Harbourside Inc. reports financial results for the third quarter of 2021 – QNT Press Release

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Total revenue in the third quarter of 2021 increased by 10.4% from the previous quarter $17.9 million

Positive adjusted EBITDA for the seventh consecutive quarter⁽¹⁾

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Auckland, California and Toronto, November 29, 2021 /CNW/-Harbourside Inc. (“Harborside” or “Company”) (CSE:Interbank Offered Rate) (Over-the-counter transactions:HBORF), A sort of California-Focusing on vertically integrated cannabis companies, today reported financial results as of the third quarter September 30, 2021 (“The Third Quarter of 2021”). The unaudited condensed interim consolidated financial statements for the third quarter of 2021 and the corresponding management’s discussion and analysis (collectively referred to as the “third quarter documents”) can be downloaded from the company’s investor website. Investment Port NetworkAnd in the company’s Introduction to SEDAR. Unless otherwise stated, all U.S. dollar amounts in this press release are denominated in U.S. dollars.

Management Review

“Although bulk prices across the state have fallen California In the third quarter, we continued to improve our business, including expanding our wholesale business California By integrating Sublime into our operations. I am very happy that we continue to provide positive adjusted EBITDA⁽¹⁾ Because we relentlessly focus on our customers and are committed to improving the capital efficiency of the entire business,” Matt HawkinsChairman and interim CEO of Harbourside.

Mr. Hawkins added: “I want to thank our team for their continued commitment to achieving our business goals while working tirelessly behind the scenes to drive our recently announced business merger with Urbn Leaf and Loudpack to the end.” As early today As announced at some time, the company has reached a final agreement to acquire UL Holdings Inc. (“Urbn Leaf”), a top company. California A leading cannabis retailer in Southern California and LPF JV Corporation (“Loudpack”), a leading manufacturer, grower and distributor, an award-winning cannabis brand in Southern California CaliforniaAfter the completion of the acquisition, with the approval of shareholders and regulatory agencies, Harbourside is expected to change its name to StateHouse Holdings (“StateHouse”) with a new code (CSE:STHZ).⁽²⁾

Management believes that StateHouse will become the largest and most developed cannabis platform in the state California Possess excellent retail, branding, processing, manufacturing, distribution and planting. Management believes that StateHouse will have the highest estimated annual revenue and brand market share among its current publicly listed companies. California peer⁽⁵⁾, To provide the company with a strong growth platform as an integrator Californian Cannabis industry.In the first nine months of 2021, Harbourside’s total income including Sublimation Inc. (“Sublime”) will be 57.8 million USD⁽⁴⁾, And the income of Urbn Leaf and Loudpack is 45.9 million USD with $61.4 million, Respectively.⁽⁴⁾ Therefore, on the basis of pro forma, management estimates that StateHouse’s total income is approximately $165 million The same period.⁽⁴⁾ Ed Schmults, the current CEO of Urbn Leaf, is expected to be appointed as the CEO of StateHouse after the Urbn Leaf transaction is completed and will join Statehouse’s board of directors. Mark RafnerThe current CEO of Loudpack is expected to be appointed President of StateHouse after the Loudpack transaction is completed and will join the StateHouse board of directors.

Operational highlights in the third quarter of 2021

• The total income is $17.9 million, An increase of 10.4% from the previous quarter
• Adjusted EBITDA⁽¹⁾ used to be 1.5 million USD, An increase of 28.2% from the previous quarter
• Completed the acquisition of Sublime, including “Fuzzies”, Californian Award-winning injection pre-rolled brand, for 43.8 million USD
• appointment Matt Hawkins As interim CEO and Ahmar Iqbal As COO of Harbourside
• Completed the acquisition of Accucanna LLC (“Accuanna”), Desert Hot Springs Retail pharmacy license holder, and real estate related to the product Desert Hot Springs pharmacy
• Announced a strategic research agreement with the company Utah State University

Subsequent events

• Announced plans to install on-site renewable energy microgrids at the company’s planting and production facilities Salinas, California (“Production Park”)
• Announced the establishment of a retail partnership with high-end brand RNBW
• Announced the resignation of MNP LLP and appointed Armanino LLP as auditor
• Announced a final agreement to acquire Urbn Leaf and Loudpack
• Announcing the signing of a non-binding list of terms with Pelorus Equity Partners for the proposed aggregate financing 77.3 million USD
• Announced Private Equity Gundam 10 million USD The price of SVS is 0.79 Canadian Dollar Every SVS.

Financial performance and highlights for the third quarter of 2021⁽⁴⁾

The full story on Benzinga.com

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