Harborside Inc. Reports First Quarter 2022 Financial Results

Year over Year net revenues increased 38.8% to $17.2 million, including one month contribution from Urbn Leaf and no contribution from Loudpack.

OAKLAND, Calif. and TORONTO, May 26, 2022 /CNW/ --PRESS RELEASE--Harborside Inc.(CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today filed its interim financial statements and management's discussion and analysis for the three months ended March 31, 2022 under the company's profile on SEDAR at www.sedar.com.

The Q1 2022 Financial Results encompass a period reflecting only one month of contribution from UL Holdings Inc. ("Urbn Leaf"), which the company acquired on March 1, 2022, and no contribution from LPF JV Corporation ("Loudpack"), which the company acquired subsequent to quarter-end on April 4, 2022. The Loudpack and Urbn Leaf acquisitions have transformed the company into one of the largest vertically integrated cannabis enterprises in California.

Board of Directors Appointment
Harborside also announced that Felicia Snyder has joined the board of directors of the company, effective immediately. An entrepreneur, corporate strategist, seasoned cannabis executive and brand builder, Ms. Snyder is currently Founder and co-CEO of Arcana, an experiential hospitality brand. She was a founding executive at Tokyo Smoke, one of Canada's most recognized cannabis brands and a leading Canadian cannabis retailer, where she helped to scale the business through its merger with Doja Cannabis and eventual sale to Canopy Growth Corporation. Post-acquisition, she was Vice President at Canopy Growth, managing a portfolio of premium cannabis brands across all product categories. Prior to Tokyo Smoke, she worked for several years in South Korea with Samsung Electronics, where she oversaw a variety of projects related to business strategy, acquisitions, investments, partnerships, and development of new products and services. She is also a Google alum and started her career in Financial Services Management Consulting at Oliver Wyman, a global consulting firm. She holds an MBA from the Wharton School of the University of Pennsylvania.

"On behalf of the Board and management team of Harborside, I am delighted to welcome Felicia to the Harborside team," said Ed Schmults, Chief Executive Officer. "Her diverse skillset and significant cannabis industry experience are valuable additions to Harborside as we work to integrate our recent acquisitions and build the flagship California cannabis company."

The appointment of Ms. Snyder to the Board fills a vacancy created by the previously announced resignation of Michael Dacks.