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Harborside Inc. announced a change of auditor, with MNP LLP resigning effective October 26, 2021, and Armanino LLP appointed as the successor auditor on October 27, 2021. This decision was made following the audit committee's recommendation in preparation for the Company's transition to domestic issuer status in the U.S. The Company assures that there were no reportable events related to this change. Harborside, founded in 2006, operates in California and Oregon, focusing on cannabis retail and production.
Harborside Inc. has partnered with RNBW, a new premium cannabis brand linked to the music industry, to sell its products at Harborside's California retail locations. This collaboration aims to enhance Harborside's product offerings and connect cannabis with live music culture. RNBW currently includes premium flower, with additional products like prerolls, edibles, and vapes expected soon. Special ticket bundles for the Electric Daisy Carnival will be available, promoting cannabis access in a growing market as 19 states and Washington D.C. have legalized recreational cannabis.
Harborside Inc. announced plans to install a renewable energy microgrid at its Salinas, California production site, featuring 4.9 MW of solar panels and 6 MWh of battery storage. This project aims to offset 100% of the facility's energy consumption, producing approximately 8.6 million kWh annually and negating around 6,095 tons of CO2 emissions. The initiative, set for completion in the second half of 2022, is expected to reduce operating costs by over $12.5 million over 20 years and align with California's renewable energy goals, avoiding carbon credit purchases starting January 1, 2023.
On September 27, 2021, Harborside Inc. (CSE: HBOR, OTCQX: HBORF) announced the engagement of Bay Street Communications (BSC) for investor relations services under a month-to-month agreement. The partnership aims to enhance Harborside's capital markets profile and align its market valuation with its fundamentals, while paying BSC a fee of $10,000 per month. The agreement is subject to regulatory approvals from the Canadian Securities Exchange, and BSC has no prior interest in Harborside's shares. Harborside is a leading cannabis retailer in California, operating multiple dispensaries and a cultivation facility.
Harborside Inc. (CSE: HBOR, OTCQX: HBORF) plans to amend its articles to remove conversion restrictions on its multiple voting shares, pending shareholder approval. This amendment could result in over 50% of the Company's subordinate voting shares being owned by U.S. shareholders, leading to the Company becoming a domestic issuer under U.S. securities laws. Harborside will then comply with SEC reporting requirements using U.S. GAAP. The expected shareholder vote is by the end of 2021, and the Company will remain an Ontario corporation while its shares continue trading on Canadian and U.S. markets.
Harborside Inc. (CSE: HBOR, OTCQX: HBORF) has entered a strategic research agreement with Utah State University to study cannabis crop steering, led by Dr. Bruce Bugbee. This research aims to enhance crop yields, improve quality, and conserve resources through precise environmental control during cultivation. The study will explore factors such as light intensity, CO2 levels, and substrate moisture. Harborside's collaboration emphasizes a commitment to sustainability and scaling cannabis production to meet consumer demand while maintaining quality.
On September 3, 2021, Harborside Inc. (CSE: HBOR, OTCQX: HBORF) announced the acquisition of Accucanna LLC, which holds the license for its Desert Hot Springs retail dispensary. The total acquisition cost was US$4,918,263, comprised of cash and shares. This location is strategically positioned as one of only two drive-through dispensaries in California, enhancing Harborside's retail portfolio. The acquisition aims to capitalize on local tourism and improve service delivery in the Coachella Valley.
Harborside Inc. reported a 25% sequential increase in gross revenues to $16.2 million for Q2 2021. This marks the 6th consecutive quarter of positive EBITDA. Retail revenues reached $11.0 million, and wholesale revenues were $5.2 million. Total net revenues stood at $15.4 million, with a net income of $1.8 million. The company improved its total gross margins to 56.7%, driven by enhanced operational efficiencies and the Sublime acquisition.
Harborside Inc. (CSE: HBOR, OTCQX: HBORF), a leading cannabis enterprise in California, will hold a conference call to discuss its second-quarter financial results for the period ending June 30, 2021. The call is scheduled for August 31, 2021, at 1:00 p.m. Eastern Time. Financial results will be announced prior to the call. To participate, dial 1-888-664-6392 and use the conference ID 93695878. A replay of the call will be available until September 14, 2021. For more details, visit Harborside's website.
Harborside Inc. announced a leadership change, with Matt Hawkins stepping in as Interim CEO, succeeding Peter Bilodeau. This transition aims to strengthen the company's leadership as it navigates opportunities in the California cannabis market. Additionally, Ahmer Iqbal, a former Amazon executive, has been appointed as Chief Operating Officer. Hawkins highlighted recent achievements, including expansion in cultivation capacity and brand portfolio growth. The company aims to capitalize on its strong operational foundation and brand positioning.
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