HBORF - Harborside closes San Francisco dispensary acquisition

Harborside (HBORF) closed transactions contemplated by the earlier announced agreement to acquire 50.1% of the equity of FGW Haight, a California corporation which has the conditional use approval necessary to operate a cannabis dispensary and related businesses in the Haight Ashbury area of San Francisco, California.Harborside paid purchase price of $2.18M based on a post-build-out and proforma working capital enterprise value of $4.35M; also agreed to purchase an additional 29.9% of the issued and outstanding share to own 80% of FGW.With this acquisition, Harborside expands its retail dispensary footprint in California to five and solidifies a strong presence in San Francisco.The company expects to complete the build-out, receive all necessary regulatory approvals, and open the social equity retail dispensary in 3Q21.

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Harborside closes San Francisco dispensary acquisition