Submits Application to California Bureau of Cannabis Control to Receive Authorization
Plans Move to New San Leandro Retail Dispensary Location to Support Consumer Demand
OAKLAND, Calif., May 3, 2021 /PRNewswire/ – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR),(OTCQX: HBORF) a California-focused, vertically integrated cannabis enterprise, today announced that it will be transitioning from medical to adult use retail sales at its existing San Leandro Wellness Solutions dispensary location. The transition comes after reaching agreement with the landlord of the property on authorization for adult-use sales as well as a six month lease extension. The extension provides Harborside sufficient time to finalize the lease terms and build out on a new retail dispensary location in San Leandro which will provide greater public visibility and lower overhead expenses. Harborside is currently seeking applicable regulatory approval from the California Bureau of Cannabis Control and will provide an update upon grant of the expanded license.
Harborside’s new San Leandro location is expected to enable the Company to better serve its patients and future consumers while also reducing its rent and thus increasing profitability. As a result of the planned move, Harborside expects to be able to generate substantially more revenue and be more profitable by reducing its operating costs by more than $2 million over the 10-year lease term.
“We have carefully evaluated potential new retail locations that would enhance our profitability and allow us to more conveniently and effectively serve a larger potential customer base,” said Matt Hawkins, Chairman of Harborside. “I’m happy to have resolved our issues with our existing landlord and I am excited by the opportunity ahead for Harborside in the San Leandro area. Our new location will enable us to commence adult-use sales and introduce local consumers to the best-in-class service and unbeatable product selection that Harborside is known