Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) delivered its interim financial statements for the first quarter ending March 31. Harborside said that year over year net revenues increased 38.8% to $17.2 million, including one month contribution from Urbn Leaf and no contribution from Loudpack. The company also reported a net loss in the quarter of $10.4 million versus last year’s net loss of $2.9 million.
Even though the company is considered a “going concern”, management said in its filing that it believes there is sufficient capital to meet the company’s business obligations for at least the next twelve months, after considering expected cash flows and the company’s cash position at period-end. the company had $10.9 million in cash at the end of the quarter.
In November, Harborside announced it would be renamed StateHouse Holdings. The company said that it expected to trade the new company on the Canadian Securities Exchange under a new symbol (CSE: STHZ) and the deal is expected to close in the first half of 2022. The name change is expected to happen in June.
Board of Directors Appointment
Harborside also announced that Felicia Snyder has joined the board of directors of the company, 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.