Harborside Inc. HBOR HBORF will acquire a further 29.9% interest in FGW Haight, Inc., which owns the conditional use approval necessary to operate a cannabis dispensary and related businesses located in San Francisco&#39;s Haight-Ashbury district.

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Vertically-integrated cannabis enterprise is acquiring the increased interest in FGW through the execution of a securities purchase agreement, following the previously announced acquisition of a 50.1% interest in FGW that closed on Dec. 18, 2020.


Subject to regulatory approval from the City of San Francisco, the FGW acquisition will increase the company&#39;s interest in FGW to 80%. Harborside also retains the right of first refusal to purchase, in its discretion, in whole or in part and in one or more closings, the remaining 20% of FGW, subject to regulatory approvals.

Pursuant to the agreement, Harborside will pay an aggregate purchase price of $1.3 million for the shares. The purchase price will be satisfied through the issuance of multiple voting shares of the company, valued at the greater of: (i) the 30-day VWAP of the subordinate voting shares of the company on the CSE at the time of issuance less a discount multiplied by 100; (ii) CAD$150 per MVS; or (iii) such other price as may be approved by the CSE.

&quot;I am excited to strengthen our partnership with Harborside and to continue serving our community,&quot;&nbsp; Damien Posey, a leading community mentor in San Francisco and a founding shareholder of FGW stated. &quot;This dispensary will be neighborhood-oriented, including the hiring of local staff, the selection of local products and the promotion of community safety.&quot;

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Harborside Inc. (CSE:HBOR) (OTCQX: HBORF) will acquire a further 29.9% interest in FGW Haight, Inc., which owns the conditional use approval necessary to operate a cannabis dispensary and related businesses located in San Francisco&#39;s Haight-Ashbury district.

Harborside Increases Interest In San Francisco Dispensary To 80% For $1.3M In Stock 

Nina Zdinjak

Harborside Inc. (CSE:HBOR) (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/hborf#OTCQX">HBORF</a>) will acquire a further 29.9% interest in FGW Haight, Inc., which owns the conditional use approval necessary to operate a cannabis dispensary and related businesses located in San Francisco&#39;s Haight-Ashbury district.

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