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Harborside goes into M & A Mode, looking to double Revenue


Isail4fun
(@rtimothyobrienhotmail-com)
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Joined: 8 months ago
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Harborside Announces Business Combination with Urbn Leaf and Loudpack Creating StateHouse Holdings, a Leading California Cannabis Company

10:01 PM ET, 11/29/2021 - PR Newswire

- Urbn Leaf CEO Ed Schmults to be named CEO of StateHouse -

- Vertically integrated with a fully installed and operational platform to consolidate the California cannabis sector -

- US$77.3 million in rollup debt financing expected to provide non-dilutive capital, leveraging StateHouse's significant real estate portfolio -

OAKLAND, Calif., Nov. 29, 2021 /PRNewswire/ - Harborside Inc. ("Harborside" or the "Company") (CSE: HBOR), (OTCQX: HBORF) a California-focused, vertically integrated cannabis enterprise, is pleased to announce that it has entered into definitive agreements (the "Definitive Agreements") to acquire UL Holdings Inc. ("Urbn Leaf"),  a top California cannabis retailer with a dominant position in Southern California (the "Urbn Leaf Transaction"), and  LPF JV Corporation ("Loudpack"), a leading manufacturer, cultivator and distributor of award-winning cannabis brands in California (the "Loudpack Transaction" and, together with the Urbn Leaf Transaction, collectively, the "Transactions"). Following completion of the Transactions, Harborside is expected to be renamed StateHouse Holdings  ("StateHouse"), subject to shareholder and regulatory approval. 

 

Management believes that StateHouse, which is expected to trade under a new symbol (CSE: STHZ), will be the largest and most developed cannabis platform in the state of California with superior retail, brands, processing, manufacturing, distribution and cultivation. Management believes that StateHouse will have the highest estimated annual revenue and brand market share among its current publicly-listed California peers1, providing the Company with a strong platform for growth as a consolidator of California's cannabis industry. Through the first nine months of 2021, Harborside, on a pro-forma basis including revenue of Sublimation Inc. ("Sublime") for the entire period, had gross revenue of US$57.8 million2, while Urbn Leaf and Loudpack had revenue of US$45.9 million and US$61.4 million, respectively. Therefore, on a pro forma basis, management estimates that StateHouse would have generated gross revenue of approximately US$165 million for the same period.2


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D. H. Taylor
(@dhtaylor)
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@rtimothyobrienhotmail-com

Just reading this posting after answering the previous.  Hadn’t realized that Harborside was not expanding its share count but, instead, did debt financing.  Hmmm… interesting.  Not sure how that would play out in the earnings if they have to pay continuous debt.  I’ll have to dive in and see what is up with the total debt load.  


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