Harborside Opens 2 New Cannabis Retail Stores, Provides Pro Forma Sales Information
Harborside Inc. (OTCQX:HBORF) (CSE:HBOR) opened two new retail stores in California, bringing its total retail shop count to 13. In addition, the company has provided 2021 pro forma sales information.
Retail Store Openings
The company opened a new Harborside-branded store in San Francisco and a new Urbn Leaf-branded store in La Mesa, San Diego County.
The San Francisco store is located at 768 Stanyan Street and comprises 1,690 square feet. It is situated in the historic Haight-Ashbury district, which was an epicenter of the hippie and counterculture movements of the 1960s that helped pave the way for cannabis legalization. The store is across the street from Golden Gate Park and a short walk from many popular restaurants and other local attractions.
The La Mesa store, located at 8939 La Mesa Blvd., comprises 1,606 square feet. It is situated near major highways and is a short walking distance from the large Grossmont Center shopping mall and many other local attractions.
"Expanding our retail footprint in both northern and southern California with these attractive new stores in excellent locations is an important step forward," stated Ed Schmults CEO of Harborside. "It is particularly notable that these stores have significantly less square footage compared to many cannabis dispensaries in the state. This smaller footprint reflects a much more sustainable approach to cannabis retail in an evolving market. We believe that both stores are well-positioned for long-term success."
Pro Forma Sales
Harborside provided further information about its estimated pro forma 2021 sales, which include the full-year sales for the company and its three recent acquisitions: Sublimation Inc., UL Holdings Inc. ("Urbn Leaf"), and LPF JV Corporation ("Loudpack"). Excluding bulk sales, which Harborside has discontinued since completing the acquisitions, management estimates that the company's pro forma 2021 sales would have totaled approximately $190 million.