Harborside (OTCMKTS: HBORF) has signed definitive agreements to purchase leading cannabis retailer in California, UL Holdings Inc. (Urban Leaf), and award-winning cannabis grower, processor, and distributor in California, LPF JV Corporation (Loudpack). Following the closing of the transactions, the company changed its name to StateHouse Holdings, subject to regulatory and shareholder approval.
StateHouse could have had revenue of $165 million
The company’s management believes StateHouse Holdings will be the biggest cannabis platform in Carlifi9rnia with enhanced brands, retail, processing, cultivation, manufacturing, and distribution power. Harborside had gross revenue of $57.8 million in the first nine months of 2021, with Urbn Leaf and Loudpack registering $45.9 million and $61.4 million in revenue, respectively. As a result, StateHouse would have generated on a pro forma basis revenue of $165 million over the first nine months of 2021.
Interim CEO and Chairman of Harborside Matthew Hawkins said, “Since reconstituting the Company’s board of directors last year, our team embarked upon an ambitious mission to create a unique platform capable of consolidating California and driving significant growth through added scale. With these transactions, we are working to create a west coast cannabis powerhouse. The combination of high-quality assets, increased scale and experienced leadership will drive tremendous value for shareholders. California is one of the world’s largest legal cannabis markets, with sales expected to reach US$7.4 billion by 2025.”
Ed Schmults to be CEO of StateHouse
Hawkins continued, “StateHouse will have a unique ability to navigate the operating challenges in the state and capitalize on the combined potential of the businesses we are acquiring. We are building what we believe is the ideal platform to consolidate the California cannabis sector, positioning us for long-term growth in both market share and profitability. Ed Schmults, an experienced leader with a proven retail and cannabis track record, is the right person to lead StateHouse into the future.”
Current Urbn Leaf CEO will take over as StateHouse CEO Ed Schmults after completion of the deal and will join the Board of Directors. On the other hand, Loudpack CEO will be appointed as StateHouse President and join the StateHouse Board of Directors.
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