MJ Biz write……….Andrew Berman, who has served as CEO, president and board member since January 2018, relinquished the reins of the Oakland, California-based company, effective immediately.
We also note this name is conspicuous by its absence in the release, Steve D’Angelo
MJ Biz Write
Last Thursday, Berman spoke with MJBizDaily Investor Intelligence equity analyst Mike Regan in a podcast.
Since going public in June, Harborside’s stock (HBOR) has slumped on the Canadian Securities Exchange from an opening of 6 Canadian dollars ($4.60), although the stock rallied on Monday morning, after the Berman announcement
Peter Bilodeau, chair of Harborside’s board of directors, will take over as interim CEO until a permanent replacement is chosen.
“Given the changing and challenging market conditions, the Board believes a new and broader leadership team is necessary to accelerate the growth of the Company,” Harborside said in a release.
New appointments toHarborside’sleadership as it reaffirms its commitment to expansion plans
OAKLAND, CAandTORONTO,Oct. 28, 2019/PRNewswire/ – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR), aCalifornia-focused, vertically integrated cannabis enterprise, announced todayPeter Bilodeauas interim CEO replacingAndrew Berman. The Company is also pleased to announce the expansion of its senior management team with the promotion ofGreg Suttonas Chief Operating Officer of Cultivation and Manufacturing and the addition ofLisah Pooreas Chief Retail Officer, withMireille DuclosleadingHarborside’shuman resources department.
Having ledHarborsideas CEO sinceFebruary 2018, including with its listing on the Canadian Securities Exchange (“CSE”),Andrew Bermanwill be stepping down as CEO, President and Board Member. Given the changing and challenging market conditions, the Board believes a new and broader leadership team is necessary to accelerate the growth of the Company.Peter Bilodeau,Harborside’scurrent Chairman of the Board of Directors, will serve as interim CEO and together with a subcommittee of the Board will undertake a recruitment process for a suitable replacement. The changes are effective immediately.
“We thank Andy for his tireless efforts navigating the transition from a non-profit to for-profit business, foundational work that will set the stage for future expansion,” saidPeter Bilodeau, Chairman and Interim CEO ofHarborside. “The executive team is excited to add Greg, Lisah and Mireille toHarborside’ssenior management. These changes are expected to accelerate the Company’s growth, advancingHarborsideas a leading cannabis retailer inCaliforniaand driving shareholder value.”
Greg Suttonhas extensive experience in the cannabis space, particularly in cultivation, distribution, manufacturing, and business-to-business wholesale and branded product sales. Sutton is a lawyer and has extensive experience in M&A. He will overseeHarborside’s4-acre cultivation facility inSalinas, CA, and drive wholesale and branded product sales, and leads the Company’s new brand development initiatives. In his new role, Sutton will spearheadHarborside’scost cutting efforts to drive efficiencies and cost management initiatives across the Company’s business units towards the achievement of strong sustainable profitability.
Lisah Poorecomes toHarborsidefrom Dosist where she was the Senior Vice President West. While there, Poore supported a wholesale strategy for multiple accounts inCalifornia, including delivery. Prior to joining Dosist, Poore worked as a VP at Sephora where her experience included running the retail services team, education and overseeing 70+ stores. Prior to Sephora, Poore held senior retail roles withEstee Lauder/MAC Cosmetics and Starbucks. With over 25 years of retail strategy experience, Poore will be responsible for the seven retail stores the Company will have operational by year end employing approximately 160 people, including the Company’s newest locations inDesert Hot SpringsandSan Leandro, CA, both planned for opening in Q4 of this year.
Mireille Ducloscomes toHarborsidefrom the pharmaceutical manufacturer Leiters, a multi-state PE-backed compounder and outsourcer of 165+ employees, where she held the position of Director of Human Resources. Prior to Leiters, Duclos served in senior human resources positions at Fortune 50 companies including Nestlé and Sears Holdings as well as serving as the VP of Human Resources for the 1,500 employees at Amerit Fleet Solutions. Duclos will work with Sutton on the implementation of the cost cutting program.
Harborside Inc. is one of the oldest and most respected cannabis retailers in California, operating two of the major dispensaries in the San Francisco Bay Area, and opening its third Northern California facility and first Southern California retail facility in late 2019. The Company also operates two dispensaries in Oregon and a cultivation facility in Salinas,California.Harborsidehas played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers. Co-founded by Steve DeAngelo and dress wedding in 2006,Harborsidewas awarded one of the first six medical cannabis licenses granted in theUnited States.Harborsideis currently a publicly listed Company on the CSE trading under the ticker symbol “HBOR”. Additional information regardingHarborsideis available underHarborside’sSEDAR profile at www.sedar.com, includingHarborside’sListing Statement dated May 30, 2019.
Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward looking-statements relate to, among other things, the Company’s intention to open theDesert Hot SpringsandSan Leandrolocations in Q4 of this year and the expected impact of management changes.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Harborside Inc.