Glass House Brands has taken a loan of up to $100 million which will be used to fund the phased retrofit of the company’s approximately 5.5 million square feet cultivation facility currently under renovation in Camarillo, California and for general corporate purposes.
The approximately 160-acre Californian facility has six on-site greenhouses with an on-site well, water treatment facilities, automated roof washing system, supplemental lights, and natural gas cogeneration facilities producing power, heat, and CO2. The company has planned the initial phase 1 of the SoCal Facility retrofit to include the conversion of two greenhouses, one of which will propagate nursery cuttings or clones to support the entire facility and the other which will have a capacity of 180,000 pounds of biomass per year. Phase I expansion will also include a packhouse and a distribution center which will support the growth of the Company’s wholesale biomass business.
"Since our inception, it has been our vision to become the largest cannabis brand-building platform in California and this loan agreement provides us with a non-dilutive infusion of capital to fund the complete retrofit of our SoCal Facility as we continue to pursue this goal," said Kyle Kazan, Chairman and Chief Executive Officer of Glass House."
To watch a video of the construction progress, click here.