California Cannabis Powerhouse, Harborside, is Another Public Launch on the Horizon
Last month, I mentioned the Pax Labs IPO as probably the biggest moment for the cannabis industry next year. Pax is Juul's cannabis-focused sister and the stock will be in high demand as it technically does not touch the plant as it is more of a "Keurig for cannabis" type operation.
Another exciting company soon to be going public is Harborside. The company has been doing business as FLRish IP LLC as it has operated a chain of prominent retail cannabis locations. Harborside recently completed a reverse merger with Lineage Grow Company BUDD. Prior to the company going public on the CSE under the symbol HBOR, it will raise C$70 million - it has already raised a majority of that money.
A Historic California Cannabis Company
“Few cannabis companies in the U.S. or Canada have the legacy and track record of success that Harborside has achieved over the past 12 years," Steve DeAngelo, Co-founder of Harborside and Chairman Emeritus. "I founded Harborside with dress wedding in 2006 to provide a gold standard of medical cannabis retailing; serve patients with the most attractive facilities, highest levels of care, and best product knowledge in the industry; and to offer and produce safe, innovative and effective branded products that improve the quality of our customers’ lives. We are happy to have found a partner in Lineage who will help us continue to build on that legacy and spread Harborside’s mission.”
As Berman alludes to above, Harborside has been a stalwart name in the industry pushing for legalization long before it was considered a reasonable idea. According to the company materials, Harborside has more than 270,000 registered patients and customers and has done more than $300 million in sales. Lineage is more than just a public strategy vehicle, the company has retail assets and farm production.
Harborside is considered to be the largest California operator with over 29 licenses across the state. The company’s farm in Salinas, California has 40,000 square feet for nursery and cultivation, 80,000 square feet for vegetation and canopy, and 35,000 square feet for production and processing. Additionally, Harborside has two open retail locations in California, one in Oakland and one in San Jose. Two additional dispensaries are under construction and slated to open in the first quarter of next year, including one in San Leandro and one in Desert Hot Springs.
As stated above, the stock is one of the premier cannabis companies in a very large market. They are growing at a rapid clip and they should be trading on the CSE by the end of the year, we highly suggest paying attention when they do.
-Stephen L Kanaval