Harborside Inc. to Announces Stock Option Grants

Rhea-AI Summary

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.

Positive

• Granting of options for 300,000 subordinate voting shares can boost consultant engagement.
• Immediate vesting of options may incentivize consultants to drive company growth.

Negative

• Potential dilution of shares for existing shareholders due to issuance of new options.

OAKLAND, CA and TORONTO, ON, Oct. 1, 2020 /PRNewswire/ - Harborside Inc. ("Harborside", or the "Company") (CSE: HBOR), (OTCQX: HSDEF), a California-focused, vertically-integrated cannabis enterprise, today announced that it has granted options (each, an "Option") to purchase an aggregate of up to 300,000 subordinate voting shares of the Company (the "SVS") to certain consultants of the Company as partial consideration for digital marketing, promotions and brand messaging services. Each Option is exercisable into one SVS in the capital of the Company at an exercise price per SVS equal to the greater of: (i) $1.02 (the closing price of the SVS on September 29, 2020); (ii) $1.07 (the closing price of the SVS on September 30, 2020); and (iii) the closing price of the SVS on October 1, 2020. The Options expire on September 30, 2021. The Options vest immediately, and are granted in accordance with Harborside's equity incentive plan adopted by the board of directors of the Company on June 30, 2020 (the "Plan"). A copy of the Plan is available under the Company's SEDAR profile at www.sedar.com.

For the latest news, activities, and media coverage, please visit the Harborside corporate website at http://www.investharborside.com or connect with us on LinkedIn, Facebook, and Twitter.

About Harborside:
Harborside Inc. is one of the oldest and most respected cannabis retailers in California, operating three of the major dispensaries in the San Francisco Bay Area, a dispensary in the Palm Springs area outfitted with Southern California's only cannabis drive-thru window, a dispensary in Oregon and a cultivation/production facility in Salinas, California. Harborside has played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers. Co-founded by Steve DeAngelo and dress wedding in 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States and today holds cannabis licenses for retail, distribution, cultivation, nursery and manufacturing. Harborside is currently a publicly listed company on the CSE trading under the ticker symbol "HBOR". Additional information regarding Harborside is available under Harborside's SEDAR profile at www.sedar.com.

The CSE has neither approved nor disapproved the contents of this news 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.

View original content to download multimedia:http://www.prnewswire.com/news-releases/harborside-inc-to-announces-stock-option-grants-301143969.html

SOURCE Harborside Inc.

FAQ

What are the details of the stock option grants by Harborside on October 1, 2020?

On October 1, 2020, Harborside granted options to purchase 300,000 subordinate voting shares to consultants for marketing services, with an exercise price based on market rates.

What is the exercise price of the options granted by Harborside?

The exercise price for the options is the greater of $1.02, $1.07, or the closing price on October 1, 2020.

When do the stock options granted by Harborside expire?

The options granted will expire on September 30, 2021.

How does the granting of options impact Harborside's stock?

The granting of options may lead to potential dilution for existing shareholders if the options are exercised.