For the 12years it has operated and through its brands, Harborside Inc. (OTCMKTS: HBORF) has established a significant position in the California cannabis market. By focusing on retail excellence, the vertically-integrated cannabis enterprise has unapologetically made tremendous progress. The latest turn–around of events is acquiring a further 29.9% interest in FGW Haight, Inc. This is in addition to a 50.1% interest in FGW that closed on December 18, 2020.
The acquisitions, subject to regulatory approvals from the City of San Francisco, will expand Harborside’s mandate in FGW by 80%. However, it has the right to refuse, purchase in whole or in part the remaining 20% of FGW. Meanwhile, it will part with USD$1,300,650satisfied through the issuance of multiple voting shares of the Company.
Enhancing Harborside’s Position as a Leading Cannabis Retailer in California
Harborside opened its business doors in 2006 in California and was among the first institutions to receive medical cannabis licenses issues in the United States. The Company has come a long way while covering retail, distribution, cultivation, and nursery and manufacturing operations. Today, it boasts three significant dispensaries in the San Francisco Bay Area, a dispensary in Oregon, distribution facilities in San Jose and Los Angeles and a dispensary in the Palm Springs area, among other locations.
The newest location in San Francisco’s Haight-Ashbury district is both historical and culturally significant. This will give Harborside an added advantage since it already owns a strong position in North California. Additionally, the dispensary is also neighborhood oriented.
The closure of First Tranche of $77.3 Million Debt Financing Deal
As the cannabis industry thrusts, many more companies joined forces for expansion and added roles. Through a $77.3 million debt financing deal, Harborside has made a similar move with Urbn Leaf, a San Diego-based retailer and Loudpack, a Los Angeles-based cultivator. The deal is expected to close in March, and when this is complete, Harborside plans to change its name to StateHouse Holdings.
According to a Harborside release, proceeds from the first tranche will clear certain existing loans, fund closing costs and interest reserves and act as additional working capital to the three companies. Proceeds from the second tranche worth $31.9 million will primarily go into the growth capital of StateHouse.
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