Harborside Acquires Desert Hot Springs Retail Store For $4.92M In Stock And Cash

Harborside Inc.  HBOR, HBORF announced Friday it has purchased 100% of the issued and outstanding equity interest of Accucanna LLC, the license holder of the Company's Desert Hot Springs retail dispensary location together with the real property relating to the DHS for $4.92 million in stock and cash.

Prior to closing the acquisition, Harborside had been operating the dispensary since December 2019 under a management services agreement. Located at 66205 Paul Road, Desert Hot Springs, CA, the 4,800 square foot facility is strategically located on Interstate 10 between Los Angeles and Coachella and serves both medical and adult-use customers with a wide selection of cannabis products.

Upon the closing of the acquisition, Harborside paid the aggregate purchase price comprised of:  (a) around $1.5 million in 15,793.40 multiple voting shares and $784,646 in cash consideration for the transfer of the equity interest of Accucanna LLC to the Company; and (b) $2.6 million in cash for the property.

"We are thrilled to add our Desert Hot Springs retail dispensary into our California retail store portfolio," Matt Hawkins, interim CEO of Harborside said. "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."

More related news from Harborside:

Harborside Second Quarter Revenue Grows 23.4% To $15.4M

NY College To Offer Cannabis Minor Degree, Supported By Berner's Cookies, Chris Webber's Fund, Columbia Care, Others

Cannabis Movers & Shakers: Harborside Shakes Up Leadership Team, Pure Harvest Strengthens Advisory Board

Cannabis Co. Harborside Completes Purchase Of Pre-Roll Brand Sublime For $43.8M

Price Action

Harborside’s shares were trading 0.65% higher at 83 cents per share at the time of writing Friday morning.

Photo: Courtesy of CNW Group/Harborside Inc.