The transaction was structured based upon the relative enterprise values of Harborside, Urbn Leaf and Loudpack. Ed Schmults, an experienced leader with a proven retail and cannabis track record, is the right person to lead StateHouse into the future." We are building what we believe is the ideal platform to consolidate the California cannabis sector, positioning us for long-term growth in both market share and profitability. StateHouse will have a unique ability to navigate the operating challenges in the state and capitalize on the combined potential of the businesses we are acquiring. California is one of the world's largest legal cannabis markets, with sales expected to reach US$7.4 billion by 2025. "The combination of high-quality assets, increased scale and experienced leadership will drive tremendous value for shareholders.
With these transactions, we are working to create a west coast cannabis powerhouse," said Hawkins. "Since reconstituting the company's board of directors last year, our team embarked upon an ambitious mission to create a unique platform capable of consolidating California and driving significant growth through added scale. Matthew Hawkins, current chairman and interim CEO of Harborside, will remain as Chairman of the Board of StateHouse. Marc Ravner, the current CEO of Loudpack, is expected to be appointed as president of StateHouse upon completion of the Loudpack transaction and will be joining the Board of Directors of StateHouse.
#Urban leaf pro#
Therefore, on a pro forma basis, management estimates that StateHouse would have generated gross revenue of approximately US$165 million for the same period.Įd Schmults, the current CEO of Urbn Leaf, is expected to be appointed as CEO of StateHouse upon completion of the Urbn Leaf transaction and will be joining the Board of Directors of StateHouse. (Sublime) for the entire period, had gross revenue of US$57.8 million, while Urbn Leaf and Loudpack had revenue of US$45.9 million and US$61.4 million, respectively. Through the first nine months of 2021, Harborside, on a pro-forma basis including revenue of Sublimation Inc.
Management believes that StateHouse will have the highest estimated annual revenue and brand market share among its current publicly-listed California peers, providing the company with a strong platform for growth as a consolidator of California's cannabis industry. Management believes that StateHouse, which is expected to trade under a new symbol, will be the largest and most developed cannabis platform in the state of California with retail, brands, processing, manufacturing, distribution and cultivation.
Following completion of the transactions, Harborside is expected to be renamed StateHouse Holdings, subject to shareholder and regulatory approval. ( Urbn Leaf), a California cannabis retailer with a dominant position in Southern California, and LPF JV Corporation ( Loudpack), a manufacturer, cultivator and distributor of award-winning cannabis brands in California. 29, 2021 /CNW/ - PRESS RELEASE - Harborside Inc., a California-focused, vertically integrated cannabis enterprise, has announced that it has entered into definitive agreements to acquire UL Holdings Inc.
0 kommentar(er)
