On December 12, 2023, Glass House Brands Inc. closed the transaction. The company amended the terns of the transaction and the company raised $4.1 million in its second and final tranche bringing gross proceeds to $15 million. Holders of the Series D Preferred Stock will be entitled to an annual cash dividend at a rate of 15% for the first five years after the date of initial issuance of Series D Preferred Stock, and 20% annually thereafter.

The Warrants and the Warrant Shares issuable upon exercise of the Warrants are subject to a four-month statutory hold period from the date of issuance of the Warrants under applicable Canadian securities laws.