GLASF - Element 7 APB and GH Group enter into a Settlement and General Mutual Release Agreement

Canada NewsWire

LONG BEACH, Calif. and TORONTO , Nov. 2, 2023 /CNW/ - 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 .

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 Kyle Kazan , Chairman and CEO, and Graham Farrar , 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 Sue Wellness, 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 www.glasshousebrands.com and https://glasshousebrands.com/press-releases/ .

SOURCE Glass House Brands Inc.

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