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Harborside Inc. (CSE: HBOR, OTCQX: HBORF) announced the launch of new product lines from its brands Harborside Farms and Key, aimed at the California market. The new offerings include 'Key Mini Pre-Rolls' and 'Harborside Farms Quarter Ounces', featuring locally sourced flower. Additionally, the company unveiled the 'Cannabis Is' initiative, focusing on diversity, wellness, and sustainability in the cannabis industry. The campaign commenced with a focus on diversity, aiming to engage and positively impact the community.
Harborside Inc. (CSE: HBOR, OTCQX: HSDEF), a California cannabis enterprise, announced the granting of options to purchase 300,000 subordinate voting shares to certain consultants. This grant serves as partial compensation for digital marketing and brand services. Each option is exercisable at a price determined by the higher of various closing prices around the grant date, with an expiration date of September 30, 2021. The options vest immediately and align with the company’s equity incentive plan established on June 30, 2020.
Harborside has granted options to directors and officers for 2,235,000 subordinate voting shares (SVS) at an exercise price based on recent closing prices. The options, part of the equity incentive plan adopted on June 30, 2020, will expire in five years and are subject to vesting conditions. This move reflects the company's approach to incentivize key personnel amidst its operations as a respected cannabis retailer in California.
Harborside generated gross revenue of $16.1 million for Q2 2020, reflecting a 28.8% year-over-year increase. The company reported a retail revenue of $10.9 million and wholesale revenue of $5.2 million, with a combined gross margin of 49.8%. Adjusted EBITDA improved to $642,025 from a loss of $1.7 million in Q2 2019. Operating expenses decreased by 34.2% year-over-year, with a net loss of $1.7 million, representing a 72.1% improvement. A strategic review is underway to explore options for maximizing shareholder value.
Harborside Inc. announced on August 31, 2020, that the Ontario Securities Commission (OSC) has revoked the cease trade orders (CTO) previously placed against the company. This follows the re-filing of historical financial statements related to FLRish, Inc. for fiscal years 2017 and 2018, and the 2019 Annual Filings. The revocation allows for the potential resumption of trading on the Canadian Securities Exchange (CSE). Harborside, a leading cannabis enterprise in California, continues to play a significant role in the industry with multiple dispensaries and a cultivation facility.
Harborside reported Q1 2020 net revenue of $14.6 million, a significant increase from $11.5 million in Q1 2019, driven by higher retail and wholesale revenue. The company achieved positive Adjusted EBITDA of $0.432 million, improving from a loss of $2.4 million YoY. Harborside expects Q2 2020 revenue to reach approximately $16 million, reflecting a 28% YoY increase, bolstered by growth in both retail and wholesale segments. The company projects a cash position of $13.6 million as of June 30, 2020, and announced new board member Peter Kampian.
