Harborside Q1 Revenue Increases 14% Sequentially to $17.2 Million Ahead of Becoming StateHouse

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 – Year over Year Net Revenues increased 38.8% to $17.2 million, including one month contribution from Urbn Leaf and no contribution from Loudpack –

– Felicia Snyder appointed to board of directors –

OAKLAND, Calif. and TORONTOMay 26, 2022 /PRNewswire/ – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today filed its interim financial statements and management’s discussion and analysis for the three months ended March 31, 2022 (collectively, the “Q1 2022 Financial Results”) under the Company’s profile on SEDAR at www.sedar.com.

The Q1 2022 Financial Results encompass a period reflecting only one month of contribution from UL Holdings Inc. (“Urbn Leaf”), which the Company acquired on March 1, 2022, and no contribution from LPF JV Corporation (“Loudpack”), which the Company acquired subsequent to quarter-end on April 4, 2022. The Loudpack and Urbn Leaf acquisitions have transformed the Company into one of the largest vertically integrated cannabis enterprises in California.

Board of Directors Appointment
Harborside also announced that Felicia Snyder has joined the board of directors of the Company (the “Board”), effective immediately. An entrepreneur, corporate strategist, seasoned cannabis executive and brand builder, Ms. Snyder is currently Founder and co-CEO of Arcana, an experiential hospitality brand. She was a founding executive at Tokyo Smoke, one of Canada’s most recognized cannabis brands and a leading Canadian cannabis retailer, where she helped to scale the business through its merger with Doja Cannabis and eventual sale to Canopy Growth Corporation. Post-acquisition, she was Vice President at Canopy Growth, managing a portfolio of premium cannabis brands across all product categories. Prior to Tokyo Smoke, she worked for several years in South Korea with Samsung Electronics, where she oversaw a variety of projects related to business strategy, acquisitions, investments, partnerships, and development of new products and services. She is also a Google alum and started her career in Financial Services Management Consulting at Oliver Wyman, a global consulting firm. She holds an MBA from the Wharton School of the University of Pennsylvania.

“On behalf of the Board and management team of Harborside, I am delighted to welcome Felicia to the Harborside team,” said Ed Schmults, Chief Executive Officer. “Her diverse skillset and significant cannabis industry experience are valuable additions to Harborside as we work to integrate our recent acquisitions and build the flagship California cannabis company.”

The appointment of Ms. Snyder to the Board fills a vacancy created by the previously announced resignation of Michael Dacks.

Conference call
The Company intends to host a conference call for analysts and investors, during which it will review the ongoing progress of Harborside’s business integration with Urbn Leaf and Loudpack:
Conference Call Date: May 31, 2022
Time: 11:00am ET
North American toll-free dial-in number: 1-888-664-6392
International dial-in number: 416-764-8659
Webcast: https://produceredition.webcasts.com/starthere.jsp?ei=1552975&tp_key=14131803f3

A telephonic replay of the conference call will also be available through June 14, 2022.
North American toll-free replay number: 1-888-390-0541
International replay number: 416-764-8677
Replay entry code: 193421#

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 14 dispensaries covering Northern and Southern California and one in Oregon, 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.

Original Press Release

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Published by NCV Newswire
NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate high quality content and information about leading cannabis companies to help our readers filter out the noise and to stay on top of the most important cannabis business news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

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