and leading cannabis manufacturer, LEFT COAST VENTURES, to form a cannabis industry leader for the post-prohibition era. Chief Visionary Officer Shawn “JAY-Z” Carter, one of the most recognized and celebrated entrepreneurs of our time, guides The Parent Company’s brand strategy in partnership with ROC NATION, the world’s preeminent entertainment company with a roster of culture-making artists, athletes, and influencers. The brands we build together will pave a new path forward for a legacy rooted in equity, access, and justice.