Harborside Inc (CSE: HBOR) this morning had a minor corporate update. The company has acquired in full a dispensary in which it was previously operating under a management agreement.
The company has acquired the entirety of Accucanna, whom is currently the license holder for the firms Desert Hot Springs dispensary, the first location operated by the firm outside of the Bay Area. The acquisition effectively removes any doubt as to whom controls the retail location.
The acquisition was conducted for a total figure of US$4.9 million, of which US$1.5 million consisted of multiple voting shares of the company. US$2.6 million of the purchase price meanwhile was allocated to the property itself, and not the cannabis license or assets.
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“As one of only two drive-through retail locations permitted in the state, and with our strategic location in the Coachella valley near the freeway, we are well-positioned to continue to service the local community and support the robust year-round tourism industry,” Matt Hawkins, the interim CEO of Harborside commented on the news.
The purchase follows the firm reporting record revenues earlier this week, with the company seeing total net revenues of $15.4 million in the second quarter, along with a net income of $1.8 million.
Harborside last traded at $1.02 on the CSE.
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