Harborside Inc. (OTCQX:HBORF) has completed its previously announced acquisition of Loudpack, LPF JV Corporation, California’s leading manufacturer, cultivator and distributor of award-winning cannabis brands.
This acquisition follows Harborside's acquisition of Urbn Leaf on March 1 and Sublimation Inc. in July 2021.
"This is an important milestone," said Ed Schmults, CEO of Harborside. "By combining the businesses of Harborside, Sublime, Urbn Leaf and Loudpack, we established a true leader in California's cannabis industry with a strong platform for growth. The Loudpack team, led by CEO Marc Ravner, has built a tremendous business that is highly complementary to the rest of our operations. We welcome them aboard and look forward to building a stronger company together as StateHouse."
Marc Ravner, appointed president of integration of the Company said StateHouse has a promising future. "We are ideally positioned with an integrated platform that features strong brands, a broad retail footprint, scaled manufacturing, state-wide distribution and proprietary cultivation. On behalf of everyone at Loudpack, I look forward to building shareholder value as part of the StateHouse team."
Statehouse Highlights
- One of the largest vertically integrated California public cannabis enterprises with estimated pro-forma gross revenue of approximately $165 million for the first nine months of 2021;
- Statewide presence with 15 retail locations and further strategic expansions in the pipeline;
- #3 ranked brand house in California with nine renowned brands, including top-five ranked brands in the pre-roll (Fuzzies and Kingpen), edible (Smokiez) and value flower (Dime Bag) segments;
- Manufacturing facilities with an annual capacity of more than US$400 million in branded products revenue at full utilization, with capabilities to produce across all product formats offered by the Company;
- Fully scaled greenhouses featuring capacity of 230,000 square feet of cultivation space, with additional near-term expansion capacity of more than 100,000 square feet of canopy to support the Company's vertically integrated platform.
