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Harborside Inc. (OTCMKTS: HBORF) Reports Total Revenue of $17.9 Million In Q3 2021

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Harborside Inc. (OTCMKTS: HBORF) has reported its unaudited condenses interim consolidated Q3 2021 financial results for the quarter ending September 30, 2021.

Harborside report QoQ decline in revenue 

The company’s retail revenue was $9.2 million in Q3 2021, with wholesale revenue $2.8 million and manufacturing revenue $5.9 million. Total gross revenue was $17.9 million relative to $16.2 million in Q2 2021. Retail revenues were down 1.8 million QoQ as consumers reacted to the end of government assistance programs and COVID-19 related restrictions eased.

Harborside reported gross profits of $5.4 million relative to $6.2 million in Q2, with a decline in low sales volume in Q3. Net income attributable to the company was $2.7 million compared to $2.4 million a year ago, representing a YoY growth of 213%.  The increase was due to a one-time $5.3 million gain in Q3 2021 due to tax liabilities adjustment.

Matt Hawkins, the company’s Interim CEO and Chairman, said, “While bulk prices declined across the state of California in the third quarter, we continued to make improvements to our business, including the expansion of our wholesale presence throughout California through the integration of Sublime into our operations. I’m pleased that we continue to deliver positive adjusted EBITDA(1) as we relentlessly focus on our customers and work on improving capital efficiency throughout the business.”

Harborside to make acquisitions 

“I’d like to thank our team for their ongoing dedication to achieving our business goals while working tirelessly behind the scenes to push our recently announced business combination with Urbn Leaf and Loudpack towards the finish line,” added Hawkins.

The company has entered into definitive agreements to purchase UL Holdings Inc. (“Urbn Leaf”), a leading California cannabis retailer w in Southern California, and LPF JV Corporation (“Loudpack”), a leading manufacturer, grower, and distributor of award-winning cannabis brands in California, as previously announced. Harborside is scheduled to be renamed StateHouse Holdings (“StateHouse”) and trade under a new symbol (CSE: STHZ) after the acquisitions are completed, subject to shareholder and regulatory clearance.

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