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Harborside Inc. has completed its acquisition of Loudpack, enhancing its position as a leading cannabis company in California. This acquisition follows previous purchases of Urbn Leaf and Sublime, consolidating their operations under the new name, StateHouse Holdings. The company estimates pro-forma gross revenue of approximately US$165 million for the first nine months of 2021. The deal involved issuing 90,752,140 subordinate voting shares and restructuring US$50 million of debt. Additionally, Harborside plans a share consolidation at a ratio of 1-for-6.
Harborside Inc. (CSE: HBOR, OTCQX: HBORF), a California-focused cannabis company, has successfully completed the mandatory conversion of all multiple voting shares (MVS) to subordinate voting shares (SVS), giving holders 100 SVS for each MVS. This conversion, approved at a special meeting on February 22, 2022, aims to enhance liquidity and attractiveness to investors. As a consequence, Harborside will no longer be classified as a foreign private issuer under U.S. securities laws, leading to new SEC reporting requirements based on U.S. GAAP.
Burns & Levinson has finalized the sale of UL Holdings, Inc. (Urbn Leaf), a prominent cannabis retailer in California, to Harborside, Inc. (CSE: HBOR, OTCQX: HBORF). The acquisition, first announced on November 29, 2021, was completed on March 1, 2022. CEO Ed Schmults of Urbn Leaf was appointed to lead the combined entities. This strategic move positions Harborside to become a major player in California's cannabis market, alongside another acquisition of LPF JV Corporation (Loudpack), expected to finalize around March 15, 2022.
On March 1, 2022, Harborside Inc. (OTCQX: HBORF) announced the completion of its acquisition of Urbn Leaf, a prominent cannabis retailer in California. This acquisition involves the issuance of 60 million subordinate voting shares, consolidating Harborside's market position. Ed Schmults has been appointed as CEO, enhancing leadership as the company prepares to integrate Urbn Leaf with its ongoing acquisition of Loudpack, expected to close by March 15, 2022. Following these transactions, Harborside will rebrand as StateHouse Holdings, aiming to strengthen its footprint in California's competitive cannabis market.
Harborside Inc. has announced a mandatory conversion of all multiple voting shares (MVS) into subordinate voting shares (SVS), effective March 31, 2022. Each MVS will convert to 100 SVS, a move aimed at increasing liquidity and simplifying the company's capital structure. This decision follows shareholder feedback and was approved during a special meeting held on February 22, 2022. Additionally, the conversion will alter Harborside's status under U.S. securities laws, requiring it to register under the Securities Exchange Act of 1934.
On February 23, 2022, Harborside Inc. (CSE: HBOR, OTCQX: HBORF) announced that shareholders overwhelmingly approved the issuance of approximately 151.4 million subordinate voting shares to acquire 100% equity interests in Urbn Leaf and Loudpack. The company will also undergo a name change to StateHouse Holdings Inc. following regulatory approval. The shareholder vote included support for board elections, a share consolidation with a maximum ratio of 1:6, and amendments to various governance documents. The acquisition is anticipated to create one of California's largest vertically integrated cannabis operators.
Harborside Inc. (CSE: HBOR, OTCQX: HBORF) announced on February 15, 2022, its acquisition of a 29.9% stake in FGW Haight, Inc., located in San Francisco's Haight-Ashbury district, increasing its interest to 80%. The acquisition, subject to regulatory approval, follows a prior 50.1% purchase completed on December 18, 2020. Harborside will pay USD $1,300,650 through the issuance of multiple voting shares based on a defined valuation formula. The acquisition emphasizes Harborside's strategy to enhance its presence as a leading cannabis retailer in California.
Harborside Inc. has closed the first tranche of its US$77.3 million debt financing with Pelorus Equity Group, amounting to US$45.4 million. The financing supports the company's acquisitions of UL Holdings and LPF JV Corporation, allowing for the formation of StateHouse Holdings. The expiration of the HSR waiting period for these transactions occurred on January 18, 2022. Harborside plans to utilize the financing for loan repayments and operational funds. A planned renewable energy microgrid project is set for enhanced cost savings, with expected savings of US$20 million over 20 years.
Harborside Inc. announced the resignation of Michael Dacks from its board of directors, effective December 31, 2021. Mr. Dacks is leaving to pursue other opportunities as the company prepares to restructure its board following acquisitions of Loudpack and Urbn Leaf, aimed at establishing StateHouse Holdings. Dacks joined the board in November 2020 and significantly contributed to strengthening the company's competitive position in the cannabis industry.
Harborside (OTCQX: HBORF) has announced plans to acquire Urbn Leaf and Loudpack in strategic transactions aimed at forming a major player in California's cannabis market, transitioning to StateHouse Holdings. The company expects a combined gross revenue of approximately US$165 million for the year, driven by robust retail presence and brand offerings. With US$77.3 million in non-dilutive rollup debt financing secured, StateHouse aims to leverage its real estate portfolio to enhance growth. The leadership team will include Ed Schmults as CEO, enhancing strategic vision.
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