Glass House Brands Announces the Closing of $15 million Series D Preferred Stock Offering
Summary
- This final closing includes approximately $4.1 million of new capital in addition to the $10.9 million raised from the first tranche of the Series D Preferred Stock Offering- Series D capital will accelerate completion of the SoCal Farm Greenhouse 5 retrofit and strengthen Glass Houses balance sheetLONG BEACH, Calif. and TORONTO, Dec. 12, 2023 /CNW/ - Glass House Brands Inc. ("Glass House" or the "Company") (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF), one of the fastest-growing, vertically-integrated cannabis companies in the U.S., today announces the closing of a non-brokered private placement (the "Offering") of shares of Series D Preferred Stock, with a face value of $1,000 per share of GH Group, Inc. ("GH Group"), a subsidiary of the Company. This new capital along with the nearly $22 million in operating cash flow generated in the first three quarters of 2023 has allowed Glass House to move forward rapidly with the retrofit of Greenhouse 5 at our SoCal Farm. From its greenhouse cultivation operations to its manufacturing practices, from brand-building to retailing, the companys efforts are rooted in the respect for people, the environment, and the community that co-founders Chairman and CEO, and Board Member and President, instilled at the outset. Through its portfolio of brands, which includes Forbidden Flowers, and Mama Sue Wellness, Glass House is committed to realizing its vision of excellence: outstanding cannabis products, produced sustainably, for the benefit of all. Forward-looking statements in this news release include, without limitation: the expected use of proceeds of the Offering; the stated target of commencing planting in Q1 2024, with product sales to begin by Q2 2024; that the addition of Greenhouse 5, while growing Glass Houses cultivation capacity, will also help the Company become more competitive relative to all growers, legal and illicit, allowing it to deliver the very best value to customers and to patients; the projection that Greenhouse 5 will be a quantum leap in terms of Glass Houses cash flow creation capabilities.