Glass House Brands Inc., a leading vertically-integrated cannabis company in the U.S., has announced a recapitalization and non-brokered private placement involving Series E Convertible Preferred Stock of GH Group, Inc. This move replaces the existing Series B and Series C Preferred Stock, with non-participating holders being redeemed. The transaction, which involved directors, officers, and major shareholders, amounted to $12.9 million in Series E Preferred Stock. Investors in this offering will receive an annual 12% dividend rate, paid quarterly, and have the option to convert the preferred stock into GH Group Class B common stock at $9.00 per share. The Series E Preferred Stock is also exchangeable for the company's publicly-traded equity shares. A 5-year redemption right is in place, contingent on specific trading conditions.