Glass House spending $26 million to acquire marijuana edibles maker Plus

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Southern California-based Glass House Brands on Monday said it will acquire marijuana edibles maker Plus Products in a deal worth $26 million.

Glass House noted in a news release that the purchase price is a mixture of unsecured debt, equity and “additional performance-based consideration.”

The company said the deal is part of its plans to become “the largest cannabis brand-building platform” in California.

“As one of the fastest-growing categories in cannabis, edibles are a key component of the Glass House growth strategy,” CEO Kyle Kazan said in the release.

“Our vertically integrated platform will allow us to expand the distribution of PLUS to the more than 700 stores in our network, as well as to our own retail stores, as we pursue top sales ranking in both flower and edibles categories in the country’s largest market.”

The deal is expected to close in the first quarter of 2022.

Kazan said he believes Plus Products will prove competitive with Wana Brands, a Colorado-based company that is one of the more popular multistate lines of infused gummies.

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Wana recently entered into an acquisition deal with Canopy Growth worth just less than $300 million.

Glass House itself was acquired in April by special purpose acquisition company Mercer Park Brand Acquisition Corp. in April, in a deal worth $567 million.

Glass House shares trade as GLAS on the NEO Exchange in Canada and as GLASF on the U.S. over-the-counter markets.