Harborside Inc., a California-focused cannabis enterprise, will be acquiring UL Holdings Inc. (“Urbn Leaf”) and PF JV Corporation (“Loudpack”). Once the merger is complete, Harborside is expected to be renamed StateHouse Holdings (“StateHouse”).
“Since reconstituting the company’s board of directors last year, our team embarked upon an ambitious mission to create a unique platform capable of consolidating California and driving significant growth through added scale. With these transactions, we are working to create a west coast cannabis powerhouse.”
Matthew Hawkins, current Chairman and interim CEO of Harborside
This Move Could Make StateHouse the Largest Cannabis Platform in California
StateHouse executives say it may become the largest cannabis platform in the state of California with superior retail, brands, processing, manufacturing, distribution, and cultivation efforts.
Urbn Leaf CEO Ed Schmults will be the new CEO of StateHouse.
Furthermore, StateHouse is expected to trade under a new symbol (CSE: STHZ).
Photo by Tim Foster on Unsplash
“We are building what we believe is the ideal platform to consolidate the California cannabis sector, positioning us for long-term growth in both market share and profitability. Ed Schmults, an experienced leader with a proven retail and cannabis track record, is the right person to lead StateHouse into the future.”
Matthew Hawkins, current Chairman and interim CEO of Harborside
StateHouse Will Have More Than a Dozen Retail Stores, With More to Come
StateHouse will have 15 retail locations in California under one unified brand. Customers can expect further expansion. It will also include nine popular brands, including top-five ranked brands in the pre-roll, edible, and value flower segments.
In addition, the company will provide a wide roster of products at a variety of price points. This will appeal and cater to all customer types, regardless of their budget.
“California is one of the world’s largest legal cannabis markets, with sales expected to reach US$7.4 billion by 2025. StateHouse will have a unique ability to navigate the operating challenges in the state and capitalize on the combined potential of the businesses we are acquiring.”
Matthew Hawkins, current Chairman and interim CEO of Harborside
There is Ample Greenhouse Space and a Strong Distribution Network to Support the Change
The new company aims to optimize its strong product selection, provide effective marketing support, and utilize a distribution strategy that will reduce channel conflict. Their state-wide distribution network should reach approximately 75% of California dispensaries.
Photo by Richard T on Unsplash
In addition, there will be approximately 230,000 square feet of greenhouse cultivation space. Furthermore, there is an additional near-term expansion capacity of more than 100,000 square feet of canopy. There’s also 36,000 pounds of cultivation capacity with 22,000 pounds of additional near-term cultivation capacity available.
“The cannabis industry in California has reached an important tipping point, and with the collective strengths of these three companies and the benefits of integration, we have the right combination of assets and skills to set a new standard, offering consumers the widest variety of products with best-in-class customer service,” said Mr. Schmults.
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