News Release Issued: Apr 27, 2022 News Release Issued: Apr 27, 2022 (10:18pm EDT)
To view this release online and get more information about Harborside Investor Relations visit: https://www.investharborside.com/2022-04-27-Harborside-Inc-Reports-Fourth-Quarter-2021-Financial-Results
Harborside Inc. Reports Fourth Quarter 2021 Financial Results
– Name change and share consolidation to be rescheduled for June 2022 –
OAKLAND, Calif. and TORONTO, April 27, 2022 /CNW/ - Harborside Inc. ("Harborside" or the "Company") (CNSX: HBOR), (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today filed its audited annual financial statements and management's discussion & analysis for the twelve months ended December 31, 2021 (collectively, the "Annual Financial Results") under the Company's profile on SEDAR at www.sedar.com.
The Annual Financial Results encompass a period prior to the Company's acquisitions of UL Holdings Inc. ("Urbn Leaf") and LPF JV Corporation ("Loudpack"), which were completed in March and April 2022, respectively. The Loudpack and Urbn Leaf acquisitions have transformed the Company into one of the largest vertically integrated cannabis enterprises in California.
With the acquisitions of Loudpack and Urbn Leaf completed, the Company now plans to effect its previously announced name change to StateHouse Holdings Inc. (the "Name Change") and concurrent share consolidation (the "Consolidation") in June 2022. Pursuant to the Consolidation, shareholders are expected to receive one post-Consolidation subordinate voting share (a "Share") for every six pre-Consolidation Shares (the "Consolidation Ratio"), subject to the Company continuing to meet minimum listing requirements of the Canadian Securities Exchange (the "CSE"). Accordingly, following the Name Change and Consolidation, shareholders currently holding six Shares of Harborside will instead own one Share of StateHouse Holdings Inc. The trading price of the Shares is expected to reflect the Consolidation Ratio immediately upon the resumption of trading of the Shares following the Name Change and Consolidation. The Name Change and Consolidation were approved by the shareholders of the Company on February 22, 2022. The Company's new corporate website, statehouseholdings.com, will be updated with fulsome corporate information following completion of the Name Change and Consolidation. More information on the Consolidation is available on the Company's website at www.investharborside.com.
About Harborside
Harborside, a vertically integrated enterprise with cannabis licenses covering retail, major brands, distribution, cultivation, nursery and manufacturing, is one of the oldest and most respected cannabis companies in California. Founded in 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States. Today, the Company operates twelve dispensaries covering Northern and Southern California and one in Oregon, as well as a manufacturing facility in Oakland, California, distribution facilities in San Jose and Los Angeles, California and integrated cultivation/production facilities in Salinas and Greenfield, California. Harborside is a publicly listed company, currently trading on the Canadian Securities Exchange ("CSE") under the ticker symbol "HBOR" and the OTCQX under the ticker symbol "HBORF". Following completion of the Name Change and Consolidation, the post-Consolidation Shares are expected to trade on the CSE under the new ticker symbol "STHZ". The Company continues to play an instrumental role in making cannabis safe and accessible to a broad and diverse community of California and Oregon consumers.