Harborside Inc. Completes Acquisition of Loudpack
On April 4, 2022, Harborside Inc. (“Harborside”) (CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically-integrated cannabis enterprise, completed the acquisition of LPF JV Corporation ("Loudpack"), a leading manufacturer, cultivator and distributor of award-winning cannabis brands in California.
Pursuant to the terms of the definitive agreement announced on November 29, 2021, Harborside acquired 100% of the equity interests of Loudpack through the issuance of 90,752,140 subordinate voting shares, 2,000,000 warrants, the restructuring and assumption of US$50 million of debt and cash consideration of approximately US$5 million.
With the acquisitions of Loudpack and Urbn Leaf now completed, Harborside plans to be renamed StateHouse Holdings Inc.
Aird & Berlis acted as Canadian counsel to Harborside with a team including Sherri Altshuler, Adria Leung Lim, Amy Marcen-Gaudaur and Meredith McCann.