Element 7, APB and GH Group enter into a Settlement and General Mutual Release Agreement
Exhibit 99.1
Element 7, APB and GH Group enter into a Settlement and General Mutual Release Agreement
LONG BEACH, Calif. and TORONTO, Nov. 2, 2023 - 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 announced that on September 19, 2023, Element 7, APB and GH Group entered into a Settlement and
General Mutual Release Agreement (the “Element 7 Settlement”), where Element 7 agreed to pay GH Group $2,865,000 to settle the Element 7 Proceeding; provided, that if Element 7 pays GH Group $1,865,250 by December 15, 2023, then Element 7 shall be entitled to a credit of $999,750 towards the $2,865,000 payment. In addition, Element 7 retains ownership of its retail licenses, and will take title in a property from a GH Group affiliate in Firebaugh in connection with the Element 7 Settlement.
For more information about the lawsuit, please see this link.
About Glass House Brands
Glass House is one of the fastest-growing, vertically integrated cannabis companies in the U.S., with a dedicated focus on the California market and building leading, lasting brands to serve consumers across all segments. From its greenhouse cultivation operations to its manufacturing practices, from brand-building to retailing, the company's efforts are rooted in the respect for people, the environment, and the community that co-founders Xxxx Xxxxx, Chairman and CEO, and Xxxxxx Xxxxxx, Board Member and President, instilled at the outset. Through its portfolio of brands, which includes Glass House Farms, PLUS Products, Allswell, Forbidden Flowers, Field and Mama Xxx Xxxxxxxx, Glass House is committed to realizing its vision of excellence: outstanding cannabis products, produced sustainably, for the benefit of all. For more information and company updates, visit xxx.xxxxxxxxxxxxxxxx.xxx and xxxxx://xxxxxxxxxxxxxxxx.xxx/xxxxx-xxxxxxxx/.
For further information, please contact:
Xxxx Xxxxxxx, Vice President of Investor Relations
T: (000) 000 0000
E: xx@xxxxxxxxxxxxxxxx.xxx
Xxxx Xxxxxxxx, Chief Financial Officer
T: (000) 000 0000
E: xx@xxxxxxxxxxxxxxxx.xxx
Investor Relations Contact:
KCSA Strategic Communications
Xxxx Xxxxxxx / Xxxx Xxxxxxx
T: 000-000-0000
E: XxxxxXxxxx@xxxx.xxx
