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Cannabis and hemp branded products company Plus Products Inc. (CSE:PLUS) (OTCQX:PLPRF) is seeking a sanction order to complete its previously announced transaction with Glass House Brands (NEO: GLAS.A.U) (NEO: GLAS.WT.U) (OTCQX:GLASF) (OTCQX:GHBWF).
On Thursday, the California-based company announced that it filed an application in the Supreme Court of British Columbia's Creditors Arrangement Act seeking an order that sanctions its amended plan of compromise, arrangement and reorganization dated Jan. 17, 2022.
The order also extends the stay period in the CCAA proceedings until the date that PricewaterhouseCoopers Inc., in its capacity as court-appointed monitor of the company, is discharged by further Court order.
The company's sanction order application is scheduled to be heard by the Court on Jan. 21, 2022.
Pursuant to the sanction order, upon implementation of the plan, and after distributions are made to the company's noteholders as outlined in the plan, PlusProducts will distribute common shares of the Glass House Brands to its securities-holders through Odyssey Trust Company.
Glass House Brands revealed last month that its plans to acquire the California-based cannabis edibles company for roughly $25.6 million through a combination of unsecured convertible debt and equity, plus additional performance-based consideration.
The transaction is projected to close in the first three months of 2021.
Glass House Brands recently said that the deal would create California's largest cannabis brand-building platform.
Moreover, the combined entity would be the only company with a top-five position in California's flower and edibles categories.
"PLUS' diverse and well-recognized line of edibles, including dual-action sleep and strain-specific products, is the ideal complement to our portfolio," said Kyle Kazan, co-founder, chairman and CEO of Glass House Group, adding that "edibles are a key component of the Glass House growth strategy."
Glass House's vertically integrated platform will enable the expansion of the distribution of PLUS to the more than 700 stores in its network, in addition to its proprietary retail locations.
Glass House Brands' shares traded 1.12% higher at $4.5 per share at the time of writing on Friday.
Photo: Courtesy of Chris Liverani on Unsplash
