# EDGAR Filing Document

**Accession Number:** 0001848731
**File Stem:** 0001104659-25-056540
**Filing Date:** 2025-6
**Character Count:** 217224
**Document Hash:** d85ee899e7ec1b7ca6f3efbfadcf041f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-056540.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001104659-25-056540

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250604

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Glass House Brands Inc.
- **CENTRAL INDEX KEY:** 0001848731
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56261
- **FILM NUMBER:** 251024798

**BUSINESS ADDRESS:**
- **STREET 1:** 3645 LONG BEACH BLVD
- **CITY:** LONG BEACH
- **STATE:** CA
- **ZIP:** 90807
- **BUSINESS PHONE:** 562-264-5078

**MAIL ADDRESS:**
- **STREET 1:** 3645 LONG BEACH BLVD
- **CITY:** LONG BEACH
- **STATE:** CA
- **ZIP:** 90807

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mercer Park Brand Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210302

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16<br> UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of June, 2025.

Commission File Number 000-56261

**<u>Glass House Brands Inc.</u>**

(Translation of registrant's name into English)

3645 Long Beach Blvd.

<u>Long Beach, California 90807</u>

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ◻ Form 40-F ⌧

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Glass House Brands Inc.** | **Glass House Brands Inc.** |
| Date: June 4, 2025 | /s/ Kyle Kazan | /s/ Kyle Kazan |
|  | By: | Kyle Kazan |
|  | Title: | Chief Executive Officer |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [99.1](tm2517105d1_ex99-1.htm) | [News Release, dated May 14, 2025](tm2517105d1_ex99-1.htm) |
| [99.2](tm2517105d1_ex99-2.htm) | [News Release, dated May 20, 2025](tm2517105d1_ex99-2.htm) |
| [99.3](tm2517105d1_ex99-3.htm) | [Notice of Availability of Proxy Materials](tm2517105d1_ex99-3.htm) |
| [99.4](tm2517105d1_ex99-4.htm) | [Form of Proxy](tm2517105d1_ex99-4.htm) |
| [99.5](tm2517105d1_ex99-5.htm) | [Management Information circular, dated May 15, 2025](tm2517105d1_ex99-5.htm) |
| [99.6](tm2517105d1_ex99-6.htm) | [Notice of Annual and Special Meeting of Shareholders, dated May 15, 2025](tm2517105d1_ex99-6.htm) |
| [99.7](tm2517105d1_ex99-7.htm) | [Form 45-102F1, dated May 23, 2025](tm2517105d1_ex99-7.htm) |
| [99.8](tm2517105d1_ex99-8.htm) | [News Release, dated June 3, 2025](tm2517105d1_ex99-8.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2517105d1_ex99-1img01.jpg)

**Glass House Brands and LEEF Announce MSA for The Leaf El Paseo Dispensary and Off-Take**

**Agreement**

**LONG BEACH, CA and TORONTO, May 14, 2025** // -- Glass House Brands Inc. ("Glass House" or the "Company") (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX:GHBWF) – one of the fastest-growing, vertically integrated cannabis companies in the United States, and LEEF Brands, Inc. (CSE: LEEF) (OTCQB: LEEEF), one of California's premier vertical extraction companies, today announced a Management Services Agreement ("MSA"). Under the MSA, Glass House will manage operation of LEEF's Palm Desert, CA dispensary "The LEAF El Paseo" on behalf of LEEF.

This mutually beneficial agreement grants Glass House exclusive rights to manage all dispensary operations, including, but not limited to, the sale of cannabis products, the purchase of cannabis product inventory, and employee management, for an initial period of one year, with the potential for extension. This agreement is the first of Glass House's retail management services which it began offering in 2024.

Glass House will assume daily management responsibilities of The Leaf El Paseo, allowing Glass House to expand its retail operations in California while enabling LEEF to focus on its core business as a premier concentrate provider. The agreement includes an off-take agreement from Glass House to LEEF, securing a significant portion of the annual raw cannabis material required to power LEEF's extraction lines.

"We are excited to work with LEEF, a respected peer in California under this agreement, as we expand our exposure to the Palm Springs market for both retail and wholesale contributions," said **Kyle Kazan**, Co-Founder, Chairman and CEO of Glass House Brands. "This MSA agreement, represents the continued development of our retail operation and reflects our strength and overall solid position in the California market. Through execution and on the benefit of the strategic pricing initiatives that we implemented last year, our retail team has seen same store sales increase on an annualized basis for five consecutive quarters despite continued challenging market conditions, and in our most recent quarter retail revenue growth outperformed the California market by more than 30%. And as all of our decisions are based on what is best for the cannabis consumer, offering our loyalty program to another great area of California is a tremendous win. Plus Palm Desert is a well know vacation area."

"Collaborating with Glass House Brands elevates The Leaf El Paseo and secures a favorable off-take agreement that fulfills a significant portion of our annual supply chain needs for our extraction business," said Micah Anderson, CEO of LEEF Brands. "This partnership is a true win-win, allowing LEEF to sharpen our focus on being a leading concentrate provider while enabling Glass House to expand its retail footprint in California. This agreement strengthens LEEF's production capacity and lays the foundation for broader strategic partnerships with Glass House."

**About Glass House Brands**

<u>Glass House</u> 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 <u>Kyle Kazan</u>, Chairman and CEO, and <u>Graham Farrar</u>, Board Member and President, instilled at the outset. Whether it be through Its portfolio of brands, which includes <u>Glass House Farms</u>, <u>PLUS Products</u>, <u>Allswell</u> and Mama Sue Wellness or its network of retail dispensaries throughout the state of California, which includes <u>The Farmacy</u>, <u>Natural Healing Center</u> and <u>The Pottery</u>, 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 <u>www.glasshousebrands.com/</u> and <u>https://ir.glasshousebrands.com/contact/email-alerts/</u>.

**About LEEF Brands, Inc.**

LEEF Brands Inc. is a leading California-based extraction and manufacturing cannabis company, recognized for its large-scale vertical integration and as one of the state's most sophisticated operators. With a comprehensive supply chain, cutting-edge manufacturing processes, and a dynamic bulk concentrate portfolio, LEEF powers some of the largest brands in the country. For more information, visit <u>www.LeefBrands.com</u>.

**Forward Looking Statements**

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance or financial results. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward- looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, without limitation, statements regarding the Company's financial outlook or operational plans and statements related to future market conditions. All forward-looking statements, including those herein, are qualified by this cautionary statement. Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. Accordingly, readers should not place undue reliance on forward-looking statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information, including those risks disclosed in the Company's Annual Information Form available on SEDAR+ at www.sedarplus.ca and in the Company's Form 40-F available on EDGAR at www.sec.gov. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR+ at <u>www.sedarplus.ca</u>. The forward-looking statements and financial outlooks contained in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

**For further information, please contact:**

Glass House Brands Inc.

Jon DeCourcey, Vice President of Investor Relations

T: (781) 724-6869

E: <u>ir@glasshousebrands.com</u>

**Investor Relations Contact:**

KCSA Strategic Communications

Phil Carlson

T: 212-896-1233

E: <u>GlassHouse@kcsa.com</u>

## Exhibit 99.2

**Exhibit 99.2**

![](tm2517105d1_ex99-2img01.jpg)

**Glass House Brands Announces Mailing of Circular**

**and Establishment of Share-based Long-term Management Incentive Plan Pending**

**Shareholder Approval**

**LONG BEACH, Calif. and TORONTO, May 20, 2025** -- Glass House Brands Inc. ("**Glass House**" or the "**Company**") (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX:GHBWF), one of the fastest- growing, vertically-integrated cannabis companies in the U.S., today announces the mailing of its management information circular and related materials to shareholders in connection with the upcoming annual and special meeting of shareholders, to be held on June 20, 2025 (the "**Meeting**"), where disinterested shareholders will be asked to approve Performance Awards (defined below) associated with the establishment of a long-term management incentive plan and a related increase in the share reserve of the Company's equity incentive plan.

On May 15, 2025 (the "**Grant Date**"), subject to Disinterested Shareholder and applicable exchange approval, the Board of Directors (the "**Board**") approved an initial long-term management incentive plan granting to each of Kyle Kazan, Co-Founder, Chairman and Chief Executive Officer, Graham Farrar, President, Mark Vendetti, Chief Financial Officer, Hilal Tabsh, Chief Revenue Officer, and Benjamin Vega, General Counsel and Corporate Secretary (each, a "**Recipient**") certain performance-based restricted stock units ("**RSUs**") that vest only if the Company achieves certain share price milestones and the Recipients meet certain time-based vesting requirements (the "**Performance Awards**"). Vesting of the Performance Awards will occur over a five- year period and is dependent on the Recipients leading the Company to achieve a minimum $30.00 price per share, with further incremental vesting if the share price reaches or exceeds $60.00 per share. On May 14, 2025, the day prior to the Grant Date, the closing price per share was $6.51.

In sharing his thoughts, Mr. Kazan said, "I believe that to hit the share price targets in the LTIP, Glass House Brands will need to be uplisted on a major exchange, and should that happen, I would expect a renewed focus on this industry, likely with monetary resources never seen. As Glass House has in my view one of the best, if not the best, executing teams in cannabis, I sincerely appreciate the Board granting an incentive package that aligns with investors on a stretch goal. The 'glue in the seat' for the senior team is a helpful motivation to keep the team intact."

The Performance Awards are designed to provide the Recipients with incentives linked to significant long-term shareholder value creation. In aggregate, 3,000,000 performance-based RSUs were granted, representing approximately 2.3% of the fully diluted share-count as of May 14, 2025 assuming the exercise of all outstanding warrants and achievement of a $60.00 share price. Share price performance targets will be measured quarterly using a volume weighted average trading price. Vesting is tied to growth in share price, rather than increases in market capitalization, to align the Performance Awards with long-term shareholder interests and encourage a continued, disciplined approach to treasury management and shares outstanding.

Subject to certain limited exceptions, vesting of the Performance Awards is also conditional upon the Recipients' continued service in senior executive roles for a minimum of three years following the Grant Date. Payout of vested Performance Awards will be deferred until the end of the fourth and fifth years, respectively, following the Grant Date.

In determining whether to grant the Performance Awards, the Board established a special committee comprised of independent directors (the "**Special Committee**") to develop and assess the efficacy of granting such awards, including its risks and alternatives, and to ensure that the grant of such awards to the Recipients would be in the best interests of the Company. The Special Committee retained Hugessen Consulting, an independent compensation consultant, as advisor.

The Board and Special Committee believe the Performance Awards are in the best interests of the Company as they further align shareholder, Company, and Recipient interests; encourage Recipient retention; and promote the achievement of the Company's current and future strategic and financial objectives.

In connection with the design of the Performance Awards and consistent with best governance practices, the Board adopted a clawback policy, whereby any proceeds received by Recipients under the Performance Awards would be clawed back in the event of certain financial restatements.

**About Glass House Brands**

<u>Glass House</u> 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 <u>Kyle Kazan</u>, Chairman and CEO, and <u>Graham Farrar</u>, Board Member and President, instilled at the outset. Whether it be through its portfolio of brands, which includes <u>Glass House Farms, PLUS Products, Allswell</u> and Mama Sue Wellness or its network of retail dispensaries throughout the state of California, which includes <u>The Farmacy</u>, <u>Natural Healing Center</u> and <u>The Pottery</u>, 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 <u>www.glasshousebrands.com/</u> and <u>https://ir.glasshousebrands.com/contact/email-alerts/</u>.

**Forward Looking Statements**

This news release contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward- looking statements"). Forward-looking statements reflect current expectations or beliefs regarding future events or the Company's future performance or financial results. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, without limitation, statements regarding the design and implementation of the Performance Awards, the retention of key leadership team members, and the potential future growth in share price. All forward-looking statements, including those herein, are qualified by this cautionary statement. Although the Company believes that the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. Accordingly, readers should not place undue reliance on forward-looking statements. There are certain factors that could cause actual results to differ materially from those in the forward-looking information, including those risks disclosed in the Company's Annual Information Form available on SEDAR+ at www.sedarplus.ca and in the Company's Form 40-F available on EDGAR at www.sec.gov. For more information on the Company, investors are encouraged to review the Company's public filings on SEDAR+ at <u>www. sedarplus.ca</u>. The forward-looking statements in this news release speak only as of the date of this news release or as of the date or dates specified in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

**For further information, please contact:**

Glass House Brands Inc.

Jon DeCourcey, Vice President of Investor Relations

T: (781) 724-6869

E: <u>ir@glasshousebrands.com</u> 

**Investor Relations Contact:**

**KCSA Strategic Communications**

Phil Carlson

T: 212-896-1233

E: <u>GlassHouse@kcsa.com</u>

## Exhibit 99.3

**Exhibit 99.3**

![](tm2517105d1_ex99-3img01.jpg)

**Notice of Availability of Proxy Materials**

**for Glass House Brands Inc. Annual and Special Meeting**

**Meeting Date and Time: 11:00 a.m. (Pacific Time) on June 20, 2025**

**Location: 645 Laguna Road, Camarillo, California, 93012**

------

Please be advised that the proxy materials for the above noted securityholder meeting are available for viewing and downloading online. This document provides an overview of these materials, but you are reminded to access and review the management information circular (the "**Information Circular**") and other proxy materials available online prior to voting. These materials are available at:

**<u>https://ir.glasshousebrands.com/agm/</u>**

**OR**

**<u>www.sedarplus.ca</u>**

------

**<u>Obtaining Paper Copies of the Proxy Materials</u>**

Shareholders of Glass House Brands Inc. (the "**Shareholders**") may request to receive paper copies of the proxy materials (the "**Materials**") related to the above referenced meeting by mail at no cost. Requests for paper copies of the Materials must be received by **June 9, 2025,** in order to receive the paper copies in advance of the meeting. Shareholders may request to receive a paper copy of the Materials for up to one year from the date the Materials were filed on www.sedarplus.ca.

For more information regarding notice-and-access or to obtain a paper copy of the Materials you may contact our transfer agent, Odyssey Trust Company, via <u>www.odysseycontact.com</u> or by phone at 1-888-290-1175 (toll-free within North America) or 1-587-885-0960 (direct from outside North America).

------

**<u>Notice of Meeting</u>**

The resolutions to be voted on at the meeting, described in detail in the Information Circular, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· **ELECTION OF DIRECTORS**: For all Shareholders, other than holders of limited
voting shares of Glass House Brands Inc., to elect the directors of Glass House Brands Inc. for the ensuing year. See the section entitled
 "Business to be Transacted at the Meeting – Election of Directors" in the Information Circular.

&nbsp;&nbsp;&nbsp;&nbsp;· **APPOINTMENT OF AUDITORS**: To re-appoint Macias Gini & O'Connell LLP
as auditor of Glass House Brands Inc. for the ensuing year and to authorize the directors to fix the renumeration. See section entitled
 "Business to be Transacted at the Meeting – Appointment of Auditor" in the Information Circular.

&nbsp;&nbsp;&nbsp;&nbsp;· **APPROVAL OF PERFORMANCE AWARDS TO THE NEOS AND A ONE-TIME FIXED INCREASE TO THE SHARE RESERVE UNDER THE EQUITY INCENTIVE PLAN**: For all Shareholders other than Recipients (as defined in the Information Circular),
to consider and, if deemed advisable, pass an ordinary resolution, the full text of which is reproduced as Schedule "B" of the
Information Circular, approving, ratifying and confirming a one-time, fixed increase to the rolling 10% share reserve under the Equity
Incentive Plan (as defined in the Information Circular) and the granting of the Performance Awards (as defined in the Information Circular).

**<u>Voting</u>**

To vote your securities, please refer to the instructions on the enclosed Proxy or Voting Instruction Form. Your Proxy or Voting Instruction Form must be received by 11:00 a.m. (Pacific Time) on June 18, 2025.

**<u>Stratification</u>**

Shareholders will not receive a paper copy of the Management Information Circular unless they contact the Company's transfer agent, toll free, at 1-888-290-1175. For Shareholders who wish to receive a paper copy of the Management Information Circular in advance of the voting deadline for the Meeting, requests must be received no later than June 9, 2025.

**<u>Annual Financial Statements</u>**

Rather than Glass House Brands Inc. mailing paper copies of the Annual Financial Statements and related management's discussion and analysis to the Shareholders, the materials can be accessed online under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u> and on the Company's website at <u>https://ir.glasshousebrands.com/agm/</u>.

## Exhibit 99.4

**Exhibit 99.4**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![](tm2517105d1_ex99-4img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DN: Glass House Brands Inc. Form of Proxy – Annual and Special Meeting to be held at 11:00 a.m. (Pacific Time) on June 20, 2025 at 645 Laguna Road, Camarillo, California, 93012 Trader's Bank Building 702, 67 Yonge Street Toronto ON M5E 1J8 Appointment of Proxyholder I/We being the undersigned holder(s) of Glass House Brands Inc. (the "Company") hereby appoint Kyle Kazan or failing this person, Mark Vendetti or Graham Farrar (collectively, the "Management Nominees") OR Print the name of the person you are appointing if this person is someone other than the Management Nominees listed herein: as my/our proxyholder with full power of substitution and to attend, act, and to vote for and on behalf of the holder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and all other matters that may properly come before the Annual and Special Meeting of the Company to be held at 645 Laguna Road, Camarillo, California, 93012 at 11:00 a.m. (Pacific Time) on June 20, 2025 or at any adjournment thereof. 1. Election of Directors. For Withhold For Withhold For Withhold a. Kyle Kazan b. Graham Farrar c. Hector De La Torre d. Humble Lukanga e. Jocelyn Rosenwald f. George Raveling g. Yelena Katchko h. John Nichols Jr. \*\*Note: This resolution may be voted on by all shareholders of the Company other than holders of limited voting shares of the Company. 2. Appointment of Auditors. Re-appointment of Macias Gini & O'Connell LLP as auditor of the Company for the ensuing year and authorization of the directors of the Company to fix their remuneration. For Withhold 3. Approval of Performance Awards to the NEOs and a One-Time Fixed Increase to the Share Reserve Under the Equity Incentive Plan. For all shareholders other than Recipients (as defined in the management information circular of the Company (the "Information Circular"), to consider and, if deemed advisable, pass an ordinary resolution, the full text of which is reproduced as Schedule "B" of the Information Circular, approving, ratifying and confirming a one-time, fixed increase to the rolling 10% share reserve under the Equity Incentive Plan (as defined in the Information Circular) and the granting of the Performance Awards (as defined in the Information Circular). For Against 4. Ownership Declaration. I am a U.S. Person as such term is defined in Rule 902(k) of Regulation S under the United States Securities Act of 1933 (as may be amended or replaced from time to time). Yes No Authorized Signature(s) – This section must be completed for your instructions to be executed. I/we authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated above, this Proxy will be voted as recommended by Management. Signature(s): Date MM / DD / YY Interim Financial Statements – Check the box to the right if you would like to RECEIVE interim financial statements and accompanying Management's Discussion & Analysis by mail. See reverse for instructions to sign up for delivery by email. Annual Financial Statements – Check the box to the right if you would like to RECEIVE the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. See reverse for instructions to sign up for delivery by email. |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2517105d1_ex99-4img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INSTEAD OF MAILING THIS PROXY, YOU MAY SUBMIT YOUR PROXY USING SECURE ONLINE VOTING AVAILABLE ANYTIME: This form of proxy is solicited by and on behalf of Management. Proxies must be received by 11:00 a.m., (Pacific Time), on June 18, 2025. Notes to Proxy 1. Each holder has the right to appoint a person, who need not be a holder, to attend and represent them at the Meeting. If you wish to appoint a person other than the persons whose names are printed herein, please insert the name of your chosen proxyholder in the space provided on the reverse. 2. If the securities are registered in the name of more than one holder (for example, joint ownership, trustees, executors, etc.) then all of the registered owners must sign this proxy in the space provided on the reverse. If you are voting on behalf of a corporation or another individual, you may be required to provide documentation evidencing your power to sign this proxy with signing capacity stated. 3. This proxy should be signed in the exact manner as the name appears on the proxy. 4. If this proxy is not dated, it will be deemed to bear the date on which it is mailed by Management to the holder. 5. The securities represented by this proxy will be voted as directed by the holder; however, if such a direction is not made in respect of any matter, this proxy will be voted as recommended by Management. 6. The securities represented by this proxy will be voted or withheld from voting, in accordance with the instructions of the holder, on any ballot that may be called for and, if the holder has specified a choice with respect to any matter to be acted on, the securities will be voted accordingly. 7. This proxy confers discretionary authority in respect of amendments to matters identified in the Notice of Meeting or other matters that may properly come before the meeting. 8. This proxy should be read in conjunction with the accompanying documentation provided by Management. To Vote Your Proxy Online please visit: https://vote.odysseytrust.com You will require the CONTROL NUMBER printed with your address to the right. If you vote by Internet, do not mail this proxy. To request the receipt of future documents via email and/or to sign up for Securityholder Online services, you may contact Odyssey Trust Company at https://odysseytrust.com/ca-en/help/. Voting by mail may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. A return envelope has been enclosed for voting by mail. |

---

## Exhibit 99.5

**Exhibit 99.5**![](tm2517105d1_ex99-5img01.jpg)

**GLASS HOUSE BRANDS INC.**

May 15, 2025

Dear shareholders of Glass House Brands Inc.:

On behalf of the directors and management team of Glass House Brands Inc. (the **"Company"**), we are pleased to invite you to attend the Company's annual and special meeting of the shareholders (the **"Meeting"**), to be held at 11:00 a.m. (Pacific Time) on June 20, 2025 at 645 Laguna Road, Camarillo, California, 93012.

At the Meeting, the holders of subordinate voting shares, restricted voting shares, limited voting shares and multiple voting shares (the **"Shareholders"**) will be asked to receive the audited annual financial statements of the Company for the year ended December 31, 2024, together with the report of the auditor thereon, elect the directors for the ensuing year (the **"Directors"**), which vote shall exclude holders of limited voting shares, re-appoint Macias Gini & O'Connell LLP as the auditor of the Company and to authorize the Directors to fix the auditor's remuneration, and to consider and, if deemed advisable, adopt an ordinary resolution (the full text of which is reproduced as Schedule "B" of the Company's management information circular (the **"Information Circular"**)), for the purpose of approving a one-time, fixed increase to the rolling 10% share reserve under the Company's Equity Incentive Plan (as defined in the Information Circular) and the granting of the Performance Awards (as defined in the Information Circular).

As a valued Shareholder, your views and involvement in the Company are important to us. At the Meeting, you will have the opportunity to ask questions of all C-Suite team members along with at least some members of the Directors and to vote on the Meeting matters.

Your vote matters. You may exercise it by completing the proxy form or voting instruction form or by attending the Meeting. The accompanying management information circular describes the business to be conducted at the Meeting, important additional information and detailed instructions on voting and participation at the Meeting, and the Company's governance practices.

Tours of the 5.5 million square foot facility will be given and opportunities to purchase the Company's products at a discount will be available.

Thank you for your investment and we look forward to connecting with you at the Meeting.

Sincerely,

(Signed) *"Kyle Kazan"*

Kyle Kazan

Co-Founder, Chairman & CEO

![](tm2517105d1_ex99-5img01.jpg)

**GLASS HOUSE BRANDS INC.**

**NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 20, 2025**

**TO THE SHAREHOLDERS OF GLASS HOUSE BRANDS INC.**

NOTICE IS HEREBY GIVEN that an annual and special meeting (the **"Meeting"**) of the holders (**"Shareholders"**) of subordinate voting shares (the **"Subordinate Voting Shares"**), restricted voting shares (the **"Restricted Voting Shares"**), limited voting shares (**"Limited Voting Shares"**, together with the Subordinate Voting Shares and the Restricted Voting Shares, the **"Equity Shares"**) and multiple voting shares (the **"Multiple Voting Shares"**, together with the Equity Shares, the **"Company Shares"**) of Glass House Brands Inc. (the **"Company"**) will be held at 11:00 a.m. (Pacific Time) on June 20, 2025 at 645 Laguna Road, Camarillo, California, 93012 for the following purposes:

1. to receive the audited annual financial statements
 of the Company for the year ended December 31, 2024, together with the report of the auditor
 thereon (the **"Annual Financial Statements"**);

2. for all Shareholders other than holders of
 Limited Voting Shares, to elect directors of the Company for the ensuing year. For more information,
 see *"Business to be Transacted at the Meeting – Election of Directors"* in the Company's management information circular dated May 15, 2025 (the **"Information Circular"**);

3. to re-appoint the auditor of the Company for the ensuing year and to authorize the directors of the Company
to fix the remuneration of the auditor. For more information, see *"Business to be Transacted at the Meeting – Appointment of Auditor"* in the Information Circular;

4. for all shareholders other than Recipients (as defined in the Information Circular), to consider and, if
deemed advisable, pass an ordinary resolution, the full text of which is reproduced as Schedule "B" of the Information Circular,
approving, ratifying and confirming a one-time, fixed increase to the rolling 10% share reserve under the Company's Equity Incentive Plan
(as defined in the Information Circular) and the granting of the Performance Awards (as defined in the Information Circular); and

5. to transact such other business as may properly be brought before the Meeting or any adjournment thereof.

Shareholders should refer to the Information Circular for more detailed information with respect to the matters to be considered at the Meeting. The Information Circular and other Meeting materials also contain important information with respect to voting your Company Shares and attending and participating at the Meeting. Shareholders are reminded to review all of the important information contained in the Information Circular and other Meeting materials before voting.

The Company is using the notice-and-access system (**"Notice-and-Access"**) under National Instrument 54-101 *Communications with Beneficial Owners of Securities of a Reporting Issuer* and National Instrument 51-102 *Continuous Disclosure Obligations* to distribute this Notice of Meeting and the Information Circular to Shareholders, as well as the Annual Financial Statements and accompanying management's discussion and analysis thereon. Notice-and-Access allows the Company to post electronic versions of its proxy- related materials on SEDAR+ and on the Company's website, rather than mailing paper copies to Shareholders. This alternative means of distribution of the Company's proxy-related materials is more environmentally friendly by reducing paper use, and also reduces printing and mailing costs of the Company. Note that Shareholders still have the right to request paper copies of the proxy-related materials posted online by the Company under Notice-and-Access if they so choose.

The proxy-related materials are available under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u> and on the Company's website at <u>https://ir.glasshousebrands.com/agm/</u>. As noted above, the Company will provide to any Shareholder, free of charge, a paper copy of the Information Circular upon request to Odyssey Trust Company (**"Odyssey"**), the Company's transfer agent, at 1-888-290-1175 (toll-free), up to one year from the date the Information Circular is filed on SEDAR+. Shareholders who wish to receive a paper copy of the Information Circular in advance of the Meeting should make such request to the Company by no later than June 9, 2025, in order to allow reasonable time to receive and review the Information Circular prior to the proxy deadline of 11:00 a.m. (Pacific Time) on June 18, 2025. The Information Circular will be sent to Shareholders within three (3) business days of their request if such request is made prior to the date of the Meeting. Following the Meeting, the Information Circular will be sent to such Shareholders within 10 days of their request.

Shareholders will receive a paper copy of a notice package (the **"Notice Package"**) under Notice-and-Access via prepaid mail containing: (i) a notification regarding the Company's use of Notice-and-Access and how the proxy-related materials may be obtained, (ii) a form of proxy (if you are a Shareholder who holds your Company Shares in your own name and have a share certificate or direct registration system (DRS) statement (a **"Registered Shareholder"**)) or a voting instruction form (if you are a Beneficial Shareholder, as defined below), and (iii) a supplemental mailing list return card to elect to receive paper copies of the Company's financial statements and management's discussion and analysis for future financial statements and management's discussion and analysis if you so choose. Shareholders with questions about the Notice-and-Access procedures may contact the Company's transfer agent, Odyssey, at 1-888-290-1175 (toll-free).

Shareholders who hold their Company Shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary **("Beneficial Shareholders"**) who have not duly appointed themselves as proxyholder will be able to attend as a guest but will not be able to participate or vote at the Meeting.

**If you are a Registered Shareholder** and are unable to attend the Meeting, please exercise your right to vote by dating, signing and returning the form of proxy contained in the Notice Package to Odyssey, the transfer agent of the Company. To be valid, completed proxy forms must be dated, completed, signed and deposited with Odyssey by mail to: Odyssey Trust Company, Attention: Proxy Department, 67 Yonge Street, Suite 702, Toronto, Ontario M5E 1J8. You may also vote through the internet by going to <u>https://login.odysseytrust.com/pxlogin</u> and enter the 12 digit control number found on the form of proxy. Your proxy or voting instructions must be received in each case no later than 11:00 a.m. (Pacific Time) on June 18, 2025 or two business days preceding the date of any adjournment or postponement (excluding Saturdays, Sundays and holidays). If you are unable to attend the Meeting, we encourage you to complete the form of proxy contained in the Notice Package as soon as possible. If a Shareholder received more than one form of proxy because such holder owns Company Shares registered in different names or addresses, each form of proxy should be completed and returned. The Chairman of the Meeting shall have the discretion to waive or extend the proxy deadline without notice.

A Shareholder who wishes to appoint a person other than the management nominees identified on the form of proxy or voting instruction form, to represent him, her or it at the Meeting may do so by inserting such person's name in the blank space provided in the form of proxy or voting instruction form and following the instructions for submitting such form of proxy or voting instruction form.

**If you are a Beneficial Shareholder** and receive these materials through your broker or through another intermediary, please complete and return the voting instruction form in the Notice Package in accordance with the instructions provided to you by your broker or by the other intermediary.

The board of directors of the Company has fixed April 28, 2025 as the record date for notice of and for voting at the Meeting. Shareholders of record at the close of business on April 28, 2025 are entitled to notice of the Meeting and to vote thereat or at any adjournment(s) or postponement(s) thereof on the basis of one vote for each Equity Share held (other than Limited Voting Shares, which are entitled to one vote for each Limited Voting Share held on all matters other than in respect of the election for directors of the board of directors) and 50 votes for each Multiple Voting Share held, except to the extent that: (i) a registered Shareholder has transferred the ownership of any Company Shares subsequent to April 28, 2025, and (ii) the transferee of those Company Shares produces properly endorsed share certificates, or otherwise establishes that he, she or it owns the Company Shares and demands, not later than 10 days before the Meeting, that his, her or its name be included on the list of persons entitled to vote at the Meeting, in which case, the transferee shall be entitled to vote such Company Shares at the Meeting. The transfer books will not be closed.

**BY ORDER OF THE BOARD OF DIRECTORS**

(Signed) *"Kyle Kazan"*

Kyle Kazan

Co-Founder, Chairman & CEO

May 15, 2025

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **NOTICE-AND-ACCESS** | **1** |
| **APPOINTMENT AND REVOCATION OF PROXIES** | **2** |
| **ADVICE TO BENEFICIAL HOLDERS OF COMPANY SHARES** | **2** |
| **VOTING OF PROXIES** | **3** |
| **INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED ON** | **4** |
| **VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF** | **4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Holders of Voting Securities | 5 |
| **BUSINESS TO BE TRANSACTED AT THE MEETING** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receive the Financial Statements | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election of Directors | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Auditor | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of Performance Awards to the NEOs and a One-Time Fixed Increase to the Share Reserve Under the Equity Incentive Plan | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consideration of Other Business | 16 |
| **STATEMENT OF EXECUTIVE COMPENSATION** | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation Discussion and Analysis | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Graph | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary Compensation Table | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Plan Awards – Outstanding Share-Based Awards and Option-Based Awards | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Plan Awards – Value Vested or Earned During the Year | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension Plan Benefits | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination and Change of Control Benefits | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Compensation | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Plan Awards – Outstanding Share-Based Awards and Option-Based Awards | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive Plan Awards – Value Vested or Earned During the Year | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation Consultant | 27 |
| **SECURITY BASED COMPENSATION PLANS** | **27** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summary of the Equity Incentive Plan | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Authorized For Issuance Under Equity Compensation Plans | 32 |
| **INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS** | **32** |
| **CORPORATE GOVERNANCE AND AUDIT COMMITTEE DISCLOSURE** | **32** |
| **INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS** | **32** |
| **OTHER BUSINESS** | **33** |
| **ADDITIONAL INFORMATION** | **33** |
| **SCHEDULE "A" STATEMENT OF CORPORATE GOVERNANCE PRACTICES** | **A-1** |
| **APPENDIX 1 TO SCHEDULE "A" GLASS HOUSE BRANDS INC. CHARTER OF THE BOARD OF DIRECTORS** | **A-7** |
| **SCHEDULE "B" APPROVAL OF PERFORMANCE AWARDS TO THE NEOS AND A ONE-TIME FIXED INCREASE TO THE SHARE RESERVE UNDER THE EQUITY INCENTIVE PLAN** | **B-1** |

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**GLASS HOUSE BRANDS INC. INFORMATION CIRCULAR**

**FOR THE ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 20, 2025**

**PURPOSE OF SOLICITATION**

**This information circular ("Information Circular") is furnished in connection with the solicitation of proxies by the management of Glass House Brands Inc. (the "Company") for use at the annual and special meeting (the "Meeting") of the holders ("Shareholders") of subordinate voting shares (the "Subordinate Voting Shares"), restricted voting shares (the "Restricted Voting Shares"), limited voting shares (the "Limited Voting Shares", together with the Subordinate Voting Shares and Restricted Voting Shares, the "Equity Shares") and multiple voting shares (the "Multiple Voting Shares", together with the Equity Shares, the "Company Shares") of the Company.**

The Meeting will be held at 11:00 a.m. (Pacific Time) on June 20, 2025 at 645 Laguna Road, Camarillo, California, 93012 and at any adjournments or postponements thereof for the purposes set forth in the Notice of Annual and Special Meeting of Shareholders (the **"Notice of Meeting"**) accompanying this Information Circular. Information contained herein is given as of May 15, 2025 unless otherwise specifically stated.

Solicitation of proxies will be primarily by mail but may also be by telephone, facsimile, email or in person by directors, officers and employees of the Company who will not be additionally compensated therefor. The costs of soliciting proxies will be borne by the Company.

**NOTICE-AND-ACCESS**

The Company is using the Notice-and-Access system under National Instrument 54-101 *Communications with Beneficial Owners of Securities of a Reporting Issuer* (**"NI 54-101"**) and National Instrument 51-102 *Continuous Disclosure Obligations* to distribute its proxy-related materials to Shareholders.

Under Notice-and-Access, rather than the Company mailing paper copies of the proxy-related materials and Annual Financial Statements and related management's discussion and analysis to Shareholders, the materials can be accessed online under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u> and on the Company's website at <u>https://ir.glasshousebrands.com/agm/</u>. The Company has adopted this alternative means of delivery for its proxy-related materials in order to reduce paper use and printing and mailing costs.

Shareholders will receive a paper copy of a notice package (the **"Notice Package"**) under Notice-and-Access via prepaid mail containing: (i) a notification regarding the Company's use of Notice-and-Access and how the proxy-related materials may be obtained, (ii) a form of proxy (if you are a Registered Shareholder, as defined below) or a voting instruction form (if you are a Beneficial Shareholder, as defined below), and (iii) a supplemental mailing list return card to elect to receive paper copies of the Company's financial statements and management's discussion and analysis for future financial statements.

Shareholders will not receive a paper copy of the Information Circular unless they contact Odyssey Trust Company (**"Odyssey"**), the Company's transfer agent, toll free, at 1-888-290-1175. For Shareholders who wish to receive a paper copy of the Information Circular in advance of the voting deadline for the Meeting, requests must be received no later than June 9, 2025.

Shareholders with questions about Notice-and-Access may contact the Company's transfer agent, Odyssey, at 1-888-290-1175.

**APPOINTMENT AND REVOCATION OF PROXIES**

The information in this section applies to Shareholders who hold Company Shares registered in their own name and have a share certificate or direct registration system (DRS) statement (a **"Registered Shareholder"**). As a Registered Shareholder, you are identified on the share register maintained by Odyssey, the Company's register and transfer agent, as being a Shareholder.

**Enclosed in the Notice Package is a form of proxy or voting instruction form for use at the Meeting. The persons named in the form of proxy or voting instruction form are directors and/or officers of the Company. Registered Shareholders have the right to appoint a person or company to represent them at the Meeting other than the persons named in the form of proxy. A Registered Shareholder submitting a proxy who wishes to appoint a person other than the management nominees identified on the form of proxy, to represent him, her or it at the Meeting may do so by inserting such person's name in the blank space provided in the form of proxy and following the instructions for submitting such form of proxy.**

A Registered Shareholder who has given a proxy may revoke it prior to its use, in any manner permitted by law, including by an instrument in writing executed by the Registered Shareholder or by his, her or its attorney authorized in writing or, if the Registered Shareholder is a corporation, executed by a duly authorized officer or attorney thereof and deposited at the registered office of the Company at any time up to and including the last business day preceding the day of the Meeting, or any adjournment or postponement thereof, at which the proxy is to be used or with the chair of the Meeting on the day of the Meeting or any adjournment or postponement thereof.

**ADVICE TO BENEFICIAL HOLDERS OF COMPANY SHARES**

**The information set forth in this section is of significant importance to many Shareholders, as a substantial number of Shareholders do not hold Company Shares in their own name.** Shareholders who do not hold their Company Shares in their own name (referred to in this Information Circular as **"Beneficial Shareholders"**) should note that only proxies deposited by Registered Shareholders can be recognized and acted upon at the Meeting. If Company Shares are listed in an account statement provided to a Shareholder by a broker, then in almost all cases those Company Shares will not be registered in the Shareholder's name on the records of the Company. Such Company Shares will more likely be registered under the names of the Shareholder's broker or an agent of that broker (an **"Intermediary"**). In Canada, the vast majority of such shares are registered under the name of CDS & Co. (the registration name for CDS Clearing and Depository Services Inc., which acts as nominee for many Canadian brokerage firms). Company Shares held by Intermediaries or their agents or nominees can only be voted upon the instructions of the Beneficial Shareholder. Without specific instructions, Intermediaries and their agents and nominees are prohibited from voting Company Shares for the Intermediary's clients. **Therefore, Beneficial Shareholders should contact their broker or other Intermediary as soon as practicable to ensure that instructions respecting the voting of their Company Shares are communicated to the appropriate person.**

Beneficial Shareholders fall into two categories - those who object to their identity being known to the issuers of the securities which they own (**"OBOs"**) and those who do not object to their identity being made known to the issuers of the securities which they own **("NOBOs"**). Subject to the provisions of NI 54-101, issuers may request and obtain a list of their NOBOs from Intermediaries directly or via their transfer agent and may obtain and use the NOBO list for the distribution of proxy-related materials to such NOBOs.

The Company is not sending the proxy-related materials directly to NOBOs in connection with the Meeting, but rather has distributed copies of the Notice Package using Notice-and-Access to the Intermediaries for distribution to NOBOs.

The Company's OBOs can expect to be contacted by their Intermediary. The Company does not intend to pay for Intermediaries to deliver the proxy-related materials and Form 54-101F7 — *Request for Voting Instructions Made by Intermediary* to OBOs and it is the responsibility of such Intermediaries to ensure delivery of the Meeting materials to their OBOs. The OBO will not receive the proxy-related materials unless the OBO's Intermediary assumes the cost of delivery.

Applicable regulatory policy requires Intermediaries/brokers to seek voting instructions from Beneficial Shareholders in advance of shareholder meetings. Every Intermediary or broker has its own procedures for distributing proxy-related materials and provides its own return instructions, which should be carefully followed by Beneficial Shareholders in order to ensure that their Company Shares are voted at the Meeting. Often, the form of proxy supplied to a Beneficial Shareholder by its broker is identical to the form of proxy provided to Registered Shareholders; however, its purpose is limited to instructing the Registered Shareholder how to vote on behalf of the Beneficial Shareholder. The majority of brokers now delegate responsibility for obtaining instructions from clients to Broadridge Financial Services, Inc. (**"Broadridge"**). Broadridge typically mails a scannable voting instruction form in lieu of the form of proxy. The Beneficial Shareholder is requested to complete and return the voting instruction form to them by mail or facsimile. Alternatively, the Beneficial Shareholder can call a toll-free telephone number or visit <u>www.proxyvote.com</u> to vote the Company Shares held by the Beneficial Shareholder. Broadridge then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of Company Shares to be represented at the Meeting. A Beneficial Shareholder receiving a voting instruction form cannot use that voting instruction form to vote Company Shares directly at the Meeting as the voting instruction form must be returned as directed by Broadridge well in advance of the Meeting in order to have the Company Shares voted.

Although a Beneficial Shareholder may not be recognized directly at the Meeting for the purposes of voting Company Shares registered in the name of his, her or its broker (or agent of the broker), a Beneficial Shareholder may attend at the Meeting as proxyholder for a Registered Shareholder and vote the Company Shares in that capacity. Beneficial Shareholders who wish to attend at the Meeting and indirectly vote their Company Shares as proxyholder for a Registered Shareholder should enter their own names in the blank space on the instrument of proxy provided to them and return the same to their broker (or the broker's agent) in accordance with the instructions provided by such broker (or agent), well in advance of the Meeting.

**VOTING OF PROXIES**

If you are a Registered Shareholder and are unable to attend the Meeting, please exercise your right to vote by dating, signing and returning the form of proxy contained in the Notice Package to Odyssey, the transfer agent of the Company. To be valid, completed proxy forms must be dated, signed and deposited with Odyssey by mail to: Odyssey Trust Company, Attention: Proxy Department, 67 Yonge Street, Suite 702, Toronto, Ontario M5E 1J8. You may also vote through the internet by going to <u>https://login.odysseytrust.com/pxlogin</u> and enter the 12 digit control number found on the form of proxy. Your proxy or voting instructions must be received in each case no later than 11:00 a.m. (Pacific Time) on June 18, 2025 or two business days preceding the date of any adjournment or postponement (excluding Saturdays, Sundays and holidays). If you are unable to attend the Meeting, we encourage you to complete the form of proxy contained in the Notice Package as soon as possible. If a Shareholder received more than one form of proxy because such holder owns Company Shares registered in different names or addresses, each form of proxy should be completed and returned. The Chairman of the Meeting shall have the discretion to waive or extend the proxy deadline without notice.

All Company Shares represented at the Meeting by properly executed proxies will be voted on any matter that may be called for and, where a choice with respect to any matter to be acted upon has been specified in the form of proxy in the Notice Package, the Company Shares represented by the proxy will be voted in accordance with such instructions, with the exception of Limited Voting Shares, which will not be voted in respect of the election for directors of the Board (as defined herein). **In the absence of any such instructions, the persons whose names appear on the printed form of proxy will vote in favour of all the matters set out thereon.**

**The form of proxy contained in the Notice Package confers discretionary authority upon the persons named therein. If any other business or amendments or variations to matters identified in the Notice of Meeting properly comes before the Meeting, then discretionary authority is conferred upon the person appointed in the proxy to vote in the manner they see fit, in accordance with their best judgment.**

As of the date of this Information Circular, the management of the Company knew of no such amendment, variation or other matter to come before the Meeting other than the matters referred to in the Notice of Meeting.

**Legal Proxy — U.S. Beneficial Shareholders**

If you are a Beneficial Shareholder located in the United States and wish to attend, participate or vote at the Meeting or, if permitted, appoint a third party as your proxyholder, in addition to the steps described above, you must obtain a valid legal proxy from your Intermediary. Follow the instructions from your Intermediary included with the legal proxy form and the voting information form sent to you, or contact your Intermediary to request a legal proxy form or a legal proxy if you have not received one. After obtaining a valid legal proxy from your Intermediary, you must then submit such legal proxy to Odyssey.

**INTEREST OF CERTAIN PERSONS IN MATTERS TO BE ACTED ON**

Except as disclosed in this Information Circular, management of the Company is not aware of any material interest of any director or executive officer or any associate or affiliate of any of the foregoing in any matter to be acted on at the Meeting.

**VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF**

The board of directors of the Company (the **"Board"**) has fixed April 28, 2025 as the record date for notice of and for voting at the Meeting (the **"Record Date"**). Shareholders at the close of business on the Record Date are entitled to receive notice of the Meeting and to vote thereat or at any adjournments or postponements thereof on the basis of one vote for each Equity Share held (other than Limited Voting Shares in respect of the election for directors of the Board) and 50 votes for each Multiple Voting Share held, except to the extent that: (i) a Registered Shareholder has transferred the ownership of any Company Shares subsequent to the Record Date; and (ii) the transferee of those Company Shares produces properly endorsed share certificates, or otherwise establishes that he, she or it owns the Company Shares and demands, not later than 10 days before the Meeting, that his, her or its name be included on the list of persons entitled to vote at the Meeting, in which case, the transferee shall be entitled to vote such Company Shares at the Meeting. The transfer books will not be closed. A quorum for the transaction of business at the Meeting is present if two Shareholders who are present in person or represented by proxy and who represent at least 25% of the applicable class or series of shares (and, for greater certainty, where more than one class or series of shares are voting together as is the case at this Meeting, at least 25% of the total issued and outstanding shares of such classes or series) are present.

The authorized capital of the Company is comprised of an unlimited number of (i) Subordinate Voting Shares, (ii) Restricted Voting Shares, (iii) Limited Voting Shares, (iv) Multiple Voting Shares and (v) preferred shares, issuable in series with such terms as are determined by the Board from time to time (**"Preferred Shares"**). As of the Record Date, there were 70,596,691 Equity Shares, 4,754,979 Multiple Voting Shares and no Preferred Shares outstanding.

The Equity Shares are "restricted securities" or "restricted shares", as applicable, within the meaning of such term under applicable Canadian securities laws as (i) there is another class of Company Shares (namely, the Multiple Voting Shares) that carries a disproportionate vote per share relative to each class of Equity Shares, and (ii) the share terms of the Limited Voting Shares contain provisions that nullify certain of the voting rights attributable to the Limited Voting Shares (i.e., the Limited Voting Shares do not have votes in respect of the election of directors of the Company). The Company previously applied for and was granted exemptive relief from, among other applicable securities legislation, the requirements under Part 10 of NI 51-102 *Continuous Disclosure Obligations,* and from the requirements under Part 2 of OSC Rule 56-501 *Restricted Shares,* relating to the use of restricted share terms. The relief was granted pursuant to an order dated June 29, 2021 (the **"Relief Order"**).

As of the Record Date, the Equity Shares represent approximately 22.9% of the voting rights attached to outstanding voting securities of the Company and the Multiple Voting Shares represent approximately 77.1% of the voting rights attached to outstanding voting securities of the Company.

**Principal Holders of Voting Securities**

The following table sets out the information regarding ownership of Company Shares owned by each person who, to the knowledge of the directors and executive officers of the Company, beneficially owns, controls, or directs, indirectly or directly, voting securities of the Company carrying 10% or more of the voting rights attached to any class of voting securities of the Company (with the Equity Shares being deemed to be one class pursuant to the terms of the Relief Order) as of the Record Date.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Number and Type of<br> Shares** | **Type of Ownership** | **Percentage of Issued and<br> Outstanding Shares<sup>(1)(2)</sup>** | **Percentage of Votes<br> Attaching to all<br> Company Shares<sup>(2)</sup>** |
| Kyle Kazan | 2,025,244 Multiple Voting Shares<br> 2,393,740 Equity Shares | Direct and Indirect | 42.6% of the Multiple Voting Shares<br> 3.4% of the Equity Shares | 33.6% |
| Graham Farrar | 1,321,087 Multiple Voting Shares<br> 1,672,583 Equity Shares | Direct and Indirect | 27.8% of the Multiple Voting Shares<br> 2.4% of the Equity Shares | 22.0% |
| Jamie Rosenwald | 819,406 Multiple Voting Shares<br> 2,387,185 Equity Shares | Direct and Indirect | 17.2% of the Multiple Voting Shares<br> 3.4% of the Equity Shares | 14.1% |
| Jocelyn Rosenwald | 564,523 Multiple Voting Shares<br> 530,027 Equity Shares | Direct and Indirect | 11.9% of the Multiple Voting Shares <br> 0.7% of the Equity Shares | 9.3% |

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**Notes:**

(1) Represents the beneficial ownership percentage of the applicable class of shares.

(2) Total voting percentages differ from beneficial ownership percentages because the Multiple Voting Shares
carry 50 votes per share compared to one vote per share for Equity Shares.

**BUSINESS TO BE TRANSACTED AT THE MEETING**

The following items of business will be transacted at the Meeting. ***All resolutions that the Shareholders will be asked to vote upon at the Meeting in connection with seeking approval of such items of business, except for the approval of the Performance Awards and Share Reserve Increase (each as defined herein), must be passed by a simple majority of the votes cast by Shareholders at the Meeting, in person or by proxy. The approval of the Performance Awards and Share Reserve Increase must be passed by a simple majority of the votes case by Shareholders at the Meeting, in person or by proxy, excluding Shareholders who are also Recipients (as defined herein).***

**Receive the Financial Statements**

The audited financial statements of the Company for the financial year ended December 31, 2024 and the report of the auditor thereon will be received at the Meeting. The financial statements are available on SEDAR+ at <u>www.sedarplus.ca</u> and are posted on the Company's website at <u>https://ir.glasshousebrands.com/agm/</u>.

**Election of Directors**

The term of office for each director is from the date of the Meeting at which he or she is elected until the next following annual meeting or until his or her successor is elected or appointed, unless they resign or are removed by the Shareholders prior thereto. At the Meeting, a board of eight directors will be proposed for election, and Shareholders will be asked to approve the election of each such director. Management has been informed that each of the proposed nominees listed below is willing to serve as a director if elected. **Absent contrary instructions, proxies given pursuant to this solicitation by the management of the Company will be voted "FOR" the election of each of the proposed nominees as directors of the Company to hold office until the next annual meeting of Shareholders.** As the Company is currently majority controlled by its founders who hold 100% of the Multiple Voting Shares (in addition to Equity Shares), it is exempt from having to adopt a majority voting policy under the rules of Cboe Canada Inc. **("Cboe Canada").** However, notwithstanding the foregoing, the Company follows a majority voting approach for the election of its directors such that, in order to be effective, the election of each individual director must be approved by a majority of votes (at least 50% plus one) cast by Shareholders who vote in person or by proxy at the Meeting.

The articles of the Company (the **"Articles")** contain an advance notice provision pertaining to the Shareholders (who meet the necessary qualifications outlined in the Articles) seeking to nominate candidates for election as directors at any annual meeting of the Shareholders, or for any special meeting of Shareholders if one of the purposes for which the special meeting was called was the election of directors (the **"Advance Notice Provisions").** Pursuant to the Advance Notice Provisions, any additional director nominations for the Meeting must be received by the Company in compliance with the Advance Notice Provisions no later than the close of business on May 21, 2025, being 30 days prior to the date of the Meeting.

The following table sets forth certain information regarding the nominees, their respective positions with the Company, present principal occupations, the period(s) during which they have served as a director of the Company and the approximate number of Equity Shares, Multiple Voting Shares and/or exchangeable shares in the capital of the Company's subsidiary MPB Acquisition Corp.<sup>(1)</sup> (the **"Exchangeable Shares"),** beneficially owned by them, directly or indirectly, or over which control or direction is exercised by them as of the Record Date.

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Name and Residence** | **Position held with**<br>**the Company** | <br>**Director Since** | <br>**Principal Occupation** | **Company Shares and <br> Exchangeable Shares<sup>(1)</sup> Beneficially <br> Owned Directly or Indirectly or <br> over which Control or Direction is**<br>**Exercised<sup>(6)</sup>** |
| Kyle Kazan<sup>(2)</sup> California, United States | Chairman, CEO and Director | June 29, 2021 | Chief Executive Officer, GH Group, Inc. (**"GH Group**") | 2,393,740 Equity Shares<br> 2,025,244 Multiple Voting Shares<br> 2,166,863 Exchangeable Shares |
| Graham Farrar<sup>(2)</sup> California, United States | President and Director | June 29, 2021 | President, GH Group | 1,672,583 Equity Shares<br> 1,321,087 Multiple Voting Shares<br> 306,563 Exchangeable Shares |
| Hector De La Torre<sup>(4)</sup> <br> California, United States | Director | July 15, 2024<sup>(5)</sup> | Chief Business Development Officer and Head of National Wholesale and Purchasing at AYR Wellness | 52,048 Equity Shares |
| Humble Lukanga<sup>(3)</sup> California, United States | Director | June 29, 2021 | Chief Executive Officer and Founder, Life Line Financial Group | 70,653 Equity Shares<br> 179,779 Exchangeable Shares |
| Jocelyn Rosenwald<sup>(3)</sup> California, United States | Director | June 29, 2021 | Director of Acquisitions and Asset Management, Beach Front Property Management | 530,027 Equity Shares <br> 564,523 Multiple Voting Shares |
| George Raveling<sup>(4)</sup><br> California, United States | Director | June 29, 2021 | Self-Employed Consultant, Coaching for Success | 52,088 Equity Shares |
| Yelena Katchko<sup>(3)(4)</sup> California, United States | Director | November 7, 2023 | Partner, Katchko, Vitiello & Karikomi, PC | 22,878 Equity Shares |
| John Nichols Jr.<br> Florida, United States | Director | May 20, 2024 | Insurance and Reinsurance Executive (Retired) | 16,186 Equity Shares |

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**Notes:**

(1) The voting securities of MPB Acquisition Corp. consist of Class
A common shares and the Exchangeable Shares. As of the Record Date, the Company holds all of the Class A common shares of MPB Acquisition
Corp., entitling the Company to approximately 76.27% of the votes attached to all voting securities of MPB Acquisition Corp., and the
holders of Exchangeable Shares are entitled to the remaining 23.73% of the votes attached to the voting securities of MPB Acquisition
Corp. The Exchangeable Shares entitle the holders thereof to rights that are comparable (without taking into account tax consequences)
to those rights attaching to the Equity Shares, except that the aggregate voting power of the Exchangeable Shares will not exceed 49.9%
of the total voting power of all classes of shares of MPB Acquisition Corp. The Exchangeable Shares are exchangeable at any time, on
a one-for-one basis, for Equity Shares, at the option of the holder, subject to certain contractual lockup restrictions. Until a holder's
Exchangeable Shares are exchanged for the applicable Equity Shares, holders of Exchangeable Shares do not have the right to vote at the
Company's Shareholder meetings; they only have voting rights in MPB Acquisition Corp. Readers are referred to the Company's
Annual Information Form dated March 25, 2025 for further information concerning the Exchangeable Shares, available on SEDAR+ at <u>www.sedarplus.ca</u>.

(2) Messrs. Kazan and Farrar and their respective affiliates hold securities of the Company carrying 10% or
more of the voting rights attached to all voting securities of the Company, please see *"Voting Securities and Principal Holders Thereof—Principal Holders of Voting Securities".* 

(3) Member of the Audit Committee of the Board (the **"Audit Committee").** Ms. Rosenwald is
the Chair of the Audit Committee.

(4) Member of the Compensation, Nomination and Corporate Governance Committee of the Board (the **"CN&CG Committee").** Mr. De La Torre is the Chair of the CN&CG Committee.

(5) Mr. De La Torre was first appointed as a director of the Board on June 29, 2021 and resigned on July 13,
2023. Mr. De La Torre was reappointed as a director of the Board on July 15, 2024.

(6) The information as to the number of Company Shares beneficially owned or over which control or direction
is exercised has been furnished by the respective nominee.

**Biographies**

The following are brief profiles of the proposed directors of the Company.

***Kyle Kazan, Co-Founder, Chairman and Chief Executive Officer***

Kyle Kazan is a seasoned investor and expert manager of private equity funds with over two decades of domestic and international experience and has a track record of growing de novo companies to industry leadership in the fields of fund/asset management, property management and insurance. In 1991, Mr. Kazan began investing in real estate, eventually launching a total of 23 private equity funds. He also served on the boards of multiple international investment and hedge funds before pivoting in 2016 to the regulated cannabis industry, where he closed four funds and consolidated them to form the Company. Since his early service as a special education teacher and law enforcement officer, Mr. Kazan has been a vocal advocate for police reform and ending the War on Drugs and its injustices, speaking on behalf of Law Enforcement Against Prohibition (LEAP) and appearing in many media outlets ranging from CNN to Fox. Mr. Kazan is a frequent guest professor at NYU Stern School of Business, USC Marshall Business School, and UCLA Anderson School of Management, and he is a graduate of the University of Southern California, where he played varsity basketball for Hall of Fame Coach George Raveling.

***Graham Farrar, Director and President***

Graham Farrar is a serial entrepreneur who began his career as part of the original team at Software.com, taking the company public in 1999. Shortly thereafter, he served on the board of Seacology and was part of the founding team at Sonos, where he was involved with product design, development, sales, and customer support. After Sonos, Mr. Farrar served as a board member for Heal the Ocean, was a founder and partner of e-book publishers iStoryTime Inc. and Zuuka and founded a Santa Barbara luxury rental company. He first ventured into the regulated cannabis industry by founding Elite Garden Wholesale, an agriculture technology company focused on developing products for the hydroponics industry. Mr. Farrar currently sits on the board of directors of The Santa Barbara Bowl Foundation.

***Humble Lukanga, Director***

Humble Lukanga is the Founder and Chief Executive Officer of Life Line Financial Group, a wealth management firm servicing some of the best-known performers and leaders in business, sports and entertainment. He is also the Trustee of the University of New Mexico and a board member of several companies and foundations. Mr. Lukanga was named to The Hollywood Reporter's Top Business Managers list for 3 years running and New Mexico Business Weekly's "Top 40 Under 40". He has a B.A. and M.B.A. from the University of New Mexico, is a certified CFP and has a Personal Finance Planning degree from UCLA.

***Jocelyn Rosenwald, Director***

Jocelyn Rosenwald began her career as a Teach For America Corps member in New York City. In 2011, she became a founding teacher at KIPP Star Elementary School and quickly became a teacher leader. She began her career in real estate investment in 2013 with Beach Front Properties LLC and managed a $500 million portfolio of opportunistic real estate investments. In November of 2016, Ms. Rosenwald began supervising the operations of 4 funds in the regulated cannabis industry which would eventually be consolidated to form the Company. She holds a B.A. from the University of Pennsylvania, an M.A. in Education from Hunter College, and an M.B.A. from UCLA Anderson School of Business.

***George Raveling, Director***

George Raveling was the first African American basketball coach in the Pac-8 (now Pac-12), the head coach at Washington State University, the University of Iowa and USC, and the assistant coach of the medal-winning 1984 and 1988 U.S. Olympic teams. He was also a former Director of International Basketball at Nike and a former commentator for Fox Sports and CBS. Mr. Raveling was inducted into Naismith Memorial Basketball Hall of Fame, National Collegiate Hall of Fame, and was a recipient of John W. Bunn Lifetime Achievement Award. He is the author of two books and is a co-founder of The Daily Coach leadership program. Mr. Raveling has a B.S. in Economics from Villanova University, where he is also inducted into the Villanova Hall of Fame.

***Yelena Katchko, Director***

Yelena Katchko is an attorney and a founding partner of Katchko, Vitiello & Karikomi, PC, (KVK) a well-regarded law firm located in Los Angeles, California with an authentic and deep-rooted presence in the local cannabis industry. At the helm of KVK's cannabis practice group, Ms. Katchko handles intricate transactional, commercial, licensing, and regulatory compliance matters within the cannabis sphere. Ms. Katchko began representing medicinal cannabis clients in the City of Los Angeles in 2010 and has become one of the industry's most recognized names. Her experience includes involvement in shaping the Medicinal and Adult Use cannabis regulations in both the City of Los Angeles and the State of California through her expansive professional network, pro bono affiliations, local alliances and engagements in town halls. In particular, Ms. Katchko was integral to the city-wide resolution of City of Los Angeles v. 420 Grand et al. which provided a framework for Proposition D's limited immunity and, later, Measure M's priority licensure. She has developed significant experience in local government matters by being a key part of discussions with officials on the constantly changing cannabis regulatory landscape and by working closely with policymakers to advocate on behalf of her clients. In addition to her professional commitments, Ms. Katchko serves as the Vice Chair of Programming for the Los Angeles County Bar Association – Cannabis Section and as affiliate counsel for the United Cannabis Business Association (UCBA), a statewide trade association built by the leaders of the California cannabis industry.

***John Nichols, Jr., Director***

John Nichols, Jr. is an innovative leader with substantial expertise in growing and transforming companies that have strong regulatory oversight. An accomplished insurance and reinsurance executive, Mr. Nichols has more than four decades of experience in corporate strategy, operations and finance. Most recently, Mr. Nichols served as Chairman of the Board and Interim CEO – by request of the board – at Protective Insurance Company, where he oversaw the acquisition of the company by Progressive Insurance Company. Prior to that, he was the CEO of Axis Reinsurance Ltd. Before this, Mr. Nichols spent 15 years at RenaissanceRe Holdings Ltd, eventually serving as President of RenaissanceRe Ventures. After having joined as the Controller in 1995, Mr. Nichols spearheaded the company's growth via strategic acquisitions and accessing third party capital through joint ventures. He also previously held senior executive and fmancial reporting positions at Hartford Steam Boiler and Monarch Life Insurance Company, and at the leading international forensic accounting firm, Matson, Driscoll & Damico.

***Hector De La Torre, Director***

Hector De La Torre is the Executive Director of the Gateway Cities Council of Governments. He is also an appointed member of the California Air Resources Board (CARB), the state regulatory agency for air pollution and climate change policy; and a trustee at his alma mater Occidental College in Los Angeles. He served in the California State Assembly from 2004 to 2010, representing the largely Latino 50th District in southeast Los Angeles County. He chaired the Budget Subcommittee on Health and Human Services, the Rules Committee and helped create and chair the Accountability and Administrative Review Committee during his tenure. Mr. De La Torre also served as the Executive Director of the nonprofit Gasol Foundation focused on children's wellness, and for the national non-profit Transamerica Center for Health Studies. Prior to his service in the Assembly, Mr. De La Torre served as Mayor and as a member of the South Gate City Council, Judicial Administrator in the LA Superior Court, chief of staff to the Deputy Secretary of Labor in the Clinton Administration, and a teacher at Edison Junior High in south Los Angeles.

Mr. De La Torre received his bachelor's degree in Diplomacy and World Affairs from Occidental College and attended the Elliot School of International Affairs at The George Washington University.

**Corporate Cease Trade Orders or Bankruptcies**

To the knowledge of the Company, no director or proposed director of the Company has been, at the date hereof or within the last 10 years: (a) a director, chief executive officer or chief financial officer of any company that, while that person was acting in that capacity, (i) was the subject of a cease trade or similar order or an order that denied the company access to any exemption under securities legislation, for a period of more than 30 consecutive days, or (ii) was the subject of an event that resulted, after that person ceased to be a director or chief executive officer or chief financial officer, in the company being the subject of such an order; or (b) a director or executive of a company that, while that person was acting in that capacity or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets.

***Personal Bankruptcies***

To the knowledge of the Company, no director or proposed director of the Company has, within the 10 years before the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director or executive officer.

***Penalties or Sanctions***

To the knowledge of the Company, no director or proposed director of the Company has been subject to (a) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in making an investment decision.

**Appointment of Auditor**

Macias Gini & O'Connell LLP is the auditor of the Company, and was first appointed auditor on June 29, 2021. At the Meeting, Shareholders will be asked to re-appoint Macias Gini & O'Connell LLP as auditor of the Company to hold office until the next annual meeting of Shareholders or until a successor is appointed, and to authorize the directors to fix the auditor's remuneration.

**Absent contrary instructions, proxies given pursuant to this solicitation by the management of the Company will be voted "FOR" the appointment of Macias Gini & O'Connell LLP as the auditor of the Company to hold office until the next annual meeting of Shareholders or until a successor is appointed and the authorization of the directors to fix the remuneration of the auditor.**

**Approval of Performance Awards to the NEOs and a One-Time Fixed Increase to the Share Reserve Under the Equity Incentive Plan**

On May 15, 2025 (the **"Grant Date"),** subject to Disinterested Shareholder (as defined herein) approval at the Meeting and applicable exchange approvals, the Board granted to each of Kyle Kazan, the Chairman and Chief Executive Officer, Graham Farrar, the President, Mark Vendetti, the Chief Financial Officer, Hilal Tabsh, the Chief Revenue Officer, and Benjamin Vega, the General Counsel and Corporate Secretary, respectively, of the Company, all of whom are NEOs (each, a **"Recipient")** certain performance-based restricted stock units **("RSUs")** that vest only if the Company achieves certain share price milestones (the **"Performance Awards").** The Performance Awards are designed to provide the Recipients with incentives linked to significant long-term Shareholder value creation. The Performance Awards are in addition to any future grants under the Company's ongoing equity incentive plan last approved by the Shareholders on June 21, 2024, as amended from time to time (the **"Equity Incentive Plan").**

The Board's primary objective in granting the Performance Awards is to enable the Company to continue to grow its business, improve its financial and operating performance, and pursue its mission to responsibly and sustainably lead the global cannabis industry, all of which would facilitate the creation of extraordinary Shareholder value.

The Disinterested Shareholders are being asked at the Meeting to approve the Performance Awards and a related one-time, fixed number increase to the rolling 10% share reserve under the Equity Incentive Plan to give effect to the number of shares issuable under the Performance Awards (the **"Share Reserve Increase").** The Performance Awards will be immediately and automatically forfeited following the Meeting if the majority of the voting power held by the Disinterested Shareholders does not approve the Performance Awards. The key reasons the Board recommends that the Disinterested Shareholders approve the Performance Awards, include:

&nbsp;&nbsp;&nbsp;&nbsp;· Motivating the Recipients to enable the Company to continue to grow and pursue its mission to responsibly
and sustainably lead the global cannabis industry by linking each Recipient's compensation to share price milestones that would generate
extraordinary value for Shareholders, thereby incentivizing the continued and long-term alignment of each Recipient's interests with the
Company's interests and those of the other Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;· Providing each Recipient with challenging performance goals to incentivize their continued involvement
as active leaders in the Company over the long-term, which the Board believes is critical to the Company's long-term growth and share
price performance;

&nbsp;&nbsp;&nbsp;&nbsp;· Providing the Recipients with continued inspiration for innovation over the long-term and as a catalyst
for the achievement of the Company's long-term strategic and financial objectives, including continuing to grow the Company into one of
the world's leading cannabis companies, with share price performance serving as the key indicator of such achievement.

To facilitate the grant of the Performance Awards, the Board is also asking the Disinterested Shareholders to approve at the Meeting the Share Reserve Increase.

**THE BOARD UNANIMOUSLY RECOMMENDS THAT THE DISINTERESTED SHAREHOLDERS VOTE "FOR" THE APPROVAL OF THE PERFORMANCE AWARDS AND THE SHARE RESERVE INCREASE.**

**Background**

The Company is mission-driven, focused on delivering the best value to its customers and Shareholders alike. The Company employs a vertically integrated model, encompassing greenhouse cultivation, manufacturing, brand-building, and retail operations, which allows the Company to maintain control over product quality and distribution, ensuring a consistent and sustainable supply chain. The Company has invested in expanding its greenhouse facilities, aiming to produce 250,000 pounds of high-quality sun-grown cannabis annually. The Company aims to solidify its position as a leading cannabis company in California, delivering exceptional products while fostering community well-being and environmental stewardship.

The California cannabis market is widely considered the most challenging cannabis market globally due to high taxation and steep competition from the illicit market. Despite this, through the Company's emphasis on cost control and operational efficiency, it is leading the industry in cost per pound of cannabis produced and is one of the few profitable businesses in a generally unprofitable market. The Company currently operates six large greenhouse facilities, operating at 40% capacity with a mission to reach full capacity in the next three years. The Board believes that with the proper vision, leadership, and execution, the Company can become one of the world's leading cannabis companies.

With these goals in mind, in late September 2024 the Board began preliminary discussions about how to continue to incentivize the Recipients to lead the Company through its next phase of development, capitalize on a period of anticipated industry growth and disruption, and deliver outsized returns to all Shareholders. For the reasons set out above, the Board felt that equity awards linked to clear and transparent performance goals were the appropriate compensation mechanism to pursue.

In early 2025, the Board determined that it was in the best interests of the Company to appoint a special committee of the Board comprised of independent members of the Board (the **"Special Committee").** The mandate of the Special Committee was to develop and assess the efficacy of granting such awards, including its risks and alternatives, and to ensure that the grant of such awards to the Recipients would be in the best interests of the Company and if the Special Committee so determined, to consider and review the terms of the Performance Awards. The Special Committee is comprised of Hector De La Torre (Chair), Humble Lukanga, and Yelena Katchko.

The Special Committee retained an independent compensation consultant, Hugessen Consulting Inc. **("Hugessen")** to advise it together with Bennett Jones LLP and Venable LLP, the Company's external Canadian and U.S. legal counsel, respectively. In developing the Performance Awards, the Special Committee solicited advice from Hugessen on market best practices when designing special equity-based awards. The Special Committee also obtained advice from Bennett Jones LLP on relevant legal matters, including the Performance Awards being exempt under Multilateral Instrument 61-101 — *Protection of Minority Security Holders in Special Transactions* from the related party transaction provisions therein. The Special Committee negotiated the terms of the Performance Awards with the Recipients. In conjunction with designing the Performance Awards, the Special Committee determined that it was in the best interests of the Company to adopt a clawback policy (the **"Clawback Policy"),** whereby any proceeds received by Recipients under the Performance Awards would be clawed back in the event of certain financial restatements.

**The Board and Special Committee recommend that the Disinterested Shareholders approve the Performance Awards and the Share Reserve Increase for the following reasons:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Strengthening Incentives and Further Aligning of Shareholder, Company and Recipient Interests* 

The Board and Special Committee believe in rewarding the Recipients in a way that is consistent with other comparable growth companies by providing certain compensation to them if, and only if, all other Shareholders realize significant value.

Each Recipient's receipt of any benefit from his Performance Award will be dependent on the Recipient leading the Company to achieve challenging milestones, requiring the share price to reach a minimum of $30.00 (based on the volume weighted average price over the trading days in the 90-day period ending on the last day of any fiscal quarter during the performance period) (for reference, the closing price per share was $6.51 on May 14, 2025) and then to continue to increase its share price performance in 5% increments thereafter, up to $60.00 per share (based on the volume weighted average price over the trading days in the 90-day period ending on the last day of any fiscal quarter during the performance period) to achieve full vesting. Under the Performance Awards, if these 'stretch' share price targets are achieved, all Shareholders will benefit, with the value of the equity growing meaningfully with each share price target achievement. Moreover, in contrast to the Recipients' rights under the Performance Awards, which require each share price target to be met in full in order for the Recipient to receive any vesting of the corresponding tranche of such Performance Award, the Shareholders will realize the real-time benefit of any increases in the Company's share price that may fall short of the specific share price target for a specific tranche of such Performance Award. Finally, the Performance Awards create even more Shareholder alignment by incorporating deferred settlement requirements.

As such, the Board and Special Committee believe this award is a "pay-for-performance" compensation program that directly aligns each Recipient's interests with the interests of the Shareholders, including the Disinterested Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Encouraging Recipient Retention* 

The Board and Special Committee believe that having the Recipients remain meaningfully engaged and active with the Company is central to the achievement of the long-term vision and continued growth of the business and the share price. The Board and Special Committee fully recognize that the Company has many valuable employees who have been an important part of the Company's success. However, the Board and Special Committee believe that the Recipients' leadership has been instrumental in the successes to this point, including the Company's significant increase in revenue from approximately $40 million in 2020 to $200 million in 2024.

The Board and Special Committee believe that maintaining the continued focus and leadership of these Recipients can propel the Company to fulfill the most ambitious, visionary goals, capitalize on a period of anticipated cannabis industry growth and disruption, and deliver outsized returns to all Shareholders.

Additionally, to further tie the Recipients' compensation under the Performance Awards to their continued full engagement with the Company over the long-term, each Recipient generally must remain in primary leadership positions with the Company through the date the applicable time-based vesting requirements (as described below) are satisfied. This encourages the Recipients to continue to lead the management and growth of the Company. See *Summary of the Performance Awards — Vesting in General* for a description of the performance-based and time-based vesting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.* *Promoting the Achievement of the Company's Current and Future Strategic and Financial Objectives* 

The Board, and Special Committee believe that the presence of a challenging and rewarding performance reward is instrumental in motivating the Recipients to lead the Company to meaningful share price growth, to a price of $30.00 per share as the first step, and potentially to $60.00 per share over time to achieve full vesting. (For reference, the closing price per share was $6.51 on May 14, 2025.) By tying the vesting of the Performance Awards to specific and substantial increases in Company share price, the Board and Special Committee believe that the Recipients are fully incentivized to lead the Company through its crucial next phase, capitalize on a period of anticipated cannabis industry growth and disruption, and deliver outsized returns to all Shareholders.

The first share price target represents an approximately 460% increase from the share price as at May 14, 2025, which the Special Committee believes ensures that share price hurdles are challenging enough to sufficiently incentivize the continued exceptional performance of the Recipients. Notably, based on the Company's current share count (as-converted and non-diluted), vesting of the Performance Awards would require an approximately $3 billion to $6 billion increase in the Company's market capitalization.

In addition to the achievement of the Company share price targets, the Performance Awards are subject to additional, time-based vesting requirements. See *Summary of the Performance Awards — Vesting in General* for a description of the performance-based and time-based vesting requirements.

**Vote Required**

In accordance with best governance practices, the Performance Awards are subject to approval by the holders of a majority of the voting power of all issued and outstanding Company Shares entitled to vote on the Performance Awards, as of the record date and voting as a single class, excluding those Company Shares owned of record or beneficially, directly or indirectly, by Recipients and their respective affiliates (the **"Disinterested Shareholders").** For purposes of this proposal, any abstentions will have the same effect as a vote against this proposal and broker non-votes will have no effect.

The Board is asking the Disinterested Shareholders to vote their shares "FOR" the Performance Awards and the Share Reserve Increase.

**Summary of the Performance Awards**

The following description is a summary of the material provisions of the Performance Awards. Each Performance Award is subject to the same terms and conditions, except for the definition of "continued eligible service" as noted below. This description does not purport to summarize all of the terms of, and is qualified in its entirety by, the full text of the applicable performance award agreement (each, a **"Performance Award Agreement").**

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| | |
|:---|:---|
| **Award Terms** | **Details** |
| **Date of Grant** | May 15, 2025 |
| **Performance Award Size/ Value** | Total size of Performance Awards: 3,000,000 performance based RSUs with 3,000,000 Company Shares, in the aggregate, underlying such RSUs, which represents approximately 3.8% of total issued and outstanding Company Shares as of May 14, 2025, the day prior to the Grant Date. |
| **Equity Type** | Performance-based RSUs. |
|  | Each Performance Award was granted under the Equity Incentive Plan, conditional on a fixed number of shares that were additive to the current rolling 10% share reserve being approved by the Disinterested Shareholders. |
| ***Vesting in General*** | The Company Shares subject to the Performance Awards must meet both time-based and performance-based vesting requirements. The time-based vesting occurs on the third (3<sup>rd</sup>) anniversary of the Grant Date and requires the Recipient to remain in the eligible service of the Company through that time, subject to the provisions described below relating to disability or death and change of control. The performance-based vesting can be achieved at any point within the five (5)-year performance period. Any Performance Awards that vest prior to the fourth (4<sup>th</sup>) anniversary of the Grant Date (subject to meeting time and share price performance requirements) will settle out 50% on the fourth (4<sup>th</sup>) anniversary of the Grant Date, and 50% on the fifth (5<sup>th</sup>) anniversary of the Grant Date. Any additional Performance Awards that vest between the fourth (4<sup>th</sup>) and fifth (5<sup>th</sup>) anniversary of the Grant Date will settle 100% on the fifth (5<sup>th</sup>) anniversary of the Grant Date. |
|  | Each of the thirteen share tranches of each Performance Award will vest upon the later of (x) achievement of the share price target for such tranche (described below) on or before the expiration of the Performance Award on May 15, 2030 and (y) the satisfaction of the time-based vesting requirements applicable to the Performance Award, conditional upon the applicable Recipient's continued eligible service for three years following the Grant Date (subject to certain limited exceptions described herein). |

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| | |
|:---|:---|
| ***Performance-Based Vesting/Targets*** | The Performance Awards shall become eligible to vest in thirteen share tranches based on the achievement of the following share price targets: |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Tranche Number** | **Percentage of<br> Performance Award<br> Earned** | **Cumulative Number of<br> Shares\*** | **Share Price <br> Targets** |  |
| 1 | 40% | 1,200,000 Shares | $30.00 |  |
| 2 | 45% | 1,350,000 Shares | $32.50 |  |
| 3 | 50% | 1,500,000 Shares | $35.00 |  |
| 4 | 55% | 1,650,000 Shares | $37.50 |  |
| 5 | 60% | 1,800,000 Shares | $40.00 |  |
| 6 | 65% | 1,950,000 Shares | $42.50 |  |
| 7 | 70% | 2,100,000 Shares | $45.00 |  |
| 8 | 75% | 2,250,000 Shares | $47.50 |  |
| 9 | 80% | 2,400,000 Shares | $50.00 |  |
| 10 | 85% | 2,550,000 Shares | $52.50 |  |
| 11 | 90% | 2,700,000 Shares | $55.00 |  |
| 12 | 95% | 2,850,000 Shares | $57.50 |  |
| 13 | 100% | 3,000,000 Shares | $60.00 | +\*\* |

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| |
|:---|
| \*The number of tranche shares and share price targets are subject to adjustment pursuant to the terms of the Equity Incentive Plan and/or the terms of each Performance Award Agreement. For example, in the event of a share split or consolidation, the number of tranche shares and share price targets would be appropriately adjusted to reflect the impact of the split. |
| \*\*This represents an approximately 920% increase from the closing price of the Company Shares the May 14, 2025. |
| If none of the thirteen share price targets are achieved, no shares subject to the Performance Awards will vest. To satisfy a share price target, the volume weighted average price over the trading days in the 90-day period ending on the last day of a fiscal quarter during the performance period (following the Grant Date) must equal or exceed the share price target and will thus require sustained share price appreciation to be met. The share price target must be achieved in full in order for the shares subject to the applicable tranche to become eligible to vest, with no linear interpolation of achievement of share price targets. |

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| | |
|:---|:---|
|  | The period during which the share price targets may be achieved begins with the Grant Date and ends on the fifth anniversary of the Grant Date (or, if earlier, upon a change of control as described below). Therefore, no credit is given for performance of the share price prior to the Grant Date. |
|  | For a tranche of a Performance Award to become eligible to vest, the Recipient must remain in "continued eligible service" until May 15, 2028, subject to certain limited exceptions described herein. |
| ***Time-Based Vesting Requirements*** | The shares subject to the Performance Awards must meet the time-based vesting requirements on the third anniversary of the Grant Date, with a deferred payout occurring in the fourth (4<sup>th</sup>) and fifth (5<sup>th</sup>) years following the Grant Date subject to achievement of the share price targets, as described above under "Vesting in General". |
|  | Performance Awards will vest upon a change of control that occurs at a price satisfying the performance-based vesting criteria, regardless of whether the time-based vesting requirements are satisfied. |
| ***Continued Eligible Service Requirement*** | "Continued eligible service" means that, during the first three (3) years following the Grant Date, Mr. Kazan must remain the full-time CEO, Mr. Farrar must remain the full-time President, Mr. Vendetti must remain the full-time CFO, Mr. Tabsh must remain the full-time CRO, and Mr. Vega must remain the full-time General Counsel of the Company or in another C-Suite position in the Company if a change in position is approved, and the new role's status as a "C-Suite" position is confirmed, by the then-current CN&CG Committee or the independent members of the Board. |
| ***Termination of Continued Eligible Service*** | There is no vesting acceleration upon termination of continued eligible service. In other words, except with respect to a Recipient's death or disability (as described below), cessation of a Recipient's continued eligible service with the Company will preclude that Recipient's ability to earn any then-unvested portion of the Performance Award following the date of his or her cessation of continued eligible service, except if such cessation of continued eligible service occurs upon a change of control pursuant to which such Performance Awards would otherwise vest. |
| ***Termination due to Death or Disability*** | If a Recipient's continued eligible service ends prior to the third (3<sup>rd</sup>) anniversary of the Grant Date due to death or disability, his Performance Award will remain outstanding and eligible to vest based on the achievement of share price targets for up to 24 months following the termination date of that Recipient's continued eligible service. |

---

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| | |
|:---|:---|
| ***Change of Control of the Company*** | The provisions of the Equity Incentive Plan that provide for full acceleration of unvested awards in certain instances where the successor does not assume or substitute for awards in a merger or change of control will not apply to the Performance Awards. |
|  | Performance Awards will vest upon a change of control that occurs at a price satisfying the performance-based vesting criteria, regardless of whether the time-based vesting requirements are satisfied. To the extent vested based on such share price, the Performance Awards will be settled upon closing of the transaction. To the extent not vested based on such share price, the Performance Awards will be forfeited. |
| ***Clawback*** | The Performance Awards (including any proceeds, gains, or other economic benefit received by the Recipient from any subsequent sale of shares resulting from the exercise of the Performance Award) will be subject to clawback as may be required under the Company's Clawback Policy. |

---

*Non-transferability.*

The Performance Awards may not be transferred in any manner other than by will or the laws of descent or distribution.

*Other Terms.*

**Performance Awards Benefits**

The following table sets forth the aggregate number of Company Shares subject to the Performance Awards, to all of the NEOs, as a group.

---

| | | |
|:---|:---|:---|
| **Name of Individual or Group and <br> Position** | **Number of Shares Subject to <br> Performance Awards** | **Percent of Performance Awards per <br> Recipient** |
| Kyle Kazan<br> *Chairman and Chief Executive Officer* | 750000 | 25% |
| Graham Farrar <br> *President* | 600000 | 20% |
| Mark Vendetti<br> *Chief Financial Officer* | 570000 | 19% |
| Hilal Tabsh<br> *Chief Revenue Officer* | 540000 | 18% |
| Benjamin Vega<br> *General Counsel and Corporate Secretary* | 540000 | 18% |

---

**Consideration of Other Business**

Following the conclusion of the former business to be conducted at the Meeting, we will consider such other business, if any, that may properly come before the Meeting or any adjournment(s) thereof. As at the date hereof, management of the Company is not aware of any amendments or variations to matters identified in the Notice of Meeting or other matters that may properly come before the Meeting, other than those mentioned in said Notice of Meeting.

**STATEMENT OF EXECUTIVE COMPENSATION**

The purpose of this Statement of Executive Compensation is to provide information about the Company's philosophy, objectives and processes regarding executive compensation. This disclosure is intended to communicate the compensation provided to each of the Chief Executive Officer **("CEO"),** the Chief Financial Officer **("CFO"),** and the three next most highly compensated executive officers of the Company, if any, whose individual total compensation was more than C$150,000 for the year ended December 31, 2024 (collectively, the **"Named Executive Officers"** or **"NEOs"),** and to the directors of the Company. During the year ended December 31, 2024, the Named Executive Officers of the Company were Kyle Kazan, Chairman and CEO, Mark Vendetti, CFO, Graham Farrar, President, Hilal Tabsh, Chief Revenue Officer and Benjamin Vega, General Counsel and Corporate Secretary.

Unless otherwise indicated, all references to "dollars", "$" or "US$" in this section, and elsewhere in this Information Circular, refer to United States dollars which is the Company's reporting currency.

**Compensation Discussion and Analysis**

***Compensation Philosophy and Objectives***

The Company operates in a dynamic and rapidly evolving market. To succeed in this environment and to achieve business and financial objectives, the Company needs to attract, retain and motivate a highly talented team of executive officers. The Company expects the team of executive officers to possess and demonstrate strong leadership and management capabilities, as well as foster the Company's culture, which is at the foundation of its success and remains a pivotal part of its everyday operations.

The Company's executive officer compensation program is designed to achieve the following objectives:

· provide market competitive compensation opportunities in order to attract and retain talented, high performing
and experienced executive officers, whose knowledge, skills and performance are critical to the Company's success;

· motivate the Company's executive officers to achieve the Company's business and financial objectives;

· align the interests of the Company's executive officers with those of the Company's Shareholders by tying
a meaningful portion of compensation directly to the long-term value and growth of the Company's business;

· balance achieving short-term results and creating long-term sustainable value to Shareholders by providing
incentives that encourage the Company's executive officers to take appropriate levels of risk and that enforce a strong pay for performance
relationship; and

· incentivize Earnings
 Before Interest Taxes Depreciation and Amortization **("EBITDA")** <sup>(1)</sup> targets set by the Company for individuals with responsibility or other related functions,
 for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For all Company executives if EBITDA for the Company, on a consolidated basis, exceeds $55,000,000 for
any three-month period then all executives will have 25% of either: (i) all of their equity incentive plan grants or (ii) the restricted
stock units granted by the Company, excluding the replacement restricted stock units issued in exchange for the cancellation of restricted
stock units of GH Group (the **"Performance RSUs")** previously held on completion of the merger between Mercer Park and
GH Group, Inc. (the **"Business Combination"),** accelerated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain executives will have one or more of the following performance-based targets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If EBITDA for the Company, on a consolidated basis, exceeds $25,000,000 for any three-month period certain
executives will have 16.67% of either (i) all of their equity incentive plan grants or (ii) their Performance RSUs, accelerated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If EBITDA for the Company's consumer packaged goods business, on a consolidated basis, exceeds $23,000,000
for any three-month period certain executives will have 16.67% of either (i) all of their equity incentive plan grants or (ii) their Performance
RSUs, accelerated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If EBITDA from the Company's Camarillo facility, on a consolidated basis, exceeds $31,000,000 for any
three-month period certain executives will have 16.67% of either (i) all of their equity incentive plan grants or (ii) their Performance
RSUs, accelerated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Company completes seven or more mergers and acquisitions or the total acquisition consideration
exceeds $100,000,000 (excluding the Company's transaction with Element 7 and the acquisition of the real estate for the Camarillo facility)
certain executives will have 16.67% of either (i) all of their equity incentive plan grants or (ii) their Performance RSUs, accelerated.

In establishing future compensation, the CN&CG Committee considers, among other things, the Company's previous grants of security-based awards, Company performance over the relevant period and the contribution of award recipients thereto, and the compensation practices of peer group companies. Due to the evolving nature of the Company's industry and the continuing growth of the Company, the CN&CG Committee frequently reviews and updates the peer group for benchmarking purposes.

**Note:**

(1) EBITDA is not a standardized
 financial measure under generally accepted accounting principles in the United States ()"**GAAP** "),
 and is calculated based on Net Loss (being the most directly comparable GAAP financial measure)
 adjusted for interest and financing costs, income taxes, depreciation, and amortization.
 As a non-GAAP financial measure, EBITDA might not be comparable to similar financial measures
 disclosed by other companies. The Company uses this metric to measure its core financial
 and operating performance for business planning purposes. In addition, the Company believes
 investors use both GAAP and non-GAAP financial measures to assess management's past
 and future decisions associated with its priorities and allocation of capital, as well as
 to analyze how the business operates in, or responds to, swings in economic cycles or to
 other events that impact the cannabis industry. This non-GAAP financial measure is intended
 to provide additional information and should not be considered in isolation or as a substitute
 for measures of performance prepared in accordance with GAAP. For further information on
 non-GAAP financial measures, please refer to the Company's managements' discussion
 and analysis of financial conditional and results of operations for the year ended December
 31, 2024 under the heading *"Non-GAAP Financial Measures",* available under
 the Company's profile at <u>www.sedarplus.ca</u> and on the Company's website.

***Elements of Executive Compensation***

The compensation of NEOs of the Company currently includes two main elements: (a) base salary; and (b) long-term equity incentives, which consisted of stock options and restricted stock unit awards during 2024, granted under the Equity Incentive Plan (as defined herein), and any other equity plan that may be approved by the Board from time to time.

Base Salaries

Base salaries are intended to provide an appropriate level of fixed compensation that will assist in employee retention and recruitment. Base salaries will be determined on an individual basis, taking into consideration the past, current and potential contribution to the Company's success, the NEO's experience and expertise, the position and responsibilities of the NEO, and competitive industry pay practices for other high growth, premium brand companies of similar size and revenue growth potential.

Long-Term Incentives

Long-term incentive **("LTI")** compensation awards under the Equity Incentive Plan provide continual motivation for the Company's officers, employees and consultants to achieve business and financial objectives and align their interests with the long-term interests of the Company's Shareholders. The purpose of the LTI program is to promote alignment of interests between employees and Shareholders, and to support the achievement of the Company's longer-term performance objectives, while also promoting long-term retention.

The Company believes that the best method to attract and retain executive talent and to align interests between the Company's Shareholders and the executives is to prioritize share-linked compensation. Such prioritization benefits the Company as it reduces the cash cost of attracting and retaining executives, a valuable benefit given that the sector the Company operates in continues to experience higher costs of capital than comparable businesses operating outside of the cannabis sector. As a result, the Company approved the granting of new long-term equity-backed incentives. All new grants by the Company to executives have a standard three-year vesting schedule with performance based accelerations (excluding those issued as replacement for the cancellation of GH Group equity-based compensation under the Business Combination). For the reasons identified above, the Company has not as of the date of this document, and does not expect in the near term, to pay any bonuses to executives.

***Risks Analysis***

The CN&CG Committee considered risks associated with executive compensation and does not believe that the Company's executive compensation policies and practices encourage its executive officers to take inappropriate or excessive risks. The following compensation program attributes help mitigate risk: (i) NEOs are compensated through the granting of Options and RSUs (each as defined below), which is compensation that is both "at risk" and associated with long-term value creation; (ii) the value of such compensation is dependent upon Shareholder return over the Option and RSU vesting periods; (iii) the compensation program utilizes multiple performance measures; (iv) the CN&CG Committee applies judgement when determining individual payouts; and (v) individual payout caps are applicable, all of which lead to the CN&CG Committee believing that the Company's compensation programs and policies are not likely to lead to excessive risk taking that could have a material adverse effect on the Company.

***Compensation Governance***

The Company's CN&CG Committee is responsible for overseeing the Company's compensation policies, processes and practices. The CN&CG Committee is also responsible for evaluating performance in determining the compensation of the NEOs, and seeks input from the Board to ensure feedback is thorough and robust. The CN&CG Committee also ensures that compensation policies and practices provide an appropriate balance of risk and reward consistent with the Company's risk profile. The Board has established a written charter for the CN&CG Committee setting out its responsibilities for administering the Company's compensation programs and reviewing and making recommendations to the Board concerning the level and nature of the compensation payable to the Company's directors and executive officers.

The members of the CN&CG Committee are Hector De La Torre, Yelena Katchko and George Raveling, all of whom the Board believes have appropriate experience. The CN&CG Committee is chaired by Mr. De La Torre, a veteran public servant who was the Judicial Administrator of the LA Superior Court and chief of staff to the Deputy Secretary of Labor during the Clinton Administration. Ms. Katchko is an attorney and founding partner of KVK where she handles intricate transactional, commercial, licensing and regulatory compliance matters within the cannabis sphere. Mr. Raveling is an accomplished leader and coach who has authored of two books, founded The Daily Coach, and was assistant coach to the medal winning 1984 and 1988 U.S. Olympic basketball teams. All of the members of the CN&CG Committee are independent directors in that they do not have a direct or indirect material relationship with the Company which could, in the view of the Board, reasonably interfere with the exercise of the director's independent judgment. The CN&CG Committee also evaluates its own performance on an annual basis. A copy of the CN&CG Committee Charter can be found on the Company's website at *<u>www.ir.glasshousebrands.com</u>.* 

The CN&CG Committee is tasked with establishing an executive compensation program, which includes any share-based awards, option-based awards or the establishment of any non-equity incentive plans. The terms of any proposed compensation for the directors of the Company who are not also officers of the Company (including any share-based awards or options to be granted) are determined by the CN&CG Committee.

***Insider Trading Policy***

All of the Company's directors, managers, officers and employees, and certain consultants and other individuals, are subject to the Company's insider trading policy (the **"Insider Trading Policy"),** which prohibits trading in the Company's securities while in possession of material undisclosed information about the Company. Under this policy, such individuals are also prohibited from disclosing inside information pursuant to the Insider Trading Policy. Such individuals, including the NEOs are only permitted to trade in the Company's securities during prescribed trading windows. Furthermore, certain individuals, including the NEOs and directors, must pre- clear any proposed trade in securities of the Company with an Insider Trading Policy Administrator to ensure there is no inside information that has not generally been disclosed. A copy of the Insider Trading Policy can be found on the Company's website at *<u>www.ir.glasshousebrands.com.</u>*

***Restrictions on Hedging***

Under the Company's Insider Trading Policy, directors, executives and certain other employees are prohibited from entering into hedging transactions involving the Company's securities, such as short sales, puts and calls.

**Performance Graph**

The following graph shows the Company's cumulative total Shareholder return over the previous five financial years, compared to the Russell Small Cap Completeness Index, Amplify Alterative Harvest ETF and the AdvisorShares Pure US Cannabis ETF (which began trading in September 2020).

![](tm2517105d1_ex99-5img02.jpg)

The Company's executive compensation is largely share-based with a standard vesting schedule that lasts for three years. As a result of using share-based compensation, the performance in share price directly affects the largest portion of the Company's executive compensation as such compensation, for executives present at the time of the Business Combination, included stock options with fixed exercise prices. The result is that the 42% decrease in share price during the above period had the effect of decreasing the value of the total compensation for those executives present at the time of the Business Combination by approximately 40%. The total compensation for the executives who joined the Company after the Business Combination increased by approximately 12% to 27% from the date they joined the Company until the end of the period shown above, which in each case is closely correlated to the change in the Company's share price during the relevant period. In general, there is a strong correlation between the trends shown in the performance graph above and the compensation for executives during the same period or, if applicable, the period since such executive joined the Company. Share price performance, however, is not the only predictor or outcome of the success of our leadership team, especially in the short term. It is one of many considerations that influence our executive compensation decisions, including operational and strategic performance and individual performance.

**Summary Compensation Table**

The following table sets forth the compensation earned by, paid to or awarded to the Company's NEO's for the period from January 1, 2022 to December 31, 2024.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Non-Equity Incentive<br> Plan compensation** | **Non-Equity Incentive<br> Plan compensation** | | | |
| <br>**Name and <br> principal <br> position of <br> NEO** |<br>**Year** |<br>**Salary** |<br>**Share-based<br> awards\*** |<br>**Option-<br> based<br> awards <sup>(7)</sup>** | **Annual<br> incentive<br> plans** | **Long-<br> term<br> incentive<br> plans** |<br>**Pension<br> Value<sup>(1)</sup>** |<br>**All other<br> compensation** |<br>**Total<br> compensation** |
| **Kyle Kazan** | 2024 | $500000 | $3828000 |  |  |  |  |  | $4328000 |
| Chairman, CEO and Director | 2023 | $360000 | $966000 |  | $180000 |  |  |  | $1506000 |
|  | 2022 | $360000 |  |  |  |  |  |  | $360000 |
| **Graham Farrar** | 2024 | $425000 | $4245000 |  |  |  |  |  | $4670000 |
| President and Director | 2023 | $337000 |  |  | $168500 |  |  |  | $505500 |
|  | 2022 | $337000 |  |  |  |  |  |  | $337000 |
| **Mark Vendetti** | 2024 | $400000 | $1552000 |  |  |  |  |  | $1952000 |
| CFO | 2023 | $330000 | $483000 |  | $165000 |  |  |  | $978000 |
|  | 2022 | $330000 | $1149000<sup>(4)</sup> |  |  |  |  |  | $1479000 |
| **Hilal Tabsh<sup>(2)</sup>** | 2024 | $375000 | $2208000 |  |  |  |  | $12000<sup>(9)</sup> | $2595000 |
| Chief Revenue Officer | 2023 | $300000 |  |  | $150000 |  |  | $12000<sup>(9)</sup> | $462000 |
|  | 2022 | $178846 | $1170000<sup>(5)</sup> |  |  |  |  | $51699<sup>(8)</sup> | $1347545 |
| **Benjamin Vege<sup>(3)</sup>** | 2024 | $375000 | $1455000 |  |  |  |  |  | $1830000 |
| General Counsel and | 2023 | $300000 |  |  | $150000 |  |  |  | $450000 |
| Corporate Secretary | 2022 | $46154 | $1044000<sup>(6)</sup> |  |  |  |  |  | $1090154 |

---

**Notes:**

(1) The Company did not have a defined benefits plan or defined contributions plan during 2024.

(2) Mr. Tabsh was appointed Chief Revenue Officer on May 16, 2022.

(3) Mr. Vega was appointed General Counsel and Corporate Secretary on October 24, 2022.

(4) In connection with Mr. Vendetti's appointment as Chief Financial Officer in 2021, the Company agreed to grant him, as an initial LTI
grant, 300,000 RSUs (valued at $1,149,000), to further align his interests with those of Shareholders and as a retention tool.

(5) In connection with Mr. Tabsh's appointment as Chief Revenue Officer in 2022, the Company agreed to grant him, as an initial LTI grant,
300,000 RSUs (valued at $1,170,000), to further align his interests with those of Shareholders and as a retention tool.

(6) In connection with Mr. Vega's appointment as General Counsel and Corporate Secretary in 2022, the Company agreed to grant him, as
an initial LTI grant, 300,000 RSUs (valued at $1,044,000), to further align his interests with those of Shareholders and as a retention
tool.

(7) Excludes unvested stock options issued as replacements for the cancellation of GH Group equity-based awards under the Business Combination.

(8) Includes a one-time cash sign-on bonus of $25,000, reimbursements for relocation expenses and car allowance.

(9) Includes a car allowance.

\* See footnote (1) under *"Incentive Plan Awards — Outstanding Share-Based Awards and Option-Based Awards".*

**Incentive Plan Awards – Outstanding Share-Based Awards and Option-Based Awards**

The following table sets forth information concerning the option-based and share-based awards granted to the Company's NEOs that were outstanding as at December 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Share-based Awards** | **Share-based Awards** | **Share-based Awards** |
| | **Number of** | | | | | | |
| | **Securities** | | | **Value of** | | | |
| | **Underlying** | | | **Unexercised** | | | |
| | **Unexercised** | **Option** | **Option** | **in-the-** | | | |
| | **Options** | **Exercise** | **Expiration** | **Money** | | | |
| <br>**Name and Principal**<br>**Position** | **(#)<sup>(2)</sup>** | **Price** | **Date** | **Options<sup>(</sup><sup>1)</sup>** | **Number of**<br>**Company**<br>**Shares or**<br>**Units of**<br>**Company**<br>**Shares That**<br>**Have Not**<br>**Vested**<br>**(#)** | **Market or**<br>**Payout**<br>**Value of**<br>**Share-**<br>**Based**<br>**Awards**<br>**That Have**<br>**Not**<br>**Vested<sup>(1)</sup>** |<br>**Market or**<br>**Payout**<br>**Value of**<br>**Vested**<br>**Share-Based**<br>**Awards Not**<br>**Paid Out or**<br>**Distributed<sup>(1)</sup>** |
| **Kyle Kazan** | 17579 | $3.39 | 1/25/2026 | $42190 | 492117 | $2849357 |  |
| Chairman, CEO and Director | 15254 | $3.39 | 4/17/2025 | $36610 |  |  |  |
| **Graham Farrar** | 17579 | $3.08 | 1/25/2026 | $47639 | 350000 | $2026500 |  |
| President and Director | 11514 | $3.08 | 4/17/2025 | $31203 |  |  |  |
| **Mark Vendetti** <br> CFO |  |  |  |  | 270833 | $1568123 |  |
| **Hilal Tabsh**<br> Chief Revenue Officer |  |  |  |  | 387499 | $2243619 |  |
| **Benjamin Vega** <br> General Counsel and Corporate Secretary |  |  |  |  | 270834 | $1568129 |  |

---

**Notes:**

(1) Value of unexercised in-the-money Options and market value of unvested share-based awards and vested but undistributed share-based
awards calculated based on the closing share price on Cboe Canada on December 31, 2024 (being the last trading day of 2024) of $5.79.

(2) All stock options in this table issued as replacements for GH Group equity compensation at the time of the Business Combination and
includes vested stock options, the net-value of which, calculated at a price per share of $10, was credited against the Business Combination
purchase price for GH Group.

**Incentive Plan Awards – Value Vested or Earned During the Year**

The following table indicates, for each of the Company's NEOs, a summary of the value of the option-based and share-base awards vested in accordance with their terms for the Company's financial year ending December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Name and Principal Position** | **Option-Based Awards – Value<br> Vested During the Year** | **Share-Based Awards – Value<br> Vested During the year<sup>(1)</sup>** | **Non-Equity Incentive Plan<br> Compensation – Value Earned<br> During the year** |
| **Kyle Kazan**<br> Chairman, CEO and Director | $3514 | $9250912 |  |
| **Graham Farrar**<br> President and Director | $3967 | $6732939 |  |
| **Mark Vendetti**<br> CFO |  | $1286033 |  |
| **Hilal Tabsh**<br> Chief Revenue Officer |  | $755500 |  |
| **Benjamin Vega**<br> General Counsel and Corporate Secretary |  | $755333 |  |

---

**Notes:**

(1) Value of vested share-based awards calculated based on the closing
share price on the dates of vesting; if share-based awards vested in 2024 but not on a trading day, value of vested share-based awards
calculated based on closing share price on the last trading day prior to the date of vesting.

**Pension Plan Benefits**

The Company has not implemented any deferred compensation plan, pension plan or other form of funded or unfunded retirement compensation for its employees that provides for payments or benefits at, following or in connection with retirement.

**Termination and Change of Control Benefits**

Other than as described herein, the Company does not have any contract, agreement, plan or arrangement that provides for payments to a NEO at, following, or in connection with a termination (whether voluntary, involuntary or constructive), resignation, retirement, a change of control of the Company or a change in a NEO's responsibilities.

***Kyle Kazan***

On June 29, 2021, the Company entered into an employment agreement with Mr. Kazan (the **"Kazan Agreement").** In the event of termination without cause of Mr. Kazan's employment or if Mr. Kazan resigns for good reason, (i) Mr. Kazan shall receive an amount equal to eighteen months of the sum of his base salary of $500,000 per year, in either a lump sum or installments on the Company's regular payroll schedule following the termination date; (ii) the Company shall pay its share of Mr. Kazan's health insurance premiums to continue his health insurance coverage for eighteen months beyond the termination date; and (iii) 492,117 of Mr. Kazan's RSUs shall be subject to accelerated vesting.

In the event of termination without cause of Mr. Kazan's employment or if Mr. Kazan resigns for good reason or if a successor does not renew Mr. Kazan's employment contract within 365 days of a change of control, (i) Mr. Kazan shall receive an amount equal to twenty four months of the sum of his then base salary in either a lump sum or installments on the Company's regular payroll schedule following the termination date; (ii) the Company shall pay its share of Mr. Kazan's health insurance premiums to continue his health insurance coverage for eighteen months beyond the termination date; and (iii) all of Mr. Kazan's equity awards shall be subject to accelerated vesting.

The change of control payments and benefits that would be made to Mr. Kazan are conditioned on and subject to Mr. Kazan signing and not rescinding the Kazan Agreement, a non-disclosure agreement and an effective, general release of all claims in favour of the Company within no greater than sixty days following the termination date. Upon a qualifying termination in connection with a change of control, Mr. Kazan's outstanding equity awards will vest in full.

The total estimated incremental payments, payables and benefits to Mr. Kazan in the event his employment is terminated in connection with a change of control, as if such event occurred on the last business day of the Company's most recently completed financial year, is $3,895,568, with Mr. Kazan's health insurance coverage continuing for eighteen months from the termination date.

The total estimated incremental payments and payables to Mr. Kazan in the event of termination of his employment without cause (other than due to a change of control), as if such event occurred on the last business day of the Company's most recently completed financial year, is $3,645,568, with Mr. Kazan's health insurance coverage continuing for eighteen months from the termination date.

***Mark Vendetti***

On August 18, 2021, the Company entered into an employment agreement with Mr. Vendetti. In the event of termination without cause of Mr. Vendetti's employment, Mr. Vendetti shall receive (i) an amount equal to six months of the sum of Mr. Vendetti's base salary of $400,000 per year; and (ii) accelerated vesting of 270,833 of Mr. Vendetti's RSUs less any amount previously vested as part of his original grant.

The total estimated incremental payments and payables to Mr. Vendetti in the event of termination of his employment without cause, regardless of whether incident to or after a change of control, as if such event occurred on the last business day of the Company's most recently completed financial year, is $1,768,123.

***Graham Farrar***

On June 29, 2021, the Company entered into an employment agreement with Mr. Farrar (the **"Farrar Agreement").** In the event of termination without cause of Mr. Farrar's employment or if Mr. Farrar resigns for good reason, (i) Mr. Farrar shall receive an amount equal to eighteen months of the sum of his base salary of $425,000 per year, in either a lump sum or installments on the Company's regular payroll schedule following the termination date; (ii) the Company shall pay its share of Mr. Farrar's health insurance premiums to continue his health insurance coverage for eighteen months beyond the termination date; and (iii) 350,000 of Mr. Farrar's RSUs shall be subject to accelerated vesting.

In the event of termination without cause of Mr. Farrar's employment or if Mr. Farrar resigns for good reason or if a successor does not renew Mr. Farrar's contract within 365 days of a change of control, (i) Mr. Farrar shall receive an amount equal to twenty four months of the sum of Mr. Farrar's base salary in either a lump sum or installments on the Company's regular payroll schedule following the termination date; (ii) the Company shall pay its share of Mr. Farrar's health insurance premiums to continue Mr. Farrar's health insurance coverage for eighteen months beyond the termination date; and (iii) all of Mr. Farrar's equity awards shall be subject to accelerated vesting.

The change of control payments and benefits that would be made to Mr. Farrar are conditioned on and subject to Mr. Farrar signing and not rescinding the Farrar Agreement, a non-disclosure agreement and an effective, general release of all claims in favour of the Company within no greater than sixty days following the termination date. Upon a qualifying termination in connection with a change of control, Mr. Farrar's outstanding equity awards will vest in full.

The total estimated incremental payments, payables and benefits to Mr. Farrar in the event his employment is terminated in connection with a change of control, as if such event occurred on the last business day of the Company's most recently completed financial year, is $2,922,711, with Mr. Farrar's health insurance coverage continuing for eighteen months from the termination date.

The total estimated incremental payments and payables to Mr. Farrar in the event of termination of his employment without cause (other than due to a change of control), as if such event occurred on the last business day of the Company's most recently completed financial year, is $2,710,211, with Mr. Farrar's health insurance coverage continuing for eighteen months from the termination date.

**Director Compensation**

***Non-Employee Director Compensation Programs***

The Company's compensation program for non-employee directors is designed to attract and retain highly qualified non-employee directors as well as align with the long-term interests of non-employee directors with those of the Shareholders. The Company compensates its non-employee directors by setting a base cash value for such service and issuing RSUs equal to each quarter's cash value of services valued at the close of each quarter. Thus, no cash fees are paid. Directors who act as committee chairs of the Audit Committee or the CN&CG Committee receive additional compensation.

Directors who are employees of the Company receive no additional compensation for their service on the Board. Therefore, neither Kyle Kazan, the Company's Chairman and CEO, nor Graham Farrar, the Company's President, received any additional compensation for their service on the Board in 2024.

The compensation program for the Company's non-employee directors in 2024 was as follows:

---

| | |
|:---|:---|
| **Compensation Component** | **Annual Amount<sup>(1)</sup>** |
| Annual base retainer for all non-employee directors | $100000 |
| Additional annual fee for Chair of Audit Committee | $25000 |
| Additional annual fee for Chair of CN&CG Committee | $25000 |

---

**Note:**

(1) The Company compensates its non-employee directors by setting a base cash value for such service and issuing
RSUs equal to each quarter's cash value of services valued at the close of each quarter. No cash fees are paid.

***Fees Paid to Non-Employee Directors in Fiscal Year 2024***

The following table sets forth information concerning the annual and long-term compensation in respect of the directors of the Company, other than the directors who were also NEOs, for the 2024 fiscal year. For details of the compensation for Kyle Kazan and Graham Farrar, the NEOs who are also directors of the Company, see disclosure under *"Statement of Executive Compensation — Summary Compensation Table"* which sets out their compensation as NEOs. Mr. Kazan and Mr. Farrar do not receive any additional compensation for their position as directors of the Company.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Fee<br> Earned<sup>(1)</sup>** | **Share-<br> Based<br> Awards** | **Option-<br> Based<br> Awards** | **Non-Equity<br> Incentive Plan<br> Compensation** | **Pension<br> Value** | **All Other<br> Compensation** | **Total<br> Compensation<sup>(2)</sup>** |
| **Jamie Mendola<sup>(3)</sup>** | – $| 62500 | – |  | – |  | $62500 |
| **Humble Lukanga** | – $| 100000 | – |  | – |  | $100000 |
| **Jocelyn Rosenwald** | – $| 125000 | – |  | – |  | $125000 |
| **George Raveling** | – $| 100000 | – |  | – |  | $100000 |
| **Yelena Katchko** | – $| 100000 | – |  | – |  | $100000 |
| **John Perez<sup>(4)</sup>** | – $| 10714 | – |  | – |  | $10714 |
| **Hector De La Torre<sup>(5)</sup>** | – $| 56182 | – |  | – |  | $56182 |
| **John Nichols Jr.<sup>(6)</sup>** | – $| 61538 | – |  | – |  | $61538 |

---

**Notes:**

(1) The Company compensates its non-employee directors by setting a base cash value for such service and issuing RSUs equal to each quarter's
cash value of services valued at the close of each quarter. Thus, no cash fees are paid.

(2) Includes share-based awards for service for the 2023 fiscal year.

(3) Mr. Mendola resigned as a director of the Board on June 6, 2024.

(4) Mr. Perez resigned as a director of the Board on February 8, 2024.

(5) Mr. De La Torre was appointed as a director of the Board on July 15, 2024.

(6) Mr. Nichols was appointed as a director of the Board on May 20, 2024.

**Incentive Plan Awards – Outstanding Share-Based Awards and Option-Based Awards**

The following table sets forth information concerning the option-based and share-based awards granted to the Company's directors that were outstanding as of December 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Share-based Awards** | **Share-based Awards** | **Share-based Awards** |
| | **Number of** | | | | | | |
| | **Securities** | | | **Value of** | | | |
| | **Underlying** | **Option** | **Option** | **Unexercised** | | | |
| | **Unexercised** | **Exercise** | **Expiration** | **in-the- Money** | | | |
| <br>**Name** | **Options **(#)** | **Price** | **Date** | **Options** | **Number of**<br>**Company**<br>**Shares or**<br>**Units of**<br>**Company**<br>**Shares That**<br>**Have Not**<br>**Vested (#)** |<br>**Market or**<br>**Payout**<br>**Value of**<br>**Share-Based**<br>**Awards That**<br>**Have Not**<br>**Vested<sup>(1)</sup>** |<br>**Market or**<br>**Payout Value**<br> **of Vested**<br>**Share-Based**<br>**Awards Not**<br>**Paid Out or**<br>**Distributed** |
| **Jamie Mendola<sup>(2)</sup>** |  |  |  |  |  |  |  |
| **Humble Lukanga** |  |  |  |  |  |  |  |
| **Jocelyn Rosenwald** |  |  |  |  |  |  |  |
| **George Raveling** |  |  |  |  |  |  |  |
| **Yelena Katchko** |  |  |  |  |  |  |  |
| **John Perez<sup>(3)</sup>** |  |  |  |  |  |  |  |
| **Hector De La Torre<sup>(4)</sup>** |  |  |  |  |  |  |  |
| **John Nichols Jr.<sup>(5)</sup>** |  |  |  |  |  |  |  |

---

**Notes:**

(1) Market value of unvested share-based awards and vested but undistributed share-based awards calculated based on the closing share
price of the Equity Shares on Cboe Canada on December 31, 2024 of $5.79

(2) Mr. Mendola resigned as a director of the Board on June 6, 2024.

(3) Mr. Perez resigned as a director of the Board on February 8, 2024.

(4) Mr. De La Torre was appointed as a director of the Board on July 15, 2024.

(5) Mr. Nichols was appointed as a director of the Board on May 20, 2024.

**Incentive Plan Awards – Value Vested or Earned During the Year**

The following table indicates, for each of the Company's directors, a summary of the value of the option-based and share-based awards vested in accordance with their terms for the Company's financial year ending December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Option-Based Awards – Value<br> Vested During the Year** | **Share-Based Awards – Value<br> Vested During the Year<sup>(1)</sup>** | **Non-Equity Incentive Plan<br> Compensation – Value Earned<br> During the Year** |
| **Jamie Mendola<sup>(2)</sup>** | – |  |  |
| **Humble Lukanga** | – |  |  |
| **Jocelyn Rosenwald** | – |  |  |
| **George Raveling** | – |  |  |
| **Yelena Katchko** | – |  |  |
| **John Perez<sup>(3)</sup>** | – |  |  |
| **Hector De La Torre<sup>(4)</sup>** | – |  |  |
| **John Nichols** Jr.<sup>(5)</sup>** | – |  |  |

---

**Notes:**

(1) Value of vested share-based awards calculated based on the closing share price on the dates of
 vesting; if share-based awards vested in 2024 but not on a trading day, value of vested share-based awards calculated based on
 closing share price on the last trading day prior to the date of vesting.

(2) Mr. Mendola resigned as a director of the Board on June 6, 2024.

(3) Mr. Perez resigned as a director of the Board on February 8, 2024.

(4) Mr. De La Torre was appointed as a director of the Board on July 15, 2024.

(5) Mr. Nichols was appointed as a director of the Board on May 20, 2024.

**Compensation Consultant**

In 2025, the Special Committee retained Hugessen as described under the heading *"Business to be Transacted at the Meeting – Approval of Performance Awards to the NEOs and a One-Time Fixed Increase to the Share Reserve Under the Equity Incentive Plan – Background".* No fees were paid to Hugessen for the financial years ended December 31, 2024 and 2023.

**SECURITY BASED COMPENSATION PLANS**

The Company has its Equity Incentive Plan in place. The Company maintains the Equity Incentive Plan in accordance with Section 7.08 – *Security Based Compensation Arrangements and Awards* of the Cboe Canada Listing Manual. The Equity Incentive Plan was last approved by the Shareholders of the Company on June 21, 2024.

**Summary of the Equity Incentive Plan**

The following is a summary of certain provisions of the Equity Incentive Plan. It does not purport to be complete and is subject to, and is qualified in its entirety by all of the provisions of the Equity Incentive Plan, which is available on the Company's SEDAR+ profile at <u>www.sedarplus.ca</u>. Capitalized terms that are not expressly defined herein have the meanings ascribed thereto in the Equity Incentive Plan.

***Purpose***

The purpose of the Equity Incentive Plan is to enable the Company and its affiliated companies to: (i) attract and retain employees, officers, consultants, advisors and non-employee directors capable of assuring the future success of the Company, (ii) offer such persons incentives to put forth maximum efforts, (iii) compensate such persons through various stock-based arrangements and provide them with opportunities for stock ownership, thereby aligning the interests of such persons and the Shareholders.

The Equity Incentive Plan permits the grant of (i) nonqualified stock options (**"NQSOs"**) and incentive stock options (**"ISOs"**) (collectively, **"Options"**), (ii) restricted stock units (**"RSUs"**), (iii) performance compensation awards, and (iv) unrestricted stock bonuses or purchases, which are referred to herein collectively as **"Awards"**, all as more fully described below.

The Board has the power to manage the Equity Incentive Plan and may delegate such power at its discretion to any committee of the Board, including the CN&CG Committee.

***Eligibility***

Any non-employee director of the Company or any employee, officer, director, consultant, independent contractor or advisor providing services to the Company or any Affiliate, or any such person to whom an offer of employment or engagement with the Company or any Affiliate is extended, are eligible to participate in the Equity Incentive Plan if selected by the Board (the **"Participants"**). The basis of participation of an individual under the Equity Incentive Plan, and the type and amount of any Award that an individual is entitled to receive under the Equity Incentive Plan, is determined by the Board based on its judgment as to the best interests of the Company and its Shareholders, and therefore cannot be determined in advance.

The maximum number of Equity Shares that may be issued under the Equity Incentive Plan is 10% of the Equity Shares outstanding, on a diluted basis (including the applicable Equity Shares issuable on exchange of the Exchangeable Shares of MPB Acquisition Corp. (**"MPB AcquisitionCo"**) that are exchangeable for Equity Shares of the Company on a one-for-one basis, and on exercise of the share purchase warrants of the Company and Series A Warrants of GH Group (collectively, the **"Warrants"**) and excluding grants made pursuant to the Equity Incentive Plan and any grants of restricted Exchangeable Shares made under any equity plan of MPB AcquisitionCo), from time to time, subject to adjustment in the Equity Incentive Plan. Notwithstanding the foregoing, a maximum of 17,400,000 Equity Shares may be issued as ISOs, subject to adjustment in the Equity Incentive Plan.

To the extent that section 2.25 of National Instrument 45-106 *Prospectus Exemptions* applies to an Award or issuances of Equity Shares pursuant to the Equity Incentive Plan, the maximum number of Equity Shares that may be issued under the Equity Incentive Plan to any one Related Person, or the number of securities that may be issuable on exercise of the Options granted to any one Related Person, as compensation within any one-year period, excluding performance-based Awards (with the performance target being set as the market capitalization of the Equity Shares outstanding), shall not exceed 5.0% of the outstanding Equity Shares, on a diluted basis (including the applicable Equity Shares issuable on exchange of the Exchangeable Shares and on exercise of the Warrants and excluding grants made under the Equity Incentive Plan and any equity plan of MPB AcquisitionCo), at the time of grant, subject to adjustment in the Equity Incentive Plan, or 10% to all Related Persons at time of grant. The maximum number of Equity Shares that may be issued under the Equity Incentive Plan to the Company's non-executive directors, as a whole, or the number of securities that may be issuable on exercise of the Awards granted to the Company's non-executive directors, as a whole, as compensation within any one-year period, shall not exceed 1.0% of the outstanding Equity Shares, on a diluted basis (including the applicable Equity Shares issuable on exchange of the Exchangeable Shares and on exercise of the Warrants and excluding grants made under the Equity Incentive Plan and any equity plan of MPB AcquisitionCo), at the time of grant, subject to adjustment in the Equity Incentive Plan. The Board will not grant Options to any one non-executive director in which the aggregate Fair Market Value (as determined as of the time the Options are granted) of such Options during any calendar year (under the Equity Incentive Plan and all other plans of the Company and its Affiliates) shall exceed $100,000, or will not grant Awards in which the aggregate Fair Market Value (determined as of the time the Awards are granted) of the Equity Shares in respect to which the Awards are exercisable by such non-executive director during any calendar year (under the Equity Incentive Plan and all other plans of MPB AcquisitionCo and its Affiliates) shall exceed $150,000.

Any shares subject to an Award under the Equity Incentive Plan that are not purchased or are forfeited, cancelled, expire unexercised, are settled in cash, or are used or withheld to satisfy tax withholding obligations of a Participant shall again be available for Awards under the Equity Incentive Plan.

In the event of any dividend (other than a regular cash dividend) or other distribution (whether in the form of cash, Equity Shares, other securities or other property), recapitalization, forward stock split, reverse stock split, reorganization, plan of arrangement, merger, amalgamation, consolidation, split-up, spin-off, combination, repurchase or exchange of Equity Shares or other securities of the Company, issuance of warrants or other rights to acquire Equity Shares or other securities of the Company, or other similar corporate transaction or event which affects the Equity Shares or unusual or nonrecurring events affecting the Company or the financial statements of the Company, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange or inter-dealer quotation system, accounting principles or law, the Board may, subject to any required regulatory or Cboe Canada approvals, make such adjustment which it deems appropriate in its discretion in order to prevent dilution or enlargement of the rights of Participants under the Equity Incentive Plan, to (i) the number and kind of Equity Shares (or other securities or other property) that may thereafter be issued in connection with Awards, (ii) the number and kind of Equity Shares (or other securities or other property) subject to outstanding Awards, (iii) the purchase price or exercise price relating to any Award or, if deemed appropriate, make provision for a cash payment with respect to any outstanding Award, and/or (iv) any share limit set forth in the Equity Incentive Plan.

MPB AcquisitionCo may establish an equity plan through which awards of restricted Exchangeable Shares may be granted to service providers to MPB AcquisitionCo and their Affiliates. See *"Restricted Exchangeable Shares"* for further information.

***Awards***

Options

The Board is authorized to grant Options to purchase Equity Shares that are either ISOs (meaning they are intended to satisfy the requirements of Section 422 of the U.S. *Internal Revenue Code of 1986* (the **"U.S. Revenue Code"**)), or NQSOs (meaning they are not intended to satisfy the requirements of Section 422 of the U.S. Revenue Code). Options granted under the Equity Incentive Plan are subject to the terms and conditions established by the Board. The purchase price per Equity Share purchasable under an Option shall be determined by the CN&CG Committee and shall not be less than 100% of the Fair Market Value of an Equity Share on the date of grant of such Option; provided, however, that, to the extent permitted under Section 409A and Section 424 of the U.S. Revenue Code, as applicable, the CN&CG Committee may designate a purchase price below Fair Market Value on the date of grant if the Option is granted in substitution for a stock option previously granted by an entity that is acquired by or merged with the Company or an Affiliate. Payment in respect of the exercise of an Option may be made in cash or by cheque, by surrender of unrestricted shares (at their Fair Market Value on the date of exercise) or by such other method as the Board may determine to be appropriate. The maximum term of an Option granted under the Equity Incentive Plan is ten years from the date of grant (or five years in the case of an ISO granted to a 10% Shareholder). Notwithstanding the foregoing, in the event that the expiry date of an Option falls within a Blackout Period imposed by the Company and neither the Company nor the individual in possession of the Options is subject to a cease trade order in respect of the Company's securities, then the expiry date of such Option shall be automatically extended to the 10th business day following the end of the Blackout Period, provided that the extension contemplated by this provision does not apply to ISOs.

RSUs

RSUs are granted in reference to a specified number of Equity Shares and entitle the holder to receive, on achievement of specific performance goals established by the Board or after a period of continued service with the Company or its affiliates or any combination of the above as set forth in the applicable award agreement, one Equity Share for each such Equity Share covered by the RSU; provided, that the Board may elect to pay cash, or part cash and part Equity Shares in lieu of delivering only Equity Shares. The Board may, in its discretion, accelerate the vesting of RSUs. Unless otherwise provided in the applicable award agreement or as may be determined by the Board upon a Participant's termination of employment or service with the Company, the unvested portion of the RSUs will be forfeited and re-acquired by the Company for cancellation at no cost.

Unrestricted Stock Bonuses or Purchases

The Board is authorized to grant unrestricted Equity Shares as consideration for services rendered to the Company or an Affiliate in the prior calendar year, or may offer a Participant the opportunity to purchase unrestricted Equity Shares for cash consideration equal to the Fair Market Value of the unrestricted Equity Shares.

Dividend Equivalents

The Board is authorized to grant dividend equivalents, under which the holder is entitled to receive payments (in cash, Equity Shares, other securities or other property, as determined by the Board) equivalent to the amount of cash dividends paid by the Company to holders of Equity Shares with respect to a number of Equity Shares determined by the Board. Subject to the terms of the Equity Incentive Plan and any applicable award agreement, such dividend equivalents may have such terms and conditions as the Board shall determine. Notwithstanding the foregoing, (i) the Board may not grant dividend equivalents to Participants in connection with grants of Options or other Awards, the value of which is based solely on an increase in the value of the Equity Shares after the date of grant of such Award, and (ii) dividend and dividend equivalent amounts may be accrued but shall not be paid unless and until the date on which all conditions or restrictions relating to such Award have been satisfied, waived or lapsed.

Restricted Exchangeable Shares

If, during the term of the Equity Incentive Plan, MPB AcquisitionCo establishes a compensatory plan or arrangement through which they may grant awards of restricted Exchangeable Shares to Participants, any restricted Exchangeable Shares awarded under such plan(s) will reduce the number of Equity Shares that may be awarded under the Equity Incentive Plan on a one-for-one basis. If any restricted Exchangeable Shares awarded under the plans of MPB AcquisitionCo are forfeited, cancelled, or are used or withheld to satisfy tax withholding obligations of an award recipient thereunder, any such restricted Exchangeable Shares that are forfeited, cancelled, used or withheld will thereafter not be treated as reducing the number of Equity Shares that are available for Awards under the Equity Incentive Plan.

***General***

The Board may impose restrictions on the vesting, exercise or payment of an Award as it determines appropriate. Generally, no Awards (other than fully vested and unrestricted Equity Shares issued pursuant to any Award) granted under the Equity Incentive Plan is transferable except by will or by the laws of descent and distribution. No Participant has any rights as a Shareholder with respect to Equity Shares covered by Options or RSUs, unless and until such Awards are settled in Equity Shares.

No Option is exercisable, no Equity Shares shall be issued, no certificates, registration statements or electronic positions for Equity Shares shall be delivered and no payment shall be made under the Equity Incentive Plan except in compliance with all applicable laws, the policies of Cboe Canada and any other regulatory requirements.

The Board may from time to time amend, suspend, discontinue or terminate the Equity Incentive Plan, and may amend the terms of any previously granted Award at any time, provided that: (i) no amendment, alteration, suspension, discontinuation or termination may (except as expressly provided in the Equity Incentive Plan) materially and adversely alter or impair the terms or conditions of the Award previously granted to a Participant without the written consent of the Participant or holder thereof; and (ii) any amendment, alteration, suspension, discontinuation or termination is subject to compliance with all applicable laws, rules, regulations and policies of any applicable governmental entity or stock exchange, including receipt of any required approval from the governmental entity or stock exchange, and any such amendment, alteration, suspension, discontinuation or termination of an Award shall be in compliance with the policies of Cboe Canada. For greater certainty and notwithstanding the foregoing, the Board may amend, suspend, terminate or discontinue the Equity Incentive Plan, and may amend or alter any previously granted Award, as applicable, without obtaining the approval of Shareholder, in order to:

· amend the eligibility for, and limitations or conditions imposed upon, participation in the Equity Incentive
Plan, except that any such amendment to change the class or classes of persons eligible to be awarded ISOs will be submitted for Shareholder
approval to the extent required by the U.S. Revenue Code, as amended from time to time, and any regulations promulgated thereunder, Section
422;

· amend any terms relating to the granting or exercise of Awards, including but not limited to terms relating
to the amount and payment of the exercise price, or the vesting, expiry, assignment or adjustment of Awards, or otherwise waive any conditions
of or rights of the Company under any outstanding Award, prospectively or retroactively;

· make changes that are necessary or desirable to comply with applicable laws, rules, regulations and policies
of any applicable governmental entity or Cboe Canada, including the policies of Cboe Canada (including amendments to Awards necessary
or desirable to avoid any adverse tax results under Section 409A), and no action taken to comply shall be deemed to impair or otherwise
adversely alter or impair the rights of any holder of an Award or beneficiary thereof; or

· amend any terms relating to the administration of the Equity Incentive Plan, including the terms of any
administrative guidelines or other rules related to the Equity Incentive Plan.

Notwithstanding the foregoing and for greater certainty, prior approval of the Shareholders is required for any amendment to the Equity Incentive Plan or an Award that would require Shareholder approval under the rules or regulations of Cboe Canada that is applicable to the Company or which would:

· increase the shares authorized under the Equity Incentive Plan;

· remove or exceed the limits set out in a Security Based Compensation Arrangement on Awards available to
any of (a) a "related party" (as defined in Multilateral Instrument 61-101 *Protection of Minority Security Holders in Special Transactions)* of the Company, (b) a promoter of the Company, or, where the promoter is not an individual, an officer, director or
control person of the promoter, and (c) such other Person as may be designated from time to time by Cboe Canada, in respect of the Company;

· permit a re-pricing of an Award benefiting any of (a) a "related party" (as defined in Multilateral
Instrument 61-101 *Protection of Minority Security Holders in Special Transactions)* of the Company, (b) a promoter of the Company,
or, where the promoter is not an individual, an officer, director or control person of the promoter, and (c) such other person as may
be designated from time to time by Cboe Canada;

· permit an extension of the term of an Award where the exercise price is lower than the prevailing market
price, except pursuant to certain provisions of the Equity Incentive Plan;

· permit the award of Options at a price less than 100% of the Fair Market Value of an Equity Share on the
date of grant of such Option;

· permit Options to be transferable;

· amend the amendment provisions of the Equity Incentive Plan;
or

· increase the maximum term permitted for Options or extend the
terms of any Options beyond their original expiry date.

The Board may, without prior approval of the Shareholders, correct any defect, supply any omission or reconcile any inconsistency in the Equity Incentive Plan or in any Award or Award Agreement in the manner and to the extent it shall deem desirable to implement or maintain the effectiveness of the Equity Incentive Plan.

In the event of any reorganization, merger, amalgamation, consolidation, split-up, spin-off, combination, plan of arrangement, take-over bid or tender offer, repurchase or exchange of Equity Shares or other securities of the Company or any other similar corporate transaction or event involving the change of control of the Company (or if the Company shall enter into a written agreement to undergo such a transaction or event), the Board may, in its sole discretion, take such measures or make such adjustments in regards to any securities granted pursuant to the Equity Incentive Plan, as it deems appropriate, as further described in the Equity Incentive Plan and no action taken under the Equity Incentive Plan shall be deemed to impair or otherwise adversely alter the rights of any holder of any Award or beneficiary thereof. Notwithstanding the foregoing, upon a change of control event, all Equity Shares or Options granted pursuant to the Equity Incentive Plan will immediately vest in accordance with the terms of the Equity Incentive Plan.

Unless the Awards and the Equity Shares issuable upon exercise or redemption thereof have been registered under the U.S. Securities Act, and any applicable state securities laws, any Awards or Equity Shares granted to residents of the United States will be "restricted securities" within the meaning of Rule 144 under the U.S. Securities Act and will be subject to transfer restrictions under U.S. securities laws.

***Tax Withholding***

The Company may take such action as it deems appropriate to ensure that all applicable federal, State, provincial, local and/or foreign payroll, withholding, income or other taxes, which are the sole and absolute responsibility of a Participant, are withheld or collected from such Participant.

***Financial Assistance***

The Company or any Affiliate or Related Entity may provide financial assistance to, or enter into support agreements with, Participants in connection with grants under the Equity Incentive Plan, including without limitation, full, partial or non-recourse loans (to the extent permitted by applicable laws), provided approval of the disinterested members of the Board is obtained.

**Securities Authorized For Issuance Under Equity Compensation Plans**

The following table sets forth the number of Equity Shares to be issued, including upon exercise of outstanding convertible securities, pursuant to the Company's compensation plans, the weighted-average exercise price of such outstanding convertible securities and the number of Equity Shares remaining available for future issuance under equity compensation plans as at December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of Equity Shares to be<br> issued upon exercise of<br> outstanding securities<sup>(1)</sup>** | **Weighted-average exercise<br> price of outstanding<br> securities<sup>(2)</sup>** | **Number of Equity Shares<br> remaining available for future<br> issuance under equity<br> compensation plans (excluding<br> securities reflected in the first<br> column)<sup>(3)</sup>** |
| Equity compensation plans approved by Shareholders | 3863288 | $3.08 | 3827307 |
| Equity compensation plans not approved by Shareholders | Nil | Nil | Nil |
| Total | 3863288 | $3.08 | 3827307 |

---

**Notes:**

(1) Equity Shares issuable upon exercise or vesting, as applicable, of outstanding
equity-based awards under the Equity Incentive Plan consisting of (i) 3,334,286 Equity Shares that may be issued upon the vesting of RSUs
and (ii) 529,002 Equity Shares that may be issued upon the exercise of Options.

(2) Represents the weighted-average exercise price of Options to purchase 529,002 Equity
Shares. This weighted average is not applicable to and does not take into account Equity Shares that may be issued upon the vesting of
RSUs.

(3) As of December 31, 2024, based on a maximum of 10% of the 69,888,086 Equity Shares
that were issued and outstanding as of December 31, 2024, and including 7,017,866 Equity Shares issuable on exchange of the Exchangeable
Shares and any warrants or derivative securities that are in the money.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

No director, proposed director, executive officer, nor any of their respective associates or affiliates, is or has been indebted to the Company or its subsidiaries since the beginning of the Company's most recently completed financial year.

**CORPORATE GOVERNANCE AND AUDIT COMMITTEE DISCLOSURE**

The Board is committed to the highest standards of integrity, fiduciary duty and corporate governance. National Instrument 58-101 *Disclosure of Corporate Governance Practices* **("NI 58-101")** and National Policy 58-201 *Corporate Governance Guidelines* **("NP 58-201",** and together with NI 58-101, the **"CSA Guidelines")** set out a series of guidelines for effective corporate governance. Under the CSA Guidelines, the Company must disclose on an annual basis the corporate governance practices it has adopted. The Company summarizes such practices, in addition to certain other governance matters under Schedule "A" to this Information Circular.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

Except as disclosed in this Information Circular, neither the Company nor any director, proposed director or officer of the Company, nor any other insider of the Company, nor any associate or affiliate of any one of them has or has had, at any time since the beginning of the year ended December 31, 2024, any material interest, direct or indirect, in any transaction or proposed transaction that has materially affected or would materially affect the Company.

**OTHER BUSINESS**

Management of the Company is not aware of any other business to come before the Meeting other than as set forth in the Notice of Meeting. If any other business properly comes before the Meeting, it is the intention of the persons named in the form of proxy to vote the Company Shares represented thereby in accordance with their best judgment on such matter.

**ADDITIONAL INFORMATION**

Additional information relating to the Company is available on SEDAR+ at <u>www.sedarplus.ca</u>. Financial information is provided in the audited consolidated financial statements and management's discussion and analysis of the Company for the year ended December 31, 2024, which has been filed on SEDAR+. Shareholders may also contact the General Counsel and Corporate Secretary the Company by phone at (562) 264-5078, or by e-mail at <u>legal@glasshousegroup.com</u> to request copies of such documents.

**SCHEDULE "A"**

**STATEMENT OF CORPORATE GOVERNANCE PRACTICES**

*Capitalized terms used in this Schedule "A" but not otherwise defined herein shall have the meanings ascribed thereto in the Information Circular to which this Schedule "A" is appended.*

Set out below is a description of the Company's current corporate governance practices and other information relating to the Board, per the CSA Guidelines.

The Board and senior management consider good corporate governance to be central to the effective and efficient operation of the Company. Listed below is a brief discussion of the Company's approach to corporate governance.

**Board of Directors**

The Board's principal duties and responsibilities are described in the Company's Charter of the Board of Directors, a copy of which is attached hereto as Appendix 1 to Schedule "A". Certain aspects of the composition and organization of the Board are prescribed and/or governed by the BCBCA and the constating documents of the Company.

The Board facilitates its exercise of independent supervision over management through the participation of directors. The Board has eight directors of whom six are independent within the meaning of National Instrument 52-110 *Audit Committees* **("NI 52-110").** The Board members are Kyle Kazan, Graham Farrar, Humble Lukanga, Jocelyn Rosenwald, George Raveling, Yelena Katchko, John Nichols, Jr. and Hector De La Torre.

Humble Lukanga, Jocelyn Rosenwald, Yelena Katchko, George Raveling, John Nichols, Jr. and Hector De La Torre are independent directors in that they do not have a direct or indirect material relationship with the Company which could, in the view of the Board, reasonably interfere with the exercise of the director's independent judgment. Kyle Kazan is not considered independent as he is the Chairman and Chief Executive Officer of the Company. Graham Farrar is not considered independent as he is the President of the Company.

***Position Descriptions***

The Board has developed a position description for the Lead Director, Humble Lukanga, an independent director. The role of the Lead Director is to facilitate the functioning of the Board independently of the senior executives of the Company, provide independent leadership to the Board and to the individual directors on the Board and to reinforce the independence of the Board.

The Board has also developed a position description for the Chair of the Board, currently Kyle Kazan, a non-independent director. The role of the Chair of the Board is to provide overall leadership to, together with the Lead Director and the committees of the Board, enhance and protect the effectiveness, performance and independence of the Board, the committees of the Board, and individual directors of the Board. The Chair is selected amongst the members of the Board who have a sufficient level of experience with corporate governance issues to ensure the leadership and effectiveness of the Board.

The Board has developed a written position description for the Chief Executive Officer. The primary role of the Chief Executive Officer is to manage the Company in an effective, efficient and forward-looking way and to fulfil the priorities, goals and objectives determined by the Board in the context of the Company's strategic plans, budgets and responsibilities, with a view to increasing Shareholder value. The Chief Executive Officer is responsible to the Board.

Further, the Board has developed written position descriptions for the chair of each Board committee. The position descriptions for the chair of each Board committee can be found in the corresponding committee charters. Copies of the position descriptions for the Lead Director, the Chair of the Board, the Chief Executive Officer and the chair of each committee can be found on the Company's website at <u>www.ir.glasshousebrands.com</u>.

***Meetings of Independent Directors***

The independent directors may, at their election, meet for in camera sessions without non-independent directors and members of management at the end of each regular Board meeting.

***Attendance***

The attendance record of each director for all Board meetings held during the Company's most recently completed financial year is set out below.

---

| | | | |
|:---|:---|:---|:---|
| **Director** | **Board Meetings Attended** | **Audit Committee Meetings <br> Attended** | **CN&CG Committee Meetings <br> Attended** |
| **Kyle Kazan** | 5 |  |  |
| **Graham Farrar** | 5 |  |  |
| **Jamie Mendola<sup>(1)</sup>** | 3 |  | 1 |
| **Humble Lukanga** | 4 | 4 |  |
| **Jocelyn Rosenwald** | 5 | 4 |  |
| **George Raveling** | 5 |  | 2 |
| **Yelena katchko<sup>(1)</sup>** | 5 |  | 2 |
| **John Perez<sup>(2)</sup>** |  |  |  |
| **Hector De La Torre<sup>(3)</sup>** | 3 |  | 1 |
| **John Nichols** Jr.<sup>(4)</sup>** | 2 | 2 |  |

---

**Notes:**

(1) Mr. Mendola resigned as a director of the Board on June 6, 2024.

(2) Mr. Perez resigned as a director of the Board on February 8,
2024. (2) Mr. De La Torre was appointed as a director of the Board on July
15, 2024.

(4) Mr. Nichols was appointed as a director of the Board on May
20, 2024.

***Directorships***

The following directors are presently directors of other reporting issuers:

---

| | | |
|:---|:---|:---|
| **Director** | **Name of Other Reporting Issuer** | **Stock Exchange** |
| John Nichols, Jr. | Hippo Holdings Inc. | NYSE |

---

**Orientation and Continuing Education**

The CN&CG Committee provides all new directors with comprehensive orientation to, among other things, fully understand the role of the Board and its committees, the contribution individual directors are expected to make, and the nature and operation of the Company's business. The CN&CG Committee also provides continuing education opportunities for all directors so that individual directors may maintain or enhance their skills and abilities as directors, as well as to ensure their knowledge and understanding of the Company's business remains current.

The CN&CG Committee is authorized to maintain policies and procedures to seek to ensure that sufficient orientation procedures are in place to enable new directors to operate efficiently from the beginning of their appointment. The CN&CG Committee reviews with each new member: (i) certain information and materials regarding the Company, including the role of the Board and its committees and the nature and operation of the Company's business; and (ii) the legal obligations of a director of the Company. The CN&CG Committee also ensures that sufficient continuing education and development programs are in place for all members of the Board, as required.

**Ethical Business Conduct**

The Company has adopted a Code of Business Conduct and Ethics (the **"Code"),** a copy of which can be found on the Company's website at <u>www.ir.glasshousebrands.com</u>.

All Board members, officers and employees of the Company **("Representatives")** are committed to acting in a manner that will enhance the reputation of the Company for conducting its business and affairs with honesty, integrity and fairness and to avoid any conflict that might reflect unfavourably upon the Company or its Representatives.

The Company expects everyone who conducts business on behalf of the Company to be guided by, and be subject to, the following principles: (a) act ethically and honestly; (b) accept responsibility and be accountable for their actions; (c) make decisions which are in the best interests of the Company; (d) honour agreements and commitments; (e) conduct business in an environmentally and socially responsible manner; (f) communicate with all stakeholders in an honest and straight-forward manner; (g) select and treat all employees of the Company in a respectful, fair and equitable manner and foster a work environment that is safe, healthy and free from discrimination, harassment, intimidation and hostility of any kind; and (h) obey all laws governing the conduct of the business and affairs of the Company.

***Conflicts of Interest***

Pursuant to the Code, Representatives shall act with honesty and integrity and in the best interests of the Company and to avoid any relationship or activity that might create, or appear to create, a conflict between Representatives' personal interests and the interests of the Company. A conflict of interest arises where Representatives' position or responsibilities with the Company present an opportunity for personal gain, apart from the normal rewards of being a director, senior officer or other employee to the detriment of the Company. A conflict of interest also arises where outside personal interests are inconsistent with those of the Company and create conflicting loyalties. Before any Representative participates in any outside business interest which may give rise to such a conflict of interest, they should first disclose that interest to the Company and obtain approval to pursue such interest.

Pursuant to the BCBCA, any officer or director of the Company with a conflict of interest must disclose the nature and extent of such conflict to the Board and recuse themselves from a matter that materially conflicts with that individual's duty as a director or senior officer of the Company. If a Representative is faced with a conflict, they shall promptly disclose such conflict, or potential conflict, to the General Counsel and Corporate Secretary of the Company.

***Compliance with Laws, Rules and Regulations***

All Representatives shall comply with the laws, rules and regulations of the jurisdictions where they carry out their duties and all jurisdictions where the Company conducts its business activities. All Representatives shall comply with the Code and all Company policies that apply to them, including, without limitation, the Code, Anti-Corruption and Anti-Bribery Policy, Disclosure Policy, Diversity Policy, Insider Trading Policy and Whistleblower Policy.

***Compliance with and Violations of the Code***

The Board is ultimately responsible, acting through the Audit Committee, for the Code and monitoring compliance therewith. Representatives are encouraged and expected to: (a) identify and raise potential issues before they cause problems; (b) take all responsible steps to prevent any violation of the Code; (c) report actual or potential violations of the Code of which they become aware; and (d) seek additional guidance when advisable. Retaliatory action against any individual for raising such concerns or questions or for reporting suspected violations of the Code in good faith will not be tolerated by the Company. Each member of the Audit Committee is expected to monitor the activities of Representatives with respect to compliance with the Code.

**Nomination of Directors**

The CN&CG Committee is currently comprised of three members, Hector De La Torre, George Raveling and Yelena Katchko. All members of the CN&CG Committee are independent directors, all of whom the Board believes have direct and indirect expertise, experience and education relevant to their role as members thereof.

The CN&CG Committee performs the following functions, among other things: (a) develops and updates a long-term plan for the composition of the Board that takes into consideration the current strengths, competencies, skills and experience of the Board members, retirement dates and the strategic direction of the Company, and reports to the Board thereon periodically; (b) undertakes on a periodic basis an examination of the size of the Board, with a view to determining the impact of the number of directors, the effectiveness of the Board, and recommends to the Board, if necessary, a reduction or increase in the size of the Board; (c) endeavours, in consultation with the Chair of the Board (or Lead Director, if applicable), to seek to ensure that an appropriate system is in place to evaluate the effectiveness of the Board as a whole as well as the committees of the Board, with a view to ensuring that they are fulfilling their respective responsibilities and duties; (d) in consultation with the Chair of the Board (or Lead Director, if applicable), and the Chief Executive Officer, annually or as required, recruits and identifies individuals qualified to become new Board members and recommends to the Board new director nominees for the next annual meeting of Shareholders; and (e) in consultation with the Chair of the Board (or Lead Director, if applicable), annually or as required, recommends to the Board the individual directors to serve on the various committees.

**Compensation**

For information regarding the process by which the CN&CG Committee determines compensation for the Company's directors and officers, please see disclosure under the heading *"Statement of Executive Compensation — Compensation Discussion and Analysis"* in the Information Circular to which this Schedule "A" is appended.

**Board Assessments**

The CN&CG Committee is responsible for monitoring the effectiveness of the Board and the performance of the directors. The CN&CG Committee assesses the operation of the Board and the committees, the adequacy of information given to directors, communication between the Board and management, and the strategic direction and processes of the Board and committees. The CN&CG Committee recommends changes to enhance the performance of the Board accordingly.

Based upon the Company's size, its current state of development and the number of individuals on the Board, the Board considers a formal process for assessing the effectiveness and contribution of the Board as a whole, its committees or individual directors to be unnecessary at this time. In light of the fact that the Board and its committees meet on several occasions each year, each director has regular opportunities to assess the Board as a whole, its committees and other directors in relation to the Board's and such director's assessment of the competencies and skills that the Board and its committees should possess. The Board plans to continue to evaluate its own effectiveness and the effectiveness of its committees and individual directors in such manner.

**Director Term Limits and Other Mechanisms of Board Renewal**

The Company does not have a retirement policy and does not discriminate based on age. The Company considers it to be an integral role of the Board and the CN&CG Committee to assess director engagement and fitness to be a director of the Company.

Similarly, the Board has not adopted a term limit for directors or established a formal process for the renewal of Board membership. The Board is of the view that the imposition of arbitrary director term limits may diminish the benefits derived from continuity amongst members and their familiarity with the Company and the industry in which it operates, and could unnecessarily expose the Company to losing experienced and valuable talent. The Board's renewal process is built around the concept of performance management. To that end, the Board relies on assessment procedures, and the role of the CN&CG Committee, to ensure the quality and expertise of its Board.

**Diversity**

***Diversity Policy***

The Board has adopted a Diversity Policy in recognition of the fact that a diverse Board will include and make good use of differences in the skills, regional and industry experience, professional expertise, personal skills, background, race, gender, status, age, education, nationality, culture, language, geographic background and other distinctions between directors. These differences will be considered in determining the optimum composition of the Board and when possible should be balanced appropriately. All Board appointments are made on merit, in the context of the skills, experience, independence and knowledge which the Board as a whole requires to be effective.

As set out in the Diversity Policy, the Board recognizes that gender diversity is a significant aspect of diversity and acknowledges the role that women with the right skills and experience can play in contributing to diversity of perspective in the boardroom. Selection of female candidates to join the Board will be, in part, dependent on the pool of female candidates with the necessary skills, knowledge and experience. The ultimate decision will be based on merit and the contribution the chosen candidate will bring to the Board. In order to promote the specific objective of gender diversity, the Diversity Policy requires that the selection process for Board appointments must involve the following steps: (a) a short-list identifying potential candidates for the appointment must be compiled; and (b) if, at the end of the selection process, a female candidate is not selected, the Board must be satisfied that there are objective reasons to support its determination.

The CN&CG Committee will discuss and approve annually all measurable objectives for achieving diversity on the Board and recommend such objectives to the Board for adoption. At any given time, the Board may seek to improve one or more aspects of Board diversity and measure progress accordingly.

The Diversity Policy also covers senior executive appointments and requires the Chief Executive Officer of the Company to reference the policy when selecting and assessing candidates and in presenting recommendations to the Board regarding appointments to the senior executive team. The Diversity Policy requires the Board to also consider whether potential candidates have diverse backgrounds (with a particular focus on potential candidates who are women, visible minorities, Aboriginal people and persons with disabilities), and the objectives of the policy when considering those recommendations.

In order to facilitate greater gender diversity in management and leadership roles, the Diversity Policy requires the Company to: (a) implement policies which address impediments to gender diversity in the workplace and review their availability and utilization; (b) regularly review the proportion of women at all levels of the Company; (c) monitor effectiveness of, and continue to expand on, existing initiatives designed to identify, support and develop talented women with leadership potential; and (d) continue to identify new ways to entrench diversity as a cultural priority across the organization. The CN&CG Committee will discuss and approve annually all measurable objectives for achieving diversity on the senior executive team and recommend such objectives to the Board for adoption. At any given time, the Board may seek to improve one or more aspects of senior executive diversity and measure progress accordingly.

***Consideration of the Representation of Women in the Director Identification and Selection Process***

In general, the Board aspires to continuously improve the diversity of the Board and the Company's management team. As discussed above and set out in the Diversity Policy, the Board believes that diversity (including, but not limited to, gender) is important to ensure that the directors and members of the Company's executive management provide the necessary range of perspectives, experience and expertise required to achieve effective stewardship and management. The Company believes that diversity is an important attribute of a well-functioning Board and an efficient team of executive officers. The Company recognizes that gender diversity is a significant aspect of diversity and believes women play an important leadership role in executing on the Company's strategy. This belief forms an important part of the focus of management, in the appointment and recruitment of officers, and the Board, in the search and selection of nominee directors.

***Targets Regarding the Representation of Women on the Board and in Executive Officer Positions***

At this time, the Company has not adopted a target regarding the representation of women on the Board or in executive officer positions. The Company does not adopt targets because the Company is of the view that its current practice of considering diversity as a factor in selecting candidates as potential directors or executive officers, and other measures set out in the Diversity Policy, permits the Company to balance the benefit of diversity with other relevant considerations, including relevant career experience, industry knowledge and experience, and financial and other specialized experience.

The Board has two women serving as a director (25% of directors). Currently, none of the executive officers of the Company are women. Approximately eighteen percent (18%) of the Company's senior leadership (executive officers, senior vice presidents and vice presidents) are women.

**AUDIT COMMITTEE INFORMATION**

The Audit Committee is governed by an Audit Committee Charter, a copy of which is attached to the Company's Annual Information Form dated March 25, 2025 (the **"AIF")** and available on the Company's website at <u>www.ir.glasshousebrands.com</u>. The information required to be disclosed by section 5.1 of NI 52-110 can be found under the heading "Audit Committee" of the Company's AIF.

**APPENDIX 1 TO SCHEDULE "A"**

**GLASS HOUSE BRANDS INC.**

**CHARTER OF THE BOARD OF DIRECTORS**

**1.** **GENERAL** 

The Board of Directors (the **"Board")** is responsible for the stewardship of Glass House Brands Inc. (the **"Corporation"),** for the general supervision of the management of the business and affairs of the Corporation, and for acting in the best interests of the Corporation and its shareholders. Directors shall exercise their business judgment in a manner consistent with their fiduciary duties. In particular, directors are required to act honestly and in good faith, with a view to the best interests of the Corporation and to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.

The Board discharges its responsibility for supervising the management of the business and affairs of the Corporation by delegating the day-to-day management of the Corporation to senior officers. The Board relies on senior officers to keep it apprised of all significant developments affecting the Corporation and its operations.

The Board discharges its responsibilities directly and through the delegation to its committees, currently consisting of the Audit Committee and the Compensation, Nomination and Corporate Governance Committee. In addition, the Board may from time to time, appoint such additional committees, or reconstitute the current committees, as it deems necessary and appropriate in order to discharge its duties. Each committee shall have its own charter. The Board shall meet as frequently as the Board considers necessary, but not less than once each quarter, to review the business operations, corporate governance and fmancial results of the Corporation. Meetings of the Board will also include in camera meetings of the independent members of the Board without management being present.

**2.** **COMPOSITION** 

The Board shall be constituted at all times of a majority of "independent directors" in accordance with applicable legal requirements, the guidelines under National Policy 58-201 *Corporate Governance Guidelines* and the Listing Manual of Cboe Canada, as such rules and policies are amended or replaced from time to time.

In addition, at least three of the directors shall be "independent" in accordance with applicable legal requirements for service on an Audit Committee, pursuant to National Instrument 52-110 *Audit Committees.*

**3.** **RESPONSIBILITIES** 

The Board's responsibilities shall include:

· Succession planning including the selection, training, appointment, monitoring evaluation and, if necessary,
the replacement of the senior management to ensure management succession.

· Identifying the risks of the Corporation's business and ensuring that appropriate systems are in place
to manage these risks.

· The adoption of a strategic planning process, approval at least annually of a strategic plan that takes
into account business opportunities and business risks identified by the Board and/or the Audit Committee and monitoring performance against
such plans.

· Overseeing the fair reporting of the Corporation's financial performance to shareholders on a timely and
regular basis and taking steps to enhance the timely disclosure of any other developments that have a significant and material impact
on the Corporation including reviewing and approving all annual and interim financial statements and related footnotes, management's discussion
and analysis, the annual information form and the management information circular.

· Enhancing congruence between shareholder expectations, Corporation plans and management
performance.

· Reviewing with senior management material transactions outside the ordinary course
of business and such other major corporate matters which require Board approval including but not limited to, the payment of dividends,
the issue, purchase and redemption of securities, acquisitions and dispositions of material assets and material capital expenditures and
approving such decisions as they arise.

· Satisfying itself as to the integrity of the Chairman and Chief Executive Officer
(the **"CEO")** and other officers and that such officers create a culture of integrity throughout the organization.

· The review and approval of corporate objectives and goals applicable to the Corporation's
senior management.

· Ensuring that this Charter is disclosed on an annual basis to the shareholders
in the Corporation's management information circular prepared for the annual and general meeting of shareholders or other disclosure document
or on the Corporation's website.

· Obtaining periodic reports from management on the Corporation's operations.

· Performing such other functions as prescribed by law or assigned to the Board in
the Corporation's constating documents.

· The assignment to the various committees of the Board the general responsibility
for developing the Corporation's approach to, without limitation: (i) corporate governance and nomination of directors; (ii) financial
reporting and internal controls; and (iii) compensation of officers and senior employees.

· With the assistance of the Compensation, Nomination and Corporate Governance Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Developing the Corporation's approach to corporate governance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing the composition of the Board and ensuring it respects its independence
criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The assessment, at least annually, of the effectiveness of the Board as a whole,
the committees of the Board and the contribution of individual directors, including, consideration of the appropriate size of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing and approving annual disclosure of the Corporation's corporate governance
policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ensuring that an appropriate review selection process for new nominees to the Board
is in place and identifying and recommending candidates to the Board who meet the selection criteria.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Overseeing (a) the development and implementation of orientation programs for new
directors; and (b) continuing education for all directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approving and revising periodically the Corporation's Code of Business Conduct
and Ethics (the **"Code")** and other corporate governance policies **("Policies"),** ensure management has
established a system to enforce the Code and Policies and monitor compliance with each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing and approving corporate goals and objectives relevant to the CEO's compensation,
evaluating the CEO's performance in light of those corporate goals and objectives, and recommending to the Board with respect to the CEO's
compensation level based on this evaluation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing and approving named executive officer and director compensation, incentive-compensation
plans and equity-based plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing executive compensation disclosure before the Corporation publicly discloses such information.

· With the assistance of the Audit Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ensuring the integrity of the Corporation's internal controls
and management information systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ensuring the Corporation's ethical behaviour and compliance with laws and regulations, audit and accounting
principles and the Corporation's own governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identifying the financial risks of the Corporation's business and ensuring that appropriate systems are
in place to manage these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing the Corporation's insurance program to ensure adequacy of coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reviewing and approving significant accounting and fmancial matters and the provision of direction to
management on these matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Selecting, appointing, determining the remuneration of and, if necessary, replacing the independent auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assessing the independence of the auditors.

**4.** **MISCELLANEOUS** 

The members of the Board are expected to attend all meetings of the Board of Directors unless prior notification of absence is provided.

The members of the Board are required to have reviewed board materials in advance of the meeting and be prepared to discuss such materials at the meeting.

***Effective Date: June 29, 2021***

**SCHEDULE "B"**

**APPROVAL OF PERFORMANCE AWARDS TO THE NEOS AND A ONE-TIME FIXED INCREASE**

**TO THE SHARE RESERVE UNDER THE EQUITY INCENTIVE PLAN**

**"BE IT RESOLVED THAT:**

&nbsp;&nbsp;&nbsp;&nbsp;1. The Performance Awards and the Share Reserve
 Increase, each as defined in the Management Information Circular of Glass House Brands Inc. **(**the **"Company"**) dated May 15, 2025, are hereby ratified,
 confirmed and approved.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Company's entry into an amended and restated equity incentive plan, giving effect to the Performance
Awards and the Share Reserve Increase, is hereby ratified, confirmed and approved.

&nbsp;&nbsp;&nbsp;&nbsp;3. Any one or more directors or officers of the Company is hereby authorized and directed, acting for, in
the name of and on behalf of the Company, to execute or cause to be executed, under the seal of the Company or otherwise, and to deliver
or cause to be delivered, such other documents and instruments, and to do or cause to be done all such other acts and things, as may be
in the opinion of such director or officer of the Company be necessary or desirable to carry out the intent of the foregoing resolutions,
the execution of any such document or the doing of any such other act or thing by any director or officer of the Company being conclusive
evidence of such determination."

**GLASS HOUSE BRANDS INC.**<br> 3645 Long Beach Boulevard<br> Long Beach, California 90807, USA<br> E: <u>investors@glasshousegroup.com</u>

Download the latest about Glass House Brands Inc. at: <u>http://www.glasshousebrands.com</u>

Glass House Brands Inc. is traded on the US OTC Markets under the symbols "GLASF" for shares and "GHBWF" for warrants and on Cboe Canada in Canada under the symbols "GLAS.A.U" for shares and "GLAS.WT.U" for warrants.

## Exhibit 99.6

**Exhibit 99.6**

![](tm2517105d1_ex99-6img01.jpg)

**GLASS HOUSE BRANDS INC.**

**NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON JUNE 20, 2025**

**TO THE SHAREHOLDERS OF GLASS HOUSE BRANDS INC.**

NOTICE IS HEREBY GIVEN that an annual and special meeting (the **"Meeting")** of the holders **("Shareholders")** of subordinate voting shares (the **"Subordinate Voting Shares"),** restricted voting shares (the **"Restricted Voting Shares"),** limited voting shares **("Limited Voting Shares",** together with the Subordinate Voting Shares and the Restricted Voting Shares, the **"Equity Shares")** and multiple voting shares (the **"Multiple Voting Shares",** together with the Equity Shares, the **"Company Shares")** of Glass House Brands Inc. (the **"Company")** will be held at 11:00 a.m. (Pacific Time) on June 20, 2025 at 645 Laguna Road, Camarillo, California, 93012 for the following purposes:

1. to receive the audited annual financial statements of the Company for the year ended December 31, 2024,
together with the report of the auditor thereon (the **"Annual Financial Statements");** 

2. for all Shareholders other than holders of Limited Voting Shares, to elect directors of the Company for
the ensuing year. For more information, see *"Business to be Transacted at the Meeting – Election of Directors"* in
the Company's management information circular dated May 15, 2025 (the **"Information Circular");** 

3. to re-appoint the auditor of the Company for the ensuing year and to authorize the directors of the Company
to fix the remuneration of the auditor. For more information, see *"Business to be Transacted at the Meeting – Appointment of Auditor"* in the Information Circular;

4. for all shareholders other than Recipients (as defined in the Information Circular), to consider and, if
deemed advisable, pass an ordinary resolution, the full text of which is reproduced as Schedule "B" of the Information Circular,
approving, ratifying and confirming a one-time, fixed increase to the rolling 10% share reserve under the Company's Equity Incentive Plan
(as defined in the Information Circular) and the granting of the Performance Awards (as defined in the Information Circular); and

5. to transact such other business as may properly be brought before the Meeting or any adjournment thereof.

Shareholders should refer to the Information Circular for more detailed information with respect to the matters to be considered at the Meeting. The Information Circular and other Meeting materials also contain important information with respect to voting your Company Shares and attending and participating at the Meeting. Shareholders are reminded to review all of the important information contained in the Information Circular and other Meeting materials before voting.

The Company is using the notice-and-access system **("Notice-and-Access")** under National Instrument 54-101 *Communications with Beneficial Owners of Securities of a Reporting Issuer* and National Instrument 51-102 *Continuous Disclosure Obligations* to distribute this Notice of Meeting and the Information Circular to Shareholders, as well as the Annual Financial Statements and accompanying management's discussion and analysis thereon. Notice-and-Access allows the Company to post electronic versions of its proxy- related materials on SEDAR+ and on the Company's website, rather than mailing paper copies to Shareholders. This alternative means of distribution of the Company's proxy-related materials is more environmentally friendly by reducing paper use, and also reduces printing and mailing costs of the Company. Note that Shareholders still have the right to request paper copies of the proxy-related materials posted online by the Company under Notice-and-Access if they so choose.

The proxy-related materials are available under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u> and on the Company's website at <u>https://ir.glasshousebrands.com/agm/</u>. As noted above, the Company will provide to any Shareholder, free of charge, a paper copy of the Information Circular upon request to Odyssey Trust Company (**"Odyssey"**), the Company's transfer agent, at 1-888-290-1175 (toll-free), up to one year from the date the Information Circular is filed on SEDAR+. Shareholders who wish to receive a paper copy of the Information Circular in advance of the Meeting should make such request to the Company by no later than June 9, 2025, in order to allow reasonable time to receive and review the Information Circular prior to the proxy deadline of 11:00 a.m. (Pacific Time) on June 18, 2025. The Information Circular will be sent to Shareholders within three (3) business days of their request if such request is made prior to the date of the Meeting. Following the Meeting, the Information Circular will be sent to such Shareholders within 10 days of their request.

Shareholders will receive a paper copy of a notice package (the **"Notice Package")** under Notice-and-Access via prepaid mail containing: (i) a notification regarding the Company's use of Notice-and-Access and how the proxy-related materials may be obtained, (ii) a form of proxy (if you are a Shareholder who holds your Company Shares in your own name and have a share certificate or direct registration system (DRS) statement (a **"Registered Shareholder"))** or a voting instruction form (if you are a Beneficial Shareholder, as defined below), and (iii) a supplemental mailing list return card to elect to receive paper copies of the Company's fmancial statements and management's discussion and analysis for future fmancial statements and management's discussion and analysis if you so choose. Shareholders with questions about the Notice-and-Access procedures may contact the Company's transfer agent, Odyssey, at 1-888-290-1175 (toll-free).

Shareholders who hold their Company Shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary **("Beneficial Shareholders")** who have not duly appointed themselves as proxyholder will be able to attend as a guest but will not be able to participate or vote at the Meeting.

**If you are a Registered Shareholder** and are unable to attend the Meeting, please exercise your right to vote by dating, signing and returning the form of proxy contained in the Notice Package to Odyssey, the transfer agent of the Company. To be valid, completed proxy forms must be dated, completed, signed and deposited with Odyssey by mail to: Odyssey Trust Company, Attention: Proxy Department, 67 Yonge Street, Suite 702, Toronto, Ontario M5E 1J8. You may also vote through the internet by going to <u>https://login.odysseytrust.com/pxlogin</u> and enter the 12 digit control number found on the form of proxy. Your proxy or voting instructions must be received in each case no later than 11:00 a.m. (Pacific Time) on June 18, 2025 or two business days preceding the date of any adjournment or postponement (excluding Saturdays, Sundays and holidays). If you are unable to attend the Meeting, we encourage you to complete the form of proxy contained in the Notice Package as soon as possible. If a Shareholder received more than one form of proxy because such holder owns Company Shares registered in different names or addresses, each form of proxy should be completed and returned. The Chairman of the Meeting shall have the discretion to waive or extend the proxy deadline without notice.

A Shareholder who wishes to appoint a person other than the management nominees identified on the form of proxy or voting instruction form, to represent him, her or it at the Meeting may do so by inserting such person's name in the blank space provided in the form of proxy or voting instruction form and following the instructions for submitting such form of proxy or voting instruction form.

**If you are a Beneficial Shareholder** and receive these materials through your broker or through another intermediary, please complete and return the voting instruction form in the Notice Package in accordance with the instructions provided to you by your broker or by the other intermediary.

The board of directors of the Company has fixed April 28, 2025 as the record date for notice of and for voting at the Meeting. Shareholders of record at the close of business on April 28, 2025 are entitled to notice of the Meeting and to vote thereat or at any adjournment(s) or postponement(s) thereof on the basis of one vote for each Equity Share held (other than Limited Voting Shares, which are entitled to one vote for each Limited Voting Share held on all matters other than in respect of the election for directors of the board of directors) and 50 votes for each Multiple Voting Share held, except to the extent that: (i) a registered Shareholder has transferred the ownership of any Company Shares subsequent to April 28, 2025, and (ii) the transferee of those Company Shares produces properly endorsed share certificates, or otherwise establishes that he, she or it owns the Company Shares and demands, not later than 10 days before the Meeting, that his, her or its name be included on the list of persons entitled to vote at the Meeting, in which case, the transferee shall be entitled to vote such Company Shares at the Meeting. The transfer books will not be closed.

**BY ORDER OF THE BOARD OF DIRECTORS**

(Signed) *"Kyle Kazan"*

Kyle Kazan

Co-Founder, Chairman & CEO

May 15, 2025

## Exhibit 99.7

**Exhibit 99.7**

**Form 45-102F1**

**Notice of Intention to Distribute Securities under Section 2.8 of<br> NI 45-102 Resale of Securities**

**Reporting issuer**

**1.** **Name of reporting issuer:** 

Glass House Brands Inc. (the "**Issuer**")

**Selling security holder**

**2.** **Your name:** 

Kyle Kazan (the "**Filer**")

**3.** **The offices or positions you hold in the reporting issuer:** 

Chairman and Chief Executive Officer.

**4.** **Are you selling securities as a lender, pledgee, mortgagee or other encumbrancer?** 

No.

**5.** **Number and class of securities of the reporting issuer you beneficially own:** 

The Filer beneficially owns the following securities of the Issuer: (i) 2,397,074 subordinate voting shares, restricted voting shares or limited voting shares ("**Equity Shares**") of the Issuer; (ii) 2,025,244 Multiple Voting Shares; (iii) options to acquire 32,833 Equity Shares; (iv) 1,218,079 restricted share units of the Issuer; (v) warrants to acquire 1,290,821 Equity Shares; and (vi) 2,166,863 Class B Exchangeable Shares of MPB Acquisition Corp., which are exchangeable for Equity Shares on a one for one basis.

**Distribution**

**6.** **Number and class of securities you propose to sell:** 

Up to 75,000 Equity Shares.

**7.** **Will you sell the securities privately or on an exchange or market? If on an exchange or market, provide the name.** 

The Equity Shares will be sold in one or more private transactions and/or through the facilities of the Cboe Canada stock exchange and/or an alternative inter-dealer quotation system or over-the-counter market.

**Warning**

**It is an offence to submit information that, in a material respect and in light of the circumstances in which it is submitted, is misleading or untrue.**

**Certificate**

I certify that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I have no knowledge
 of a material fact or material change with respect to the issuer of the securities that has
 not been generally disclosed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information given in this form
 is true and complete.

Date: May 23, 2025

---

| |
|:---|
| /s/ Kyle Kazan |
| **KYLE KAZAN** |

---

## Exhibit 99.8

**Exhibit 99.8**

![](tm2517105d1_ex99-8img01.jpg)

**Glass House Brands Announces June Investor Events**

**LONG BEACH, CA and TORONTO, June 3, 2025** - Glass House Brands Inc. ("Glass House" or the "Company") (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF), one of the fastest-growing, vertically integrated cannabis companies in the U.S., today announced that Kyle Kazan, Co-founder, Chairman & CEO, Graham Farrar, Co-founder, Board Member and President, and Mark Vendetti, Chief Financial Officer, will participate in the Benzinga Cannabis Capital Conference being held June 8-10, 2025, in Chicago.

Mr. Kazan will participate in the panel discussion '*The Hemp Industry Divide: Quick Cash vs. Sustainable Growth*' on Tuesday, June 10, 2025 at 9:35 a.m. CT.

To schedule a one-on-one meeting with management, please contact Glass House Investor Relations or KCSA Strategic Communications at <u>GlassHouseIR@kcsa.com</u>.

Investors are also reminded that the Company will host its annual Investor Sesh at the Camarillo Farm on Friday, June 20, 2025. The event includes the Company's Fiscal Year 2024 General Meeting as well as an opportunity for investors to meet with management, tour the largest cannabis farm in the US and access exclusive merchandise and Glass House products for purchase.

Interested investors can <u>click here</u> to formally register to attend and to sign up for a greenhouse tour slot. More details will be provided in your registration confirmation email.

**About Glass House Brands**

<u>Glass House</u> 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 <u>Kyle Kazan</u>, Chairman and CEO, and <u>Graham Farrar</u>, Board Member and President, instilled at the outset. Whether it be through its portfolio of brands, which includes <u>Glass House Farms, PLUS Products, Allswell</u> and Mama Sue Wellness or its network of retail dispensaries throughout the state of California, which includes <u>The Farmacy, Natural Healing Center</u> and T<u>he Pottery</u>, 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 <u>www.glasshousebrands.com/</u> and <u>https://ir.glasshousebrands.com/contact/email-alerts/</u>.

**For further information, please contact:**

Glass House Brands Inc.

Jon DeCourcey, Vice President of Investor Relations

T: (781) 724-6869

E: <u>ir@glasshousebrands.com</u>

**Investor Relations Contact:**

KCSA Strategic Communications

Phil Carlson

T: 212-896-1233

E: <u>GlassHouse@kcsa.com</u>