Harborside Inc. Archives - Green Market Report

StaffMay 19, 2022
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The Daily Hit is a recap of the top cannabis business stories for May 19, 2022.

ON THE SITE

Harborside Owns Urbn Leaf Seaside Store

Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) now fully owns the Seaside, California store also known as Urbn Leaf. Harborside had initially purchased a 50% ownership in the dispensary, but with the new transaction, it will own all of the issued and outstanding securities of 680 Broadway Master, LLC which owns the Seaside Store, bringing the company’s interest in the Seaside Store to 100%. Read more here.

Psychedelics and Institutional Investors

When looking at the data coming out of psychedelics research, there is tantalizing evidence that the promise of psychedelics is becoming more of a reality every day. Companies and organizations such as Compass Pathways NASDAQ: (CMPS) the Multidisciplinary Association for Psychedelic Studies (MAPS) and Awakn Life Sciences are either planning or working on phase 3 clinical trials, one of the last steps before U.S. Food and Drug Administration (FDA) approval. Read more here.

IN OTHER NEWS

Medical Marijuana, Inc.

Medical Marijuana, Inc. (OTC: MJNA), a publicly traded cannabis company in the United States, announced today its financial results for the quarter ending March 31, 2022, and provided an overview of recent operational highlights. Generated $7.8 million in net revenue in the first quarter of 2022, a 24% increase when compared to the previous quarter. Read more here.

New Frontier Partners with Treez

New Frontier Data, a data, analytics and technology firm specializing in the global cannabis industry, announces a broad, sophisticated data partnership with Treez,  an enterprise cloud commerce platform that streamlines retail and supply chain operations within the cannabis market. The partnership provides new solutions designed to bring speed, accuracy and transparency to cannabis retail, brand and product performance. Read more here.

ADC Partners with Alt Magic

ADC, a cannabis distribution company, announced a partnership with Alt Magic to present the first ever WebXR cannabis store. The store allows users to talk with like-minded people in the Metaverse using their VR headset even if they don’t have a VR headset they can use their smartphone, tablet or computer to enjoy the WebXR experience. It’s the first time that people on all major devices will be able to enter a cannabis store, pick up products, review ingredients and make purchases from the Metaverse. Read more here.

Trulieve Cannabis Corp.

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF), a cannabis company in the United States, today announced the grand opening of its third and fourth medical dispensaries in West Virginia. Located at 4701 MacCorkle Ave. SW in South Charleston and 152 Park Shopping Center in Parkersburg, both dispensaries will open at 10 a.m. on Saturday, May 21, 2022. Read more here.

Isracann Biosciences

Isracann Biosciences Inc. (CSE: IPOT) (XFRA: A2PT0E) (OTC: ISCNF) a multi-faceted organization with a natural health medicine division in Canada and holdings in Israel, is pleased to announce that its wholly owned subsidiary Praesidio Health has completed the natural product number (NPN) submissions to Health Canada for its first formulations. Read more here.

Indiva Limited

Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF), a Canadian producer of cannabis edibles and other cannabis products, announced its financial and operating results for the first fiscal quarter ended March 31, 2022. “We are pleased to report very strong year-over-year revenue growth in the first quarter of 2022, and continued gross margin improvement compared to fiscal 2021. According to data from Hifyre Inc., Indiva continues as the dominant national market share leader in edibles,” said Niel Marotta, President and Chief Executive Officer of Indiva. Read more here.


StaffMay 19, 2022
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Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) now fully owns the Seaside, California store also known as Urbn Leaf. Harborside had initially purchased a 50% ownership in the dispensary, but with the new transaction, it will own all of the issued and outstanding securities of 680 Broadway Master, LLC which owns the Seaside Store, bringing the company’s interest in the Seaside Store to 100%.

“A leading retail footprint is fundamental to our objective of becoming one of California’s leading, fully-integrated cannabis companies,” said Ed Schmults, Chief Executive Officer of Harborside. “We’re excited to acquire full ownership of the Seaside Store, a great location on Monterey Bay that caters to both area residents and tourists. We look forward to further expanding our retail footprint in Northern California.”

The deal was the result of a legal settlement with the company’s former partner in the Seaside Store. As a result, the total cost of the acquisition was only $440,000, with $100,000 to be paid upfront and the balance payable over seven years, with $50,000 being paid on the first to sixth anniversaries of the First Installment, and $40,000 being paid on the seventh anniversary of the First Installment.

The Seaside Store, which is branded under the Urbn Leaf banner, has an unexpected origin, having transformed from a thrift store back in June 2019 into its current contemporary retail cannabis location. The Seaside Store is conveniently located in the heart of Seaside (on Monterey Bay), just off Broadway Avenue. Monterey Aquarium, Fisherman’s Wharf, Ribera Beach, Lovers Point Park and other attractions are located nearby.

Expansion

Last week, Harborside announced it opened two new retail stores in California, bringing its total retail store count to 13. 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.

“Expanding our retail footprint in both northern and southern California with these attractive new stores in excellent locations is an important step forward,” said Schmults. “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.”

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.

 

 


StaffMay 11, 2022
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The Daily Hit is a recap of the top cannabis business stories for May 11, 2022.

ON THE SITE

Ascend Wellness Holdings

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported its financial results for the first quarter ending March 31, 2022. Total revenue of $101.2 million decreased 0.8% quarter-over-quarter and increased 33.4% year-over-year. Ascend stock jumped over 5% in trading to close at $3.20. Ascend also reported that it had a net loss of $27.8 million or a loss of $0.16 per basic and diluted common share during the quarter, compared to a net loss of $16.5 million in the fourth quarter of 2021. Read more here.

MedMen Surrenders Assets to Ascend Wellness

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) finally agreed to close the deal to sell its New York assets to Ascend Wellness (OTC: AAWH). The two companies had initially agreed to the transaction, but then MedMen was accused of having “buyer’s remorse” by Ascend when it tried to pull out of the deal. The two companies then engaged in a nasty legal battle with MedMen accusing Ascend of greasing politicians‘ hands in the state. Read more here.

Harborside Inc. and Pelorus Equity Group

Pelorus Equity Group completed the second and final tranche of its previously announced $77.3M non-dilutive real estate debt financing with Harborside Inc. (CSE: HBOR) (OTCQX: HBORF). The initial funding included three individual loans to Harborside, Urbn Leaf Holdings Inc., and Loudpack JV Corporation with a second tranche made available upon the final closing of the three-way merger. The proceeds were used primarily to retire certain existing loans and provide additional working capital. Read more here.

Agrify Beats Revenue Estimates

Agrify Corporation (Nasdaq: AGFY)  announced financial results for the first quarter ended March 31, 2022, as revenue increased 271% to $26 million for the first quarter versus $7 million for the prior-year period. This was also higher than Agrify’s fourth-quarter revenue of $25.3 million and beat the Yahoo Finance average analyst estimate for revenues of $25..3 million. The stock price was up by over 6% in early trading to lately sell at $2.60. Read more here.

Goodness Growth

Goodness Growth Holdings, Inc. (CSE: GDNS) (OTCQX: GDNSF) reported financial results for its first quarter ended March 31, 2022. Goodness Growth had total revenue in the first quarter of $15.6 million, an increase of 18.2% as compared to the same time period in 2021. The net loss in the quarter was $14.6 million versus a net loss of $6.9 million in the first quarter of 2021. Read more here.

GMR Women’s Leadership Awards: Narim Jarrous

Narmin Jarrous manages operational planning and positioning for all developmental strategies within the Exclusive Brands organization, while also leading the teams’ Social Equity efforts, determined to lift up communities that have been disproportionately impacted by the prohibition of marijuana. Read more here.

Psychedelic Medicine Patents

One of the most important aspects of the psychedelics business—and one that is becoming more contentious—is about securing and protecting the patent for the specific molecule or synthetic that a psychedelics company is banking on because it can essentially protect the investment of millions of dollars a startup spends on setting up and running clinical trials, hiring expensive medical staff and other business development expenses. Read more here.

Targeting Female Cannabis Brands (VIDEO)

On April, 28, 2022, the Green Market Report hosted its first Women’s Summit in New York City. This panel was titled “Targeting Female Brands” and featured a stellar lineup of successful women including Cannaclusive Founder Mary Pryor, Humble Boom Founder Solanje Burnett, CMO of Trube Tokes Kymberly Byrnes and moderated by Politico’s Mona Zhang. More here.

IN OTHER NEWS

Harborside Inc.

Harborside Inc. (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, with a new Harborside-branded store in San Francisco, and a new Urbn Leaf-branded store in La Mesa, located in San Diego County. Read more here.

FSD Pharma Inc.

FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FSE:0K9A), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions, has closed the sale of non-core assets for $16.4 million. The company has sold its former cannabis processing facility, located in Coburg, Ontario, which it acquired for $5.5 million in November 2017. The property includes a 26.1-hectare parcel of land and a 50,800 square meter building. Read more here.

 

 

 


StaffJuly 2, 2019
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Andrew Berman is a versatile executive with a unique background and skill set. Mr. Berman has a B.A. from the University of Michigan and a J.D. from the University of Miami School of Law. He clerked for two federal judges and practiced law for eleven years in San Francisco before joining the Business Affairs group at America Online. After AOL, Mr. Berman became CEO of AirLink Communications, Inc., an early-stage wireless data company located in Hayward whose success culminated with a merger into Sierra Wireless, Inc. Staying aboard as the publicly traded company’s Senior Vice President & General Manager, Berman led all facets of Sierra Wireless’s AirLink business unit, including its North American growth and international market expansion. Berman then joined Cricket Media, Inc., a public company in the education media sector, as Chief of Staff to the CEO.

Most recently, Mr. Berman was an Entrepreneur in Residence at ZG Ventures, LLC, a prominent venture capital firm based in Washington, DC. Mr. Berman also has extensive experience in local government relations and community building, having served on the Mill Valley City Council and as Mayor and Vice Mayor of Mill Valley. His public service also includes serving as Chair of the Marin County Telecommunications Agency, on local Planning Commissions and on County Emergency Medical Boards, through which he developed expertise in land-use and public safety issues at the local level.

GMR Executive Spotlight Q&A – 

Full birth name: Andrew Berman

Title: Chief Executive Officer

Company: Harborside Inc.

Years at current company: 1.5

Education profile: BA @ University of Michigan, JD @ University of Miami School of Law

Most successful professional accomplishment before cannabis: Andrew was a partner at a law firm before moving into the business world. After holding various executive roles at AOL, AirLink Communications, Sierra Wireless, and Cricket Media, Andrew made the move to Harborside, occupying the role of CEO of one of the biggest names in cannabis.

Company Mission:  Since its inception, Harborside has always strived to retail, cultivate and curate the best in California cannabis. They have stayed true to their pillars of customer trust, choice and value.

Company’s most successful achievement: Harborside’s history has been filled with milestones: from the first legal sale of cannabis in California in 2006 to recently listing as a public company on the Canadian Securities Exchange. Soon, Harborside will open a retail location in Desert Hot Springs with the second cannabis drive-thru in the state. But perhaps Harborside’s biggest achievement is their longevity and legacy. Despite being a non-profit company until 2018, Harborside has thrived and grown into one of the most trusted names in the industry. 

Has the company raised any capital (yes or no): Yes – Harborside completed three rounds of  funding prior to listing on the Canadian Securities Exchange on June 10.

If so, how much?: $6.5M Series A, $27M Series B, $15M in May 2019

Any plans on raising capital in the future? Yes – we are now a publicly listed company (Ticker: HBOR) on the Canadian Securities Exchange.

Most important company 5 year goal: Harborside is looking to expand in multiple areas. The company is aiming to innovate and create new brands, as well as fully launch the Key brand, a product line that provides premium quality at affordable prices. Key products have gained traction in 50 dispensaries statewide with just a soft launch. Harborside will also optimize output at its cultivation sites, in addition to opening new retail locations in and San Leandro and Desert Hot Springs. The company’s overarching goals remain the same as they always have been: be northern California’s premier cannabis company, build a quality work experience for our team, continue to be the Best in the Bay, and provide trust, choice and value to our customers. 

 


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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