Harborside Inc. (CSE:HBOR), one of the U.S. marijuana stocks trading in Canada, went public on the CSE on June 10, 2019
SmallCapPower | June 11, 2019: Harborside Inc. (CSE:HBOR), one of the Canada-listed U.S. cannabis stocks, commenced trading Monday on the Canadian Securities Exchange (CSE), closing at $5.15 per share. Harborside went public through a reverse takeover transaction (RTO) involving FLRish, Inc. and Lineage Grow Company Ltd.
The newly-merged Company’s assets include Harborside’s long-operating dispensaries in Oakland and San Jose, an approximate 160,000 sq. foot cultivation campus in Salinas, California, and two dispensaries in Portland and Eugene, Oregon.
In addition, Harborside has agreements in place for two additional dispensaries in San Leandro and Desert Hot Springs, California, which are expected to open in 2019. The Company has also entered into a purchase agreement with Walnut Oaks, LLC, which operates a 43,560 square foot cultivation facility in Yolo County, California, and has signed a letter of intent to acquire Lucrum Enterprises, Inc., which operates an additional cannabis dispensary in San Jose, California.
Here’s some important points for potential investors:
- Harborside is one of the oldest cannabis companies in California, receiving its first retail license in 2006
- Harborside CEO Andy Berman, in an interview with Bloomberg, said he expects Harborside to reach C$80 million to C$100 million in revenue this year and to generate positive earnings before interest, taxes, depreciation and amortization
- Harborside has 34 licenses in California, a state that’s estimated to be about a third of the total U.S. cannabis market
- Harborside founder Steve DeAngelo has been called the “father of the cannabis industry,” and was named one of the most influential people and “gatekeeper” of the marijuana industry in 2015 by the International Business Times, and one of the most influential people in the cannabis industry in 2014 by the Cannabis Business Executive
- Harborside’s dispensaries in Oakland and San Jose serve an average of 1000 to 1200 customers per day, with an average basket size of C$114.21 in the first quarter of 2019
- According to Forbes, Harborside currently commands 3% of the entire California cannabis retail market
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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