Glass House Brands Acquires Remaining Equity Ownership In The Pottery Cannabis Dispensary

Glass House Brands Inc. GLASF GHBWF GLAS GLAS has acquired the remaining equity ownership interest of The Pottery Inc. Glass House previously owned 50% of the dispensary business, located at 5042-5044, 5048-5052 and 5054-5058 Venice Boulevard, Los Angeles, California.

"Over the past year, The Pottery has been cited by several publications, such as LA Weekly, Thrillist, the LA Times, and Angeleno as being one of the best high-end dispensaries in Southern California. We are excited to have acquired the remaining ownership stake," stated Kyle Kazan, Glass House chairman and CEO. "Designed with a unique urban aesthetic reflective of its convenient centrally located location, The Pottery provides consumers with elevated and interactive retail experiences. It also has a fully functioning indoor cultivation facility. We are thrilled to acquire the remaining ownership stake in this location, our fourth wholly-owned dispensary in the State, and look forward to consolidating its performance in our financial results."

Under the terms of the purchase agreement, Glass House acquired all of the equity interests of N.R.O. Management, LLC and The Pottery, Inc. for 500,000 equity shares of Glass House set at a fixed price of $6 per share. The shares have a one-year lock-up period from the closing date. As part of the transaction, Glass House also acquired The Pottery's three active state cannabis retailer, distributor, and cultivation licenses; as well as six city-level adult-use and medical cannabis retailer, distributor, and cultivation licenses.

Photo: Benzinga; Sources: courtesy of geralt, lindsayfox via Pixabay

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Cannabis rescheduling seems to be right around the corner