Harborside Inc. Developing Operational Scale as 2020 Gross Revenues Expand 29% to $63M AGORACOM Jun 24, 2021 09:00AM

Harborside Inc. is one of the oldest and  most respected cannabis retailers in California, operating three of the  major dispensaries in the San Francisco Bay Area and a  cultivation/production facility in Salinas, California and awarded one  of the first six medical cannabis licenses granted in the United States. Harborside hold cannabis licenses for retail, distribution, cultivation, nursery, and manufacturing. With California being one of the largest  cannabis markets in the world, Harborside Retail operations command 3%  of California’s entire retail market and operations have generated over  $400M in cumulative sales since inception Fourth Quarter and Full Year 2020 Financial Results Full Year 2020 Gross Revenues Expand 29% Year-Over-Year to $63.4 Million Full Year 2020 Adjusted EBITDA grows to $7.4 Million From an Adjusted EBITDA Loss of $8.9 Million in 2019(1) Reports Fourth Quarter Gross Revenues of $13.1 Million and Positive Adjusted EBITDA of $0.7 Million(1) Fourth Quarter Total Gross Margins improved  from 22.1% to 49.9%(1), Driven by Improved Harvest Yields, Higher  Wholesale Volumes, and Improved Operating Leverage Supported by Tight  Expense Management 2020 Operational Highlights Closed upsized private placement for gross proceeds of approximately C$35.1 million Secured a $12 million revolving credit facility Completed a $5 million strategic investment in Loudpack, a premier California cannabis company Completed the acquisition of a 21% interest in a San Francisco Dispensary in the historic Haight-Ashbury District Sit back, relax and watch this powerful  interview with Matt hawkins as he demonstrates the powerful growth  potential legislation is anticipated to have on operations.