Harborside Inc. (CSE:HBOR) (OTCQX:HBORF) shareholders voted in favor of the issuance of approximately 151.43 million Harborside subordinate voting shares to acquire 100% equity interests in LPF JV Corporation and UL Holdings Inc. in connection with the company's proposed business combination with Urbn Leaf and Loudpack.
The cannabis company's shareholders also voted in favor of other matters related to the company aimed at positioning the company for success in connection with the completion of the transactions, including:
- A change in the name of the company to StateHouse Holdings Inc., subject to regulatory approval.
- The election of Matthew Hawkins, Edward Schmults, Marc Ravner, Kevin Albert, Tiffany Liff, Jonathon Roy Pottle and James Scott to serve on the company's board of directors, conditional upon the completion of the transactions.
"The shareholder approvals today represent important milestones on our path to complete these transformational transactions, which will create a new powerhouse in the California cannabis industry," stated Matthew Hawkins, chairman of the board and interim CEO of Harborside. "We believe StateHouse will be one of the largest publicly traded, vertically integrated cannabis operators in the state of California, with a fully installed and operational platform to consolidate the state's cannabis sector. The overwhelming support our shareholders have given today for the transactions and ancillary matters, is critical to making the business combination with Urbn leaf and Loudpack a reality," added Hawkins. "In the coming days, we will be working to complete the steps required to close the transactions, including complying with all necessary regulatory requirements.
We expect to close the Urbn Leaf acquisition on or about March 1, 2022 and the Loudpack acquisition on or about March 15, 2022."
