CBMJ) Reports 82% YoY Increase in Total Revenue in Q4 2021 – CBD Facts
Harborside Inc (OTCMKTS: HBORF)a California-based organization, recently announced its intention to acquire UL Holdings Inc. UL Holdings is a leading cannabis retailer and has a dominant position in Southern California.
One of the country’s leading cannabis producers and distributors, the company also announced the acquisition of LPF JV. LPF JV is one of the leading cannabis distributors with recognized awards for its products, thus enhancing its portfolio.
The companies will create StateHouse Holdings
Jhe three organizations plan to merge and form StateHouse Holdings, subject to approval by corporate shareholders and regulatory agencies. However, senior Harborside executives employed PI Financial Corporation to advise them on the qualifications and consequences of the acquisition.
Following the Company’s advice, the Company’s Board of Directors has issued the necessary approvals to complete the transaction. The three companies expect the acquisition to produce certain benefits for all shareholders involved, such as Scale cultivation platform, expanding California market, etc.
The agreements stipulate that Harborside receives all of Urbn Leaf’s equity interests, approximately 60,000,000 SVS and 91,427,786 SVS from Loudpack. However, acquisitions are subject to change due to the presumption of limitation of debt.
Closing of the transaction is subject to approval
The acquisition process should be completed first half of 2022. However, this conclusion is subject to the consent of the competent authorities and the shareholders of the company. Other legal and financial organizations involved in the transaction include PGP Capital Advisors, LLC, Duane Morris LLP and others
Harborside Inc is one of the oldest and most recognized companies in the California cannabis market. It delivers its natural products through its outlets and third parties in the state, and it has the appropriate licenses to develop and distribute cannabis products.
Loudpack, a private organization based in Los Angeles, was created to manufacture and deliver its products on a large scale. Some of the Company’s products include Smokiez, Dimebag and others.
Urbn Leaf distributes the best quality products available in the California cannabis market. The company attributes its success to its educated and passionate employees, who educate consumers about its products. Some of the company’s products include Cannabiotix and Kurvana, among others.