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Harborside Inc. Completes Acquisition Of Urbn Leaf And Appoints Ed Schmults As Ceo

Mar 02, 2022•almost 4 years ago

Acquiring Company

Harborside

Acquired Company

Urbn Leaf

OaklandFood And BeverageHealth CareCommunity And Lifestyle

Description

Harborside Inc. ("Harborside", or the "Company") (CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today announced that it completed the previously announced acquisition of UL Holdings Inc. ("Urbn Leaf"), a leading California cannabis retailer with a dominant position in southern California. The Company is also pleased to announce that Ed Schmults has been appointed as Chief Executive Officer ("CEO") and a director of Harborside, effective immediately.

Company Information

Company

Harborside

Location

Oakland, California, United States

About

Harborside, a vertically integrated enterprise with cannabis licenses covering retail, distribution, cultivation, nursery and manufacturing, is one of the oldest and most respected cannabis companies in California. Founded in California in 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States. Today, the company operates three major dispensaries in the San Francisco Bay Area, a dispensary in the Palm Springs area outfitted with Southern California's only cannabis drive-thru window, a dispensary in Oregon, a manufacturing facility in Oakland, California, distribution facilities in San Jose and Los Angeles, California and an integrated cultivation/production facility in Salinas, California. Harborside is a publicly listed company, trading on the Canadian Securities Exchange ("CSE") under the ticker symbol "HBOR" and the OTCQX under the ticker symbol "HBORF", and the Company continues to play an instrumental role in making cannabis safe and accessible to a broad and diverse community of California and Oregon consumers. Additional information regarding Harborside is available under Harborside's SEDAR profile at www.sedar.com.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed