Stock of the blank check company Mercer Park Brand Acquisition Corp. (OTCPk: MRCWF) was up 10.89% to $2.75 at the previous close. During the day trading on Wednesday, Mercer Park stock price ranged between $2.6545 and $2.8985 as a total of 45,189 shares changed hands. MRCWF stock 52-week range was reported $0.70 – $2.938. With the equity investment from its parent company, MRCWF stock gained traction.
Who provided equity investment to MRCWF?
Mercer Park has been incorporated under provincial laws of British Columbia as a special purpose acquisition corporation (SPAC). MRCWF was formed in order to complete a Qualifying Transaction. In May 2019, MRCWF launched to build the leading cannabis brand in the United States.
According to Mercer Park Brand latest disclosure, it’s previously announced equity private placement has been upsized to include a proposed investment commitment of US$50 million from TPCO Holdings Corp (“The Parent Company”).
- A definitive agreement was recently signed between MRCWF and GH Group, California’s largest fully integrated CBD company.
- A total of $135 million of private placement capital has been raised by MRCWF, including the investment by The Parent Company.
- It is expected to close contemporaneously with the completion of the Glass House Group Transaction, which is subject to customary approvals and conditions.
What’s in GH deal for MRCWF?
For the next 10 years, MRCWF will supply Glass House with its branded products, as well as to have branded products in Glass House retail shops in years to come. Through this announcement, Mercer Park (MRCWF) and Glass House have formed the first-ever partnership of this magnitude in the California cannabis industry.