US (CA): Glass House and Parent Company terminate $50 M investment agreement

Glass House Brands' conditional agreement to accept a $50 million strategic investment from TPCO Holding has been terminated by mutual agreement of the parties effective today and the Strategic Investment will not be completed at this time. "Glass House will consider future partnership opportunities with The Parent Company after the purchase and retrofit of the 5.5 m square foot greenhouse cultivation facility located in Ventura County, California," the Glass House team explains. 

Glass House does not expect the termination of the Strategic Investment to affect current purchase and development plans for the Camarillo Greenhouse Facility, its acquisition of seventeen retail licenses, or the pre-transfer construction currently occurring with respect to four of those retail locations, or its ongoing land use permitting with respect to recently won licenses in Isla Vista and Santa Ynez, California.

Glass House expects to complete the purchase of the Camarillo Greenhouse facility this quarter and is currently negotiating with several banks and other lenders for property secured financing, the majority of which is expected to be used for the retrofit.