LONG BEACH, Calif. and TORONTO — Glass House Brands Inc. applied to list its subordinate voting shares on the New York Stock Exchange.
In support of its listing application, the company and its indirect wholly owned subsidiary, GHB Usub LLC, entered into several agreements to facilitate the deconsolidation of its former indirect wholly owned subsidiary, Glass House Retail LLC (GHR), segregating the company’s dual-use cannabis business from its medical cannabis business.
As a result, GHB Usub holds non-voting and non-participating units in the capital of GHR, which now holds the company’s former dual-use cannabis business, the transfer of which is subject to regulatory approval.
The voting units of GHR are held by a third-party investor and the non-voting units can only be converted into voting units of GHR following the date that the NYSE permits the listing of companies that consolidate the financial statements of companies that cultivate, distribute, or process marijuana (as defined in 21 U.S.C 802) for non-medical uses in the United States.
