HBORF) Reports Total Gross Revenue of $17.9 Million in Q3 2021 and Reaches Definitive Acquisition Agreements – CBD Facts


Post views: 178

Harborside Inc. (NASDAQ: HBORF) announced its unaudited condensed interim consolidated financial results for the third quarter of 2021 for the quarter ending September 30, 2021.

Q3 2021 gross profit of $5.4 million

Harborside generated retail revenue of $9.2 million, wholesale revenue of $2.8 million, and manufacturing revenue of $5.9 million in Q3 2021, for total gross revenue of $17.9 million, compared to $11 million, $5.2 million and nil during the quarter ended June 30. 2021, for total gross revenues of $16.2 million (“Q2 2021”). Retail revenue fell $1.8 million quarter-over-quarter as customers responded to the shutdown of government aid programs and began to move more freely as restrictions eased related to COVID have eased in the United States.

The company generated gross profit of $5.4 million from its retail operations in the third quarter of 2021, compared to $6.2 million in the second quarter. Gross profit fell due to weak sales volume in the quarter, but retail gross margin increased to 58.9% from 56.5% QoQ.

Harborside Interim President and CEO Matt Hawkins said, “While wholesale prices declined across the state of California in the third quarter, we continued to make improvements to our business, including the expanding our wholesale presence throughout California with the integration of Sublime into our operations. I am delighted that we continue to generate positive Adjusted EBITDA(1) as we relentlessly focus on our customers and work to improve capital efficiency across the business.

Hawkins added, “I would like to thank our team for their continued dedication to achieving our business goals while working tirelessly behind the scenes to push our recently announced business combination with Urbn Leaf and Loudpack to the finish line.”

Harborside enters into acquisition agreements

The Company has signed definitive agreements to purchase a leading Southern California marijuana retailer, UL Holdings Inc. (“Urbn Leaf”), and a leading California manufacturer, grower and supplier of award-winning marijuana brands, LPF JV Corporation (“Loudpack”), as previously announced. Upon completion of the acquisitions, Harborside Holdings is expected to be renamed StateHouse Holdings, subject to regulatory and shareholder approval.

*Past performance is not indicative of future results. All investments involve the risk of loss and individual investments may vary. Examples provided may not be representative of typical results. Your capital is at risk when you invest – you may lose some or all of your money. Never risk more than you can afford to lose. By submitting your information, you agree to the terms of our Privacy Policy. • Cancel the newsletter at any time. This is a FREE service from Finacials Trend. Signing up for our FREE daily e-newsletter also entitles you to receive this report. We will not share your email address with anyone.


Comments are closed.