LOS ANGELES--(BUSINESS WIRE)--
The Glass House Group and F/ELD Partnership Creates a Complete Supply Chain Solution
Acquisition Complements Glass House Group’s Growing Portfolio and Accelerates Growth as a Profitable, Privately-Held Cannabis and Hemp Company
Glass House Group, one of the most quickly expanding, privately held, vertically integrated cannabis and hemp companies, announced it entered into a binding letter of intent to acquire 100 percent of the capital stock and interests of F/ELD in an all-stock deal. F/ELD is a Los Angeles-based cannabis company that manufactures premium cannabis products and award-winning concentrate. F/ELD joins Glass House Group and the continuing unification of its family of companies which is bringing together large-scale cultivation, manufacturing and retail operations.
“F/ELD and its experienced and dynamic management team have been on our radar for years with their award-winning products,” said Glass House Group CEO Kyle Kazan. “This acquisition is another example of our focused and disciplined approach to creating a curated portfolio of complementary companies. Navy Capital is F/ELD’s largest current shareholder and we are excited to now have Navy Capital as a partner and investor in Glass House Group. We look forward to being a strategic partner to F/ELD and to providing a comprehensive supply chain solution to the company as it scales in California.”
The acquisition of F/ELD:
- Accelerates Glass House Group’s California market share with the addition of F/ELD’s award-winning products, including reusable and disposable vape pens and live resin, rosin and full-melt concentrates;
- Complements Glass House Group’s expanding and profitable portfolio;
- Combines the expertise of two industry leaders in branded product development;
- Positions Glass House Group as a preferred partner for additional premier cannabis brands seeking growth and acceleration with supply chain solutions; and
- Provides capital for F/ELD to scale its operations in California.
“Our teams have a shared vision for leading the way in developing the industry’s most premium products,” said F/ELD CEO Joe Andreae. “Glass House Group is the best-positioned company in the cannabis space to help us achieve that vision and with their support, we look forward to continuing to strengthen our operations and the development of award-winning products.”
“Glass House Group brings complete supply chain, strategic partner and capital solutions to this acquisition, and we are confident they will help rapidly scale F/ELD throughout California,” said Navy Capital Managing Partner Sean Stiefel. “We are excited to see how they continue to grow synergistically in the coming years.”
About Glass House Group
Glass House Group is one of the largest, privately held, vertically-integrated cannabis and hemp companies. Its family of eco-friendly, community-conscious cultivation, manufacturing, brands and retail locations bring to market the finest strains of cannabis and hemp using cutting-edge technologies and environmental sensibility to deliver uncompromising craft-quality strains, flower, extracts, pre-rolls, vaporizers, cartridges and future products. As a leading brand-enabling company, celebrities, artists, athletes and influencers turn to Glass House Group to create powerful partnerships that reach new audiences and drive consumer engagement. Currently, Glass House Group is expanding its suite of companies, product lines and brands and is expected to see sizable growth throughout 2019 and beyond. For more information, visit www.glasshousegroup.com/.
F/ELD is a Los Angeles-based cannabis brand focused on the "ultra-premium" portion of the cannabis market. With the recent explosive growth in consumer-facing brands for the cannabis industry, there have been a plethora of companies coming to market with products targeted towards the "mainstream" recreational consumer. F/ELD focuses on the upper echelon of these customers who are focused on quality above all else. Led by a team with a combined 30+ years of experience in the cannabis industry, F/ELD is primed to be a market leader in the multibillion-dollar cannabis industry.