New stores opened in San Francisco’s Haight-Ashbury district and in La Mesa, California
OAKLAND, Calif. and TORONTO, May 11, 2022 /PRNewswire/ – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today announced it opened two new retail stores in California, bringing its total retail store count to 13. In addition, the Company has provided 2021 pro forma sales information.
Retail Store Openings
The Company is pleased to announce that it has opened a new Harborside-branded store in San Francisco, and a new Urbn Leaf-branded store in La Mesa, located in San Diego County.
The San Francisco store is located at 768 Stanyan Street and comprises 1,690 square feet. It is situated in the historic Haight-Ashbury district, which was an epicenter of the hippie and counterculture movements of the 1960s that helped pave the way for cannabis legalization. The store is across the street from Golden Gate Park and a short walk from many popular restaurants and other local attractions.
The La Mesa store, located at 8939 La Mesa Blvd., comprises 1,606 square feet. It is situated near major highways and is a short walking distance from the large Grossmont Center shopping mall and many other local attractions.
Expanding our retail footprint in both northern and southern California with these attractive new stores in excellent locations is an important step forward.
Ed Schmults, Chief Executive Officer of Harborside
It is particularly notable that these stores have significantly less square footage compared to many cannabis dispensaries in the state. This smaller footprint reflects a much more sustainable approach to cannabis retail in an evolving market. We believe that both stores are well positioned for long-term success.
Pro Forma Sales
Harborside provided further information about its estimated pro forma 2021 sales, which include the full-year sales for the Company and its three recent acquisitions: Sublimation Inc. (“Sublime”), UL Holdings Inc. (“Urbn Leaf”), and LPF JV Corporation (“Loudpack”) (together, the “Acquisitions”). Excluding bulk sales, which Harborside has discontinued since completing the Acquisitions, management estimates that the Company’s pro forma 2021 sales would have totaled approximately $190 million.(1)
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”. 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.
(1) Certain financial information included in this press release is neither audited nor reviewed. Where possible, the information has been constructed by management from available audited or audit reviewed financial statements. Where no audited or audit reviewed information has been available, additional management accounting information has been utilized to construct financial information. Financial statements have not been prepared in accordance with the same standards. Harborside and Loudpack prepare their financial statements in accordance with International Financial Reporting Standards. Urbn Leaf prepares their financial statements in accordance with Generally Accepted Accounting Principles (GAAP) in the United States. Sublime for the period prior to acquisition by Harborside on July 2, 2021 prepared their financial statements in accordance with Generally Accepted Accounting Principles (GAAP) in the United States. Readers are cautioned not to place undue reliance on such information.