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VIDEO – Harborside $HBOR.ca $HBORF Developing Operational Scale as 2020 Gross Revenues Expand 29% to $63M $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM at 9:09 AM on Thursday, June 24th, 2021

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 and a cultivation/production facility in Salinas, California and awarded one of the first six medical cannabis licenses granted in the United States.

Harborside hold cannabis licenses for retail, distribution, cultivation, nursery, and manufacturing.

With California being one of the largest cannabis markets in the world, Harborside Retail operations command 3% of California’s entire retail market and operations have generated over $400M in cumulative sales since inception

Fourth Quarter and Full Year 2020 Financial Results

Full Year 2020 Gross Revenues Expand 29% Year-Over-Year to $63.4 Million Full Year

2020 Adjusted EBITDA grows to $7.4 Million From an Adjusted EBITDA Loss of $8.9 Million in 2019(1)

Reports Fourth Quarter Gross Revenues of $13.1 Million and Positive Adjusted EBITDA of $0.7 Million(1)

Fourth Quarter Total Gross Margins improved from 22.1% to 49.9%(1), Driven by Improved Harvest Yields, Higher Wholesale Volumes, and Improved Operating Leverage Supported by Tight Expense Management

2020 Operational Highlights

Closed upsized private placement for gross proceeds of approximately C$35.1 million

Secured a $12 million revolving credit facility

Completed a $5 million strategic investment in Loudpack, a premier California cannabis company

Completed the acquisition of a 21% interest in a San Francisco Dispensary in the historic Haight-Ashbury District

Sit back, relax and watch this powerful interview with Matt hawkins as he demonstrates the powerful growth potential legislation is anticipated to have on operations.

AGORACOM Small Cap 60: Harborside $HBOR.ca $HBORF Wholesale Capabilities Growing Margins $VFF.ca $HARV.ca $ACB.ca

Posted by AGORACOM at 1:39 PM on Wednesday, April 14th, 2021
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Harborside Inc. $HBOR.ca $HBORF Announces Upcoming Conference Participation $VFF.ca $HARV.ca $ACB.ca

Posted by AGORACOM at 8:58 AM on Monday, April 12th, 2021
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  • Going Deep Intro the California Cannabis Market Conference
  • Presenting Wednesday, April 14, 2021, 12:50

Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR),(OTCQX: HBORF) a California-focused, vertically integrated cannabis enterprise, today announced Matt Hawkins, Chairman of the Board, and Peter Bilodeau, Interim CEO, will participate in the upcoming PI Financial Golden State Green: Going Deep Intro the California Cannabis Market Conference on Wednesday, April 14, 2021. Management is scheduled to present a Company overview at 12:50 p.m. ET. To register for the event, click here.

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. 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 Canadian Securities Exchange (“CSE”) trading under the ticker symbol “HBOR”. Additional information regarding Harborside is available under Harborside’s SEDAR profile at www.sedar.com.

AGORACOM Small Cap 60: Harborside Inc. $HBOR.ca $HBORF Sees Industry Growth in California as Legalization Approaches $VFF.ca $HARV.ca $ACB.ca

Posted by AGORACOM at 11:07 AM on Tuesday, March 30th, 2021
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Harborside Inc. $HBOR.ca $HBORF Secures $12 Million Revolving Credit Facility $VFF.ca $HARV.ca $ACB.ca

Posted by AGORACOM at 8:08 AM on Tuesday, March 23rd, 2021
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  • First Commercial Bank Lending Deal of its Kind For a U.S. Cannabis Company

Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today announced it has entered into a loan financing arrangement with a commercial federally regulated bank (the “Bank“), in the amount of US$12 million (the “Loan“) pursuant to a senior secured revolving credit facility (the “Credit Facility“) due March 2024.

Harborside expects to use the majority of the Loan proceeds to support the purchase of the Company’s 47-acre production campus later this year, which includes 200,000 sq. ft. of licensed cultivation space, including 155,000 sq. ft. of flower canopy space and 45,000 sq. ft. of nursery space in Salinas, California.

“To the best of our knowledge, Harborside is the first cannabis business in the United States to secure a commercial loan of this kind with a traditional lender,” said Tom DiGiovanni, Chief Financial Officer of Harborside. “This deal is the culmination of months of effort and reflects the close working relationship and trust that we have developed with our bank. By significantly lowering our cost of capital, we will be able to better serve our customers, provide high-quality products and invest more heavily throughout California.”

“We are thrilled to solidify our relationship with our bank as they help support our efforts and growth throughout the state of California,” said Matthew Hawkins, Chairman of Harborside. “This Loan is a significant milestone for the entire U.S. cannabis industry and testament to the work that Harborside has done over the last four quarters in an effort to deliver for our customers and shareholders.”

Loan Terms

The Credit Facility has a variable interest rate based on the prime rate charged by the Bank plus a premium, with a floor rate of 5.75%, and will be secured by a first-priority security interest on substantially all of the Company’s assets. As consideration for the Credit Facility, the Company has agreed to, among other things: (i) deliver a commercial security agreement, an assignment of deposit account, and a security agreement in respect of cash collateral to the Bank; (ii) make an upfront cash payment based on the principal amount of the Credit Facility to the Bank as an original issue discount; and (iii) issue 4,100 warrants (the “Warrants“) to the Bank to purchase multiple voting shares (“MVS“) of the Company, which subject to certain conditions, are convertible into subordinate voting shares (“SVS“) of the Company at a conversion rate of 100 SVS for each MVS converted. Each Warrant will entitle the Bank to purchase one MVS of the Company at a price of C$369, at any time prior to March 19, 2023. 

Harborside Inc. $HBOR.ca $HBORF Completes $5 Million Strategic Investment in Loudpack $VFF.ca $HARV.ca $ACB.ca

Posted by AGORACOM at 7:59 AM on Monday, March 8th, 2021
  • Fosters Partnership with Premier California Cultivator, Brand Operator, and Distributor

 Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR), a California-focused, vertically integrated cannabis enterprise, today announced it has completed a $5 million strategic investment in LPF JV, LLC (“Loudpack”), through a 15%, secured convertible note due December, 2022 (the “Funding”). Loudpack is the premier California cannabis company with a broad cultivation, manufacturing, processing, and distribution footprint and a strong portfolio of brands.

In connection with the Funding, Harborside has engaged Loudpack to provide services aimed at identifying production efficiencies as well as improving harvest yields at the Company’s cultivation facility located in Salinas, California. In addition, Loudpack will be providing contract manufacturing services for a suite of Harborside branded products and Harborside will be increasing the availability of shelf space for Loudpack branded products including Kingpen, Loudpack, Dimebag, and Smokiez at the Company’s retail stores.

“We are focused on improving our profitability through implementing best-in-class, highly efficient production techniques, increasing the quality of our supply chain and expanding our inhouse brands into manufactured products,” said Matthew Hawkins, Chairman of Harborside. “Through this capital investment, we have strengthened our partnership with Loudpack and will look to leverage their expertise as we explore opportunities to expand our cultivation, production, and distribution capabilities to improve the availability of our high-quality cannabis products for consumers across California.”

Read More: https://agoracom.com/ir/HarborsideInc/forums/discussion/topics/756799-harborside-inc-completes-5-million-strategic-investment-in-loudpack/messages/2307026#message

Harborside Inc. $HBOR $HBORF Announces Closing of Upsized Private Placement For Gross Proceeds of C$35,103,045 $VFF.ca $HARV.ca $ACB.ca

Posted by AGORACOM at 3:56 PM on Thursday, February 18th, 2021

Harborside Inc. (“Harborside”, or the “Company) (CSE: HBOR), (OTCQX: HBORF), a California-focused, vertically-integrated cannabis enterprise, is pleased to announce that it has closed its previously announced upsized brokered private placement of units of the Company at a price of C$2.55 per SVS Unit (as defined below) and C$255.00 per MVS Unit (as defined below) for aggregate gross proceeds of C$35,103,045 (the “Offering”). Beacon Securities Limited and ATB Capital Markets acted as co-lead agents in connection with the Offering (the “Agents”).

“We are very pleased with the strong investor interest and demand we received during our recent upsized offering,” said Peter Bilodeau, Interim CEO of Harborside. “With a strengthened balance sheet, Harborside is well positioned to further accelerate our growth as we enter 2021. We remain focused on continuing to build scale in the California market by optimizing and generating further efficiencies at our Salinas farm while continuing to provide best-in-class retail experiences and the high-quality cannabis products our customers in California have come to expect from Harborside.”

Each unit issued to non-residents of the United States (an “SVS Unit”) is comprised of one subordinate voting share of the Company (a “Subordinate Voting Share”) and one Subordinate Voting Share purchase warrant (a “Warrant”) of the Company. Each Warrant underlying an SVS Unit is exercisable to acquire one Subordinate Voting Share of the Company for a period of 36 months following closing of the Offering (the “Closing”) at an exercise price of C$3.69 per Subordinate Voting Share, subject to adjustment and acceleration in certain events. A total of 5,806,700 SVS Units were issued pursuant to the Offering.

All investors that are considered residents of the United States under the United States Securities Exchange Act of 1934 were issued units (each, an “MVS Unit”) comprised of multiple voting shares of the Company (the “Multiple Voting Shares”) and Multiple Voting Share purchase warrants of the Company, based on the same economic equivalency of each Multiple Voting Share converting into 100 Subordinate Voting Shares. The Multiple Voting Shares are intended to minimize the proportion of the outstanding voting securities of the Company that are held by residents of the United States for purposes of determining whether the Company is a “foreign private issuer”. The holders of Multiple Voting Shares are entitled to one vote in respect of each Subordinate Voting Share into which such Multiple Voting Share could be converted, and as such the Multiple Voting Shares do not necessarily hold voting rights that are superior to the holders of Subordinate Voting Shares, on an as converted to Subordinate Voting Shares basis.  A total of 79,592 MVS Units were issued pursuant to the Offering.

In consideration for their services, the Company paid the Agents a cash commission equal to C$1,451,340.75 and issued the Agents an aggregate of 569,154 broker warrants (“Broker Warrants”). Each Broker Warrant is exercisable to acquire, within 12 months from Closing, one SVS Unit at an exercise price of C$2.55 per SVS Unit.

Read More: https://agoracom.com/ir/HarborsideInc/forums/discussion/topics/755620-harborside-inc-announces-closing-of-upsized-private-placement-for-gross-proceeds-of-c-35-103-045/messages/2304273#message

VIDEO – Harborside $HBORca $HBORF Expects 2020 Revenues of $61M – $63M, Company Poised to Dominate California Cannabis Market $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM-JC at 4:20 PM on Thursday, February 4th, 2021

California is one of the largest cannabis markets in the world and Harborside has more than a decade of market success, making it one of the oldest and most respected retailers in California, commanding a 3% share of the entire market.  

  • Awarded one of the first six medical cannabis licenses in the USA 
  • Operations have generated over $400M in cumulative sales since inception 

For the full year ended 2020, the Company is expecting:

  • Gross revenues in line with previously issued guidance of approximately $61 – 63 million, and positive EBITDA
  • Standalone gross revenues of between $68 – $72 million full year ended 2021
  • Expects a 2021 full year of Adjusted EBITDA in the range of 15 – 17% of revenues 

Sit back, relax and watch this powerful interview.

Harborside Inc. $HBOR.ca $HBORF Announces Upsize of Previously Announced Private Placement to C$27 Million $HBOR.ca $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM at 9:39 AM on Wednesday, January 20th, 2021
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  • Upsized its previously announced brokered private placement for gross proceeds of approximately C$27 million

Harborside Inc. (“Harborside”, or the “Company”) (CSE: HBOR), (OTCQX: HBORF), a California-focused, vertically-integrated cannabis enterprise, is pleased to announce that it has upsized its previously announced brokered private placement of units (the “Units”) of the Company at a price of C$2.55 per SVS Unit (as defined below) for gross proceeds of approximately C$27 million (the “Offering”), representing an increase of C$7 million, due to excess demand.  ATB Capital Markets and Beacon Securities Limited are co-lead agents to the Offering (the “Agents”).

The Company has granted the Agents an option to sell up to an additional 15% of the Units in the Offering, exercisable in whole or in part at any time prior to closing of the Offering.

As previously announced, Entourage Effect Capital, LLC, one of the largest shareholders of Harborside, is participating in the Offering with approximately C$9.0 million in commitment.

Read More:https://agoracom.com/ir/HarborsideInc/forums/discussion/topics/753458-harborside-inc-announces-upsize-of-previously-announced-private-placement-to-c-27-million/messages/2299033#message

Harborside $HBOR.ca $HBORF Announces C$20 Million Private Placement of Equity Units and Provides 2021 Outlook $HBOR.ca $VFF.to $HARV.ca $ACB.to

Posted by AGORACOM at 6:35 PM on Tuesday, January 19th, 2021
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  • 2020 Preliminary Results and 2021 Outlook also provided

Harborside Inc. (“Harborside”, or the “Company”) (CSE: HBOR), (OTCQX: HBORF), a California-focused, vertically-integrated cannabis enterprise, today announced a brokered private placement of units (the “Units”) of the Company (the “Offering”) at a price of C$2.55 per SVS Unit (as defined below) for gross proceeds of approximately C$20 million with approximately C$9.0 million of commitment from Entourage Effect Capital, LLC (“Entourage”), one of the largest shareholders of Harborside.

The Company has granted the Agents (as defined below) an option to sell up to an additional 15% of the Units in the Offering, exercisable in whole or in part at any time prior to closing of the Offering.

Each Unit issued to non-residents of the United States (an “SVS Unit”) will be comprised of one subordinate voting share of the Company (the “Subordinate Voting Shares”) and one Subordinate Voting Share purchase warrant (each a “Warrant”) of the Company. Each Warrant will be exercisable to acquire one Subordinate Voting Share of the Company (a “Warrant Share”) for a period of 36 months following the closing date of the Offering (the “Closing Date”) at an exercise price of C$3.69 per Warrant Share, subject to adjustment and acceleration in certain events.

All investors that are considered residents of the United States under the United States Securities Exchange Act of 1934, will be issued units comprised of multiple voting shares of the Company (the “Multiple Voting Shares”) and Multiple Voting Share purchase warrants of the Company, which will be based on the same economic equivalency of each Multiple Voting Share converting into 100 Subordinate Voting Shares.

“We are continuing to expand our footprint in the robust California cannabis market, delivering our best-in-class service and the high-quality product selection that Harborside is known for,” said Matthew Hawkins, Chairman of Harborside. “California is one of the largest cannabis markets in the world and Harborside has more than a decade of market success for our team to build on. I would like to thank our current and new shareholders for their overwhelming support of our growth strategy. This additional capital will solidify our balance sheet and provide a platform for us to continue to consolidate in the California market through accretive M&A transactions.”

Read More: https://agoracom.com/ir/HarborsideInc/forums/discussion/topics/753428-harborside-inc-announces-c-20-million-private-placement-of-equity-units-and-provides-2021-outlook/messages/2298963#message