Harborside Agrees To Acquire Sublime For $43.8 In Cash and Stock

In #finance, #Harborside agrees to purchase fellow #Californian #cannabis company Sublimation Inc. for 43.8 #million #dollars. The transaction includes 5.4 million dollars in #cash, and 38.4 million in stock. The #Oakland-based manufacturer, also known as #Sublime, is famous for their popular, #high-potency #Fuzzies-branded pre-rolls, which Harborside, who had already been a longtime customer, plans to #distribute into other #adult-use state markets. The announcement comes after the #vertically-integrated #marijuana operator released their first #quarter #fiscal results, revealing a 9 percent drop in revenue over last year’s numbers, to 12.4 million dollars. The decline, which fell short of analyst predictions by more than a million, was attributed partially to #COVID-19-prompted store capacity restrictions, but mostly to a lower-than-expected flower yield impacting #wholesale operations. According to Harborside #CEO Peter Bilodeau, the company’s current production capacity and pending upgrades to their #Salinas #cultivation facility will support the continued growth of Sublime brands, while expanding the reach of their existing product portfolio in wholesale and #retail markets. The #acquisition, which was already approved by both companies’ boards of #directors, is expected to close sometime next month.

Distributed by: Cannabis Broadcast Station/ Infinity Broadcast Network Sponsored by: Infinity Inc.
http://www.cannabisbroadcaststation.com

Follow Us on IG, Twitter, Facebook: @cannabisbroadcaststaion @cannabissnacks
#cannabisnews #news

William Bradley

William Bradley

Editor and webmaster.

Leave a Reply