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.
Curaleaf Holdings Inc (OTCMKTS: CURLF) Is Opening a Dispensary at State College
Post Views: 131 Curaleaf Holdings Inc (OTCMKTS: CURLF) is opening a State College Dispensary at 1248 A Atherton St, State...
Puration Inc (OTCMKTS: PURA) Is About to Make Its First Collaboration in the Asia Pacific
Post Views: 293 Puration Inc (OTCMKTS: PURA) is about to strike a deal for its first collaboration in the Asia...
Harborside Inc (OTCMKTS: HBORF) Will Convert Multiple Voting Shares Into Subordinate Voting Shares
Post Views: 2,742 Harborside Inc (OTCMKTS: HBORF) has announced that it will convert its outstanding and issued multiple voting shares...
Trulieve Cannabis Corp (OTCMKTS: TCNNF) Announces Partnership With Khalifa Kush
Post Views: 378 Trulieve Cannabis Corp (OTCMKTS: TCNNF) Khalifa Kush has announced an exclusive partnership. Khalifa Kush is a brand...
Indiva Ltd (OTCMKTS: NDVAF) Launches Jewel Cannabis Tarts
Post Views: 215 Indiva Ltd (OTCMKTS: NDVAF) recently launched Jewel Cannabis Tarts, its latest products into the cannabis Industry. The...
Neptune Wellness Solutions Inc’s (NASDAQ: NEPT) Subsidiary, Sprout Organics, Executes a Partnership With Cocomelon for the Distribution of Organic Produce
Post Views: 198 Sprout Organics, a subsidiary of Neptune Wellness Solutions Inc (NASDAQ; NEPT), recently announced the execution of its...