California Leader Harborside Inc. – GuruFocus.com
OAKLAND, Calif. and TORONTO, May 11, 2022
– Opening of new stores in that of San Francisco district of Haight-Ashbury and in La Mesa, California –
OAKLAND, CA. and TORONTO, May 11, 2022 /PRNewswire/ – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR) (OTCQX: HBORF), a California-vertically integrated cannabis company, today announced the opening of two new retail stores in Californiabringing the total number of its retail stores to 13. In addition, the company provided pro forma 2021 sales information.
Retail store openings
The company is pleased to announce that it has opened a new Harborside branded store in San Franciscoand a new Urbn Leaf branded store in The Mesasituated in San Diego County.
The San Francisco The store is located at 768 Stanyan Street and comprises 1,690 square feet. It is located in historic Haight-Ashbury, which was the epicenter of the hippie and counterculture movements of the 1960s that helped pave the way for the legalization of cannabis. The store is across from Golden Gate Park and within walking distance of many popular restaurants and other local attractions.
The The Mesa store, located at 8939 La Mesa Blvd., comprises 1,606 square feet. It is located near major highways and within easy walking distance of the large Grossmont Center shopping mall and many other local attractions.
“Expanding our commercial footprint in the North and South California with these attractive new stores in great locations is an important step forward,” said Ed Schmuls, CEO of Harborside. “It’s particularly notable that these stores are significantly smaller in square footage than many cannabis dispensaries in the state. This smaller footprint reflects a much more sustainable approach to cannabis retail in a changing market. We believe that both stores are well positioned for long-term success.”
Pro Formal sales
Harborside provided further information on its estimated pro forma sales for 2021, which includes full year sales for the company and its three recent acquisitions: Sublimation Inc. (“Sublime”), UL Holdings Inc. (“Urbn Leaf”) and LPF JV Corporation (“Loudpack”) (together, the “Acquisitions”). Excluding wholesale sales, which Harborside has paused since completing the acquisitions, management estimates that the Company’s pro forma sales in 2021 would have totaled approximately $190 million.(1)
Harbourside, a vertically integrated company with cannabis licenses spanning retail, brand, distribution, cultivation, nursery and manufacturing, is one of the oldest and most respected cannabis companies in the world. California. Founded in 2006, Harborside obtained one of the first six medical cannabis licenses granted in United States. Today, the Society operates twelve dispensaries covering the North and Southern California and one in Oregonas well as a manufacturing plant in Oakland, Californiadistribution facilities in San Jose and Los Angeles, California and cultivation/production facilities integrated into Salinas and green field, California. Harborside is a publicly traded company, currently trading on the Canadian Securities Exchange (“CSE”) under the symbol “HBOR” and on the OTCQX under the symbol “HBORF”. The company continues to be instrumental in making cannabis safe and accessible to a large and diverse community of California and Oregon consumers.
(1) Certain financial information included in this press release is neither audited nor revised. Wherever possible, the information has been compiled by management from available audited or audited financial statements. Where no audited or verified information was available, additional management accounting information was used to construct the financial information. The financial statements have not been prepared according to the same standards. Harborside and Loudpack prepare their financial statements in accordance with International Financial Reporting Standards. Urbn Leaf prepares its financial statements in accordance with generally accepted accounting principles (GAAP) by United States. Sublime for the period leading up to Harborside’s acquisition on July 2, 2021 have prepared their financial statements in accordance with generally accepted accounting principles (GAAP) in the United States. Readers are cautioned not to place undue reliance on this information.
Caution Regarding Forward-Looking Information
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the laws of Canada and United States securities legislation. To the extent any forward-looking information contained in this press release constitutes “financial outlook” or “forward-looking financial information” within the meaning of applicable Canadian securities laws, readers are cautioned not to place undue reliance on such information. . All statements, other than statements of historical facts, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement involving discussion of predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, using phrases such as “expects “, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budgets”, “expects”, “expects”, “estimates”, “believes ” or “intends” or variations of these words and expressions or indicating that certain actions, events or results “might” or “may”, “will”, “could” or “will” be expected to occur or be achieved ) are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements include, among other things, statements relating to the company’s future performance and the success of new store openings.
These forward-looking statements are based on reasonable assumptions and estimates made by the management of the Company at the time such statements were made. Actual future results may differ materially because forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the results, performance or achievements future expressed or implied by such forward-looking statements. These factors include, among others: the implications of the COVID-19 pandemic on the Company’s operations; fluctuations in general macroeconomic conditions; fluctuations in the securities markets; expectations regarding the size of the cannabis markets in which the Company operates; changing consumer habits; the Company’s ability to successfully achieve its business objectives; expansion and acquisition plans; political and social uncertainties; failure to obtain adequate insurance to cover risks and hazards; employee relations; the presence of laws and regulations that may impose restrictions on the cultivation, production, distribution and sale of cannabis and cannabis-related products in the markets in which the Company operates; and the risk factors set out in the Company’s management report for the period ended December 31, 2021 and the registration statement of the Company dated May 30, 2019which are available under the Company’s profile on www.sedar.com. Although the forward-looking statements contained in this press release are based on what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such statements. forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this press release. The Company undertakes no obligation to update any forward-looking statements of beliefs, opinions, projections or other factors should they change, except as required by law.
The Company, through several of its subsidiaries, is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medical cannabis market in United States. The local laws of the states where the Company does business permit such activities. However, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in United States for, among other things, cultivating, distributing or possessing cannabis in United States. Financial transactions involving proceeds generated by, or intended to promote, commercial activities related to cannabis in United States may serve as a basis for prosecution under United States federal money laundering legislation.
Although the federal government’s approach to enforcing these laws in United States tends not to enforce laws against individuals and businesses that comply with recreational and medical cannabis programs in states where such programs are legal, strict compliance with state cannabis laws will not exonerate the company from its liability under United States federal law, nor will it provide a defense to any federal proceeding that may be brought against the Company. The application of federal laws in United States poses a significant risk to the Company’s business and any legal action brought against the Company under this provision could adversely affect the Company’s business and financial performance.
This press release does not constitute an offer to sell or a solicitation of an offer to buy securities of United States. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any state securities law and may not be offered or sold in United States or to US Persons, unless they are registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
CSE has neither approved nor disapproved of the contents of this press release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Harborside Inc.