Tidal to provide royalty financing to Harborside FYI I am convinced we won the lottery with this deal. I see this north of a 500m valuation once it starts trading.
Tidal to provide royalty financing for Harborside
Mr. Paul Rosen reports
TIDAL ROYALTY AND HARBORSIDE ANNOUNCE STRATEGIC ROYALTY FINANCING PARTNERSHIP
Tidal Royalty Corp. has signed a non-binding memorandum of understanding for a strategic royalty financing partnership. The company is also participating in the Series B equity financing of FLRish Inc. (Harborside), the parent company of the iconic Harborside dispensaries in California, which closed today.
The parties have entered into a non-binding memorandum of understanding whereby Tidal Royalty commits to provide $10-million (U.S.) in royalty financing to prospective dispensary operators licensing the Harborside brand. Each potential dispensary financing transaction will be assessed on a case-by-case basis and specific financing terms will be negotiated among the parties.
"Harborside is one of the pre-eminent cannabis companies in the U.S.," stated Paul Rosen, Tidal Royalty's chief executive officer and chairman. "They are a leading operator in California already, and we expect that their business strategy and strong executive team will enable them to enhance their leadership position. Through our strategic financing partnership, Tidal Royalty would provide select operators with the capital required to launch a dispensary licensing the Harborside brand in exchange for a royalty on sales."
Harborside, a vertically integrated California licensed operator, was founded in 2006 by cannabis industry activist and entrepreneur Steve DeAngelo. He remains the company's chairman emeritus and stated: "This is yet another step on our path to fulfill the goal we set for Harborside at the outset. From the calibre of our dispensaries, to the product knowledge of our team members, to the quality of products that we sell, we have aimed to change the perception of cannabis in our communities and demonstrate that it can be an agent for positive change."