Financial information

Harborside Inc. Announces First Quarter 2022 Financial Results

– Year-over-year net revenue increased 38.8% to $17.2 millionincluding one month contribution from Urbn Leaf and no contribution from Loudpack –

Felicia Snyder appointed to the board of directors –

OAKLAND, CA. and TORONTO, May 26, 2022 /PRNewswire/ – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR) (OTCQX: HBORF), a California-vertically integrated, industry-focused cannabis company, today filed its interim financial statements and MD&A for the three months ended March 31, 2022 (collectively, the “Q1 2022 Financial Results”) under the Company’s profile on SEDAR at www.sedar.com.

The first quarter 2022 financial results include a period reflecting only one month of contribution from UL Holdings Inc. (“Urbn Leaf”), which the company acquired on March 1, 2022and no contribution from LPF JV Corporation (“Loudpack”), which the Company acquired subsequent to quarter end on April 4, 2022. The acquisitions of Loudpack and Urbn Leaf transformed the company into one of the largest vertically integrated cannabis companies in the world. California.

Appointment to the board of directors
Harborside also announced that Felicia Snyder has joined the Board of Directors of the Company (the “Board”), effective immediately. An entrepreneur, business strategist, seasoned cannabis executive and brand builder, Ms. Snyder is currently the founder and co-CEO of Arcana, an experiential hospitality brand. She was one of the founders of Tokyo Smoke, one of from Canada most recognized cannabis brands and one of Canada’s leading cannabis retailers, where she helped scale the business through its merger with Doja Cannabis and eventual sale to Canopy Growth Corporation. After the acquisition, she was Vice President of Canopy Growth, managing a portfolio of premium cannabis brands across all product categories. Prior to Tokyo Smoke, she worked for several years in South Korea at Samsung Electronics, where she oversaw a variety of projects related to business strategy, acquisitions, investments, partnerships, and the development of new products and services. She is also a graduate of Google and began her career in financial services management consulting at Oliver Wyman, a global consulting firm. She holds an MBA from the Wharton School of the University of Pennsylvania.

“On behalf of the Harborside Board of Directors and management team, I am delighted to welcome Felicia to the Harborside team,” said Ed Schmuls, Chief executive officer. “His diverse skillset and significant experience in the cannabis industry are valuable additions to Harborside as we work to integrate our recent acquisitions and build the flagship California cannabis company.”

Ms. Snyder’s appointment to the board fills a vacancy created by the previously announced resignation of Michael Dacks.

Conference call
The Company intends to host a conference call for analysts and investors, during which it will review the ongoing progress of Harborside’s commercial integration with Urbn Leaf and Loudpack:
Date of conference call: May 31, 2022
Time: 11:00 a.m. ET
Toll free in North America: 1-888-664-6392
International phone number: 416-764-8659
Webcast: https://produceredition.webcasts.com/starthere.jsp?ei=1552975&tp_key=14131803f3

A telephone replay of the conference call will also be available via June 14, 2022.
Toll-free replay number in North America: 1-888-390-0541
International replay number: 416-764-8677
Replay entry code: 193421#

About Harborside

Harbourside, a vertically integrated company with cannabis licenses spanning retail, brand, distribution, cultivation, nursery and manufacturing, is one of the oldest and most respected cannabis companies in the world. California. Founded in 2006, Harborside obtained one of the first six medical cannabis licenses granted in United States. Today, the Society operates 14 dispensaries covering the North and Southern California and one in Oregondistribution facilities in San Jose and Los Angeles, California and cultivation/production facilities integrated into Salinas and Greenfield, California. Harborside is a publicly traded company, currently trading on the Canadian Securities Exchange (“CSE”) under the symbol “HBOR” and on the OTCQX under the symbol “HBORF”. The company continues to be instrumental in making cannabis safe and accessible to a large and diverse community of California and Oregon consumers.

Caution Regarding Forward-Looking Information
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the laws of Canada and United States securities legislation. To the extent any forward-looking information contained in this press release constitutes “financial outlook” or “forward-looking financial information” within the meaning of applicable Canadian securities laws, readers are cautioned not to place undue reliance on such information. . All statements, other than statements of historical facts, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement involving discussion of predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, using phrases such as “expects “, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budgets”, “expects”, “expects”, “estimates”, “believes ” or “intends” or variations of these words and expressions or indicating that certain actions, events or results “might” or “may”, “will”, “could” or “will” be expected to occur or be achieved ) are not statements of historical fact and may be forward-looking statements. In this press release, forward-looking statements include, among others, statements relating to Harborside’s integration with Urbn Leaf and Loudpack, as the company becomes one of the largest vertically integrated cannabis companies in Californiaand the future performance of the Company.

These forward-looking statements are based on reasonable assumptions and estimates made by the management of the Company at the time such statements were made. Actual future results may differ materially because forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the results, performance or achievements future expressed or implied by such forward-looking statements. These factors include, among others: the implications of the COVID-19 pandemic on the Company’s operations; fluctuations in general macroeconomic conditions; fluctuations in the securities markets; expectations regarding the size of the cannabis markets in which the Company operates; changing consumer habits; the Company’s ability to successfully achieve its business objectives; expansion and acquisition plans; political and social uncertainties; failure to obtain adequate insurance to cover risks and hazards; employee relations; the presence of laws and regulations that may impose restrictions on the cultivation, production, distribution and sale of cannabis and cannabis-related products in the markets in which the Company operates; and the risk factors set out in the Company’s management report for the period ended December 31, 2021 and the registration statement of the Company dated May 30, 2019which are available under the Company’s profile on www.sedar.com. Although the forward-looking statements contained in this press release are based on what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such statements. forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this press release. The Company undertakes no obligation to update any forward-looking statements of beliefs, opinions, projections or other factors should they change, except as required by law.

The Company, through several of its subsidiaries, is indirectly involved in the manufacture, possession, use, sale and distribution of cannabis in the recreational and medical cannabis market in United States. The local laws of the states where the Company does business permit such activities. However, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in United States for, among other things, cultivating, distributing or possessing cannabis in United States. Financial transactions involving proceeds generated by, or intended to promote, commercial activities related to cannabis in United States may serve as a basis for prosecution under United States federal money laundering legislation.

Although the federal government’s approach to enforcing these laws in United States tends not to enforce laws against individuals and businesses that comply with recreational and medical cannabis programs in states where such programs are legal, strict compliance with state cannabis laws will not exonerate the company from its liability under United States federal law, nor will it provide a defense to any federal proceeding that may be brought against the Company. The application of federal laws in United States poses a significant risk to the Company’s business and any legal action brought against the Company under this provision could adversely affect the Company’s business and financial performance.

This press release does not constitute an offer to sell or a solicitation of an offer to buy securities of United States. The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or any state securities law and may not be offered or sold in United States or to US Persons, unless they are registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.

CSE has neither approved nor disapproved of the contents of this press release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Harborside Inc.