Harborside Inc. Announces Resolution Of Claim
The settlement with a former employee puts to end the 3 year old litigation
Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR),(OTCQX: HBORF) a California-focused, vertically integrated cannabis enterprise, today announced that it has executed a settlement and release agreement (the “Settlement Agreement”) in respect of the previously disclosed litigation between the Company and a former employee. Pursuant to the settlement agreement, the Company has agreed to a one-time payment, net of insurance coverage, of approximately US$1.5 million to settle all aspects of the litigation, which was initiated by the plaintiff in June 2018. More than half of the settlement amount was previously reserved by the Company in Q4 2019 and the settlement payment was incurred to eliminate substantial future legal costs and will resolve all issues relating to the matter.
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About Harborside:
Harborside Inc. is one of the oldest and most respected cannabis retailers in California, operating three of the 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 and a cultivation/production facility in Salinas, California. Harborside has played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers. In 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States and today holds cannabis licenses for retail, distribution, cultivation, nursery and manufacturing. Harborside is currently a publicly listed company on the Canadian Securities Exchange (“CSE”) trading under the ticker symbol “HBOR”. Additional information regarding Harborside is available under Harborside’s SEDAR profile at www.sedar.com.
