OAKLAND, Calif., March 8, 2021 /CNW/ – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR), a California-focused, vertically integrated cannabis enterprise, today announced it has completed a $5 million strategic investment in LPF JV, LLC (“Loudpack”), through a 15%, secured convertible note due December, 2022 (the “Funding”). Loudpack is the premier California cannabis company with a broad cultivation, manufacturing, processing, and distribution footprint and a strong portfolio of brands.
In connection with the Funding, Harborside has engaged Loudpack to provide services aimed at identifying production efficiencies as well as improving harvest yields at the Company’s cultivation facility located in Salinas, California. In addition, Loudpack will be providing contract manufacturing services for a suite of Harborside branded products and Harborside will be increasing the availability of shelf space for Loudpack branded products including Kingpen, Loudpack, Dimebag, and Smokiez at the Company’s retail stores.
“We are focused on improving our profitability through implementing best-in-class, highly efficient production techniques, increasing the quality of our supply chain and expanding our inhouse brands into manufactured products,” said Matthew Hawkins, Chairman of Harborside. “Through this capital investment, we have strengthened our partnership with Loudpack and will look to leverage their expertise as we explore opportunities to expand our cultivation, production, and distribution capabilities to improve the availability of our high-quality cannabis products for consumers across California.”
Marc Ravner, Chief Executive Officer at Loudpack, added, “As a pioneer and innovator with a strong reputation in the California cannabis market, Harborside’s capital investment is a great validation of the confidence they have in Loudpack’s team, technical production insight, and overall capabilities. We look forward to using the funds from this investment to scale our operations to better serve all of our customers across California.”
Loudpack is a leading privately-held, vertically-integrated cannabis brands company headquartered in Los Angeles. Loudpack cultivates, manufactures, processes and distributes its branded cannabis products to retailers statewide in California. Loudpack licenses its wholly owned brands to operators in other markets and provides contract manufacturing services to third parties. Loudpack’s brands distributed in California include Kingpen, Loudpack, Dimebag, and Smokiez. For more information, visit https://www.loudpack.com.
Harborside Inc. is one of the oldest and most respected cannabis retailers in California, operating three of the major dispensaries in the San Francisco Bay Area, a dispensary in the Palm Springs area outfitted with Southern California’s only cannabis drive-thru window, a dispensary in Oregon and a cultivation/production facility in Salinas, California. Harborside has played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers. In 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States and today holds cannabis licenses for retail, distribution, cultivation, nursery and manufacturing. Harborside is currently a publicly listed company on the Canadian Securities Exchange (“CSE”) trading under the ticker symbol “HBOR”. Additional information regarding Harborside is available under Harborside’s SEDAR profile at www.sedar.com.