Harborside currently commands 3% of the entire CA retail market
Founded in 2006 and beginning as a nonprofit, pioneering dispensary Harborside was awarded one of the first six medical cannabis licenses granted in the United States and made the first legal cannabis sale in the state of California. The company is serving over 300,000 patients and generating over CAD $400 million in sales since then.
Harborside dispensary has been through some harrowing times including a legal row with the IRS. However, the company is bouncing back and going public.
Harborside currently commands 3% of the entire CA retail market, which is by a landslide the biggest market in the country, according to the company.
Harborside Inc. (formerly Lineage Grow Company Ltd.) is announcing today the completion of its reverse takeover of FLRish, Inc. (d/b/a Harborside) (“FLRish”) pursuant to the terms of a merger agreement dated February 8, 2019, as amended on April 17, 2019 among the Company, FLRish, Inc. and Lineage Merger Sub Inc., a wholly-owned subsidiary of the “Reverse Takeover”. The Reverse Takeover was completed by way of a “three-cornered merger” whereby FLRish merged with Merger Sub to form a merged corporation and a wholly-owned subsidiary of the Company.
Immediately prior to the Reverse Takeover taking effect, Harborside consolidated its common shares on the basis of approximately 41.82 common shares into one new common share (the “Consolidation”), (b) changed its name to Harborside Inc., (c) reclassified the post-Consolidation common shares as subordinate voting shares (the “Subordinate Voting Shares”) and (d) created a new class of multiple voting shares (the “Multiple Voting Shares”). On closing, the holders of shares of FLRish received Multiple Voting Shares, Subordinate Voting Shares or a combination thereof, for each share of FLRish outstanding immediately prior to completion of the Reverse Takeover.
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