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Feb 18, 2021

Harborside Inc. Completes $35 Million Private Placement

Sherri M. Altshuler, Adria Leung Lim, Amy Marcen-Gaudaur, Meredith McCann and David Mba

Harborside Inc. (“Harborside”), a California-focused, vertically-integrated cannabis enterprise, recently completed a brokered private placement offering of units for aggregate gross proceeds of approximately $35 million. The offering was completed on an agency basis led by Beacon Securities Limited and ATB Capital Markets.

The offering closed on February 18, 2021 through the issuance of subordinate voting share units (“SVS Units”) and multiple voting share units (“MVS Units”). The SVS Units were issued to non-residents of the United States, with each SVS Unit comprised of one subordinate voting share (an “SVS”) and one SVS purchase warrant. Each warrant is exercisable to acquire one SVS for a period of 36 months following closing at an exercise price of $3.69 per SVS, subject to adjustment and acceleration. All investors that were considered residents of the United States under applicable United States  securities law were issued MVS Units comprised of multiple voting shares (“MVS”) and MVS purchase warrants, based on the same economic equivalency of each MVS converting into 100 SVS.

Aird & Berlis LLP represented Harborside with a team comprising Sherri Altshuler, Adria Leung Lim, Amy Marcen-Gaudaur, Meredith McCann and David Mba (corporate and securities).

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