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2021 revenues will be over 70 million
Awesome information... Thanks a lot!
Harborside Continues to Capitalize on the California Cannabis Opportunity as Leadership Evolves
December 9, 2020 at 1:33 pm
Exclusive article by Carrie Pallardy
Exclusive Interview with Harborside Interim CEO Peter Bilodeau
California cannabis company Harborside (CSE: HBOR) (OCTQX: HBORF) has been operating for 14 years, longer than the vast majority of companies in the still-nascent industry. Interim CEO Peter Bilodeau spoke with New Cannabis Ventures about the company’s evolving leadership team and board, California market strategy and what lies ahead for the company. The audio of the entire conversation is available at the end of this written summary.
Leadership at Harborside
Harborside was launched by cannabis pioneers Steve DeAngelo and dress wedding. The company started as a nonprofit, eventually making the transition to a for-profit, public company. Over the course of its history, the company’s leadership team has also evolved.
Bilodeau stepped in as interim CEO, expecting to hold the role for a few months, but he has led the company for more than a year. He has a depth of experience in investment banking. His firm Foundation Markets, where he also serves as a partner, pursued the opportunity in the cannabis industry.
Most of the current executive leadership team is relatively new, joining the company within the past year or so, according to Bilodeau. CFO Tom DiGiovanni has helped streamline the financial operations of the company, while COO Greg Sutton runs the company’s farm and has helped to drive effective communication between different business units. Vice President of HR Marian Robinson, previously with Planned Parenthood and Target, guides the company’s human resources and helps to attract quality talent. Alexis Mora leads the company’s marketing operations, building the company’s approach to branding.
Bilodeau also highlighted General Counsel and Chief Compliance Officer Jack Nichols and Director of Retail Pedro Fonseca, both of whom have a longer history with the company.
In addition to newer executive leadership, Harborside has undergone recent changes to its board of directors. The new board is comprised of members that will help to further capitalize Harborside and make transformative changes to improve the company’s stock performance, according to Bilodeau. The new board is also in the process of seeking a permanent CEO. Bilodeau recommends keeping an eye out for changes early next year.
California Footprint
Harborside is vertically integrated in its primary market of California. It has flagship stores in Oakland and San Jose, the former producing $30 million in revenue and the latter producing $10 million-plus. The company also has a store in San Leandro and a license to build out in San Francisco, which fits well with the company’s plans to cover the Bay Area.
The company also has a managed services store in Desert Hot Springs, one of the only dispensaries in California with a drive-through. The store opened late last year, and it has been performing well, according to Bilodeau. This store was a unique opportunity for Harborside. Going forward, Bilodeau expects the company’s strategy to focus more on an owned model.
Harborside’s farm and production facility is located in Salinas. The company is looking to expand its product and brand reach to its own shelves and throughout California.
In addition to its California footprint, Harborside has a store in Oregon. The company recently appointed a new manager, and the store is performing well. As the board reviews the company’s 2021, it will assess Harborside’s Oregon position.
M&A and Expansion Strategy
Harborside has plans to pursue accretive acquisitions to further build its presence in California. The company is looking at opportunities to increase its penetration, putting more products on shelves in its own retail stores and others.
The California cannabis market represents an enormous opportunity that will remain the company’s focus for the time being. When it comes to the possibility of expanding the company’s footprint beyond California, Bilodeau is leaving that to the new board.
The Pandemic
While the COVID-19 pandemic necessitated significant changes to operations, Harborside has had its best day, week, month and quarter this year. Delivery and curbside pick-up has become a bigger part of the company’s model.
Additionally, the Desert Hot Springs location has drive-through operations that have driven sales for that store well beyond original projections. Harborside has seen fewer transactions per day but larger transactions. It is having a record year, and the team expects that to continue, according to Bilodeau.
Funding Position
Harborside has approximately $10 million in cash, fluctuating between approximately $10 and $12 million throughout the year, according to Bilodeau. Most recently, the company has spent some cash on its farm and tax issues. Over the course of its history, the company has raised roughly $45 million.
In the immediate future, equity capital is likely the most attractive funding option, with debt being too expensive, according to Bilodeau. But, the funding landscape is changing and the barriers to traditional banking could continue to come down as the industry moves forward.
Growth Drivers
Harborside is expecting $61 to $63 million in revenues for 2020, and Bilodeau expects that the cash flow and EBITDA-positive company has significant room for improvement in 2021.
The company is focusing on driving operational improvement. For example, it has established clear lines of communication between its farm and its stores; the company is learning from its own shelves what products to sell so it can maximize its margins.
Challenges and Opportunities Ahead
280E tax issues remain a significant challenge. Harborside’s new board has made moving past that barrier a priority, and the company hopes to resolve its long-standing IRS litigation. While working through that process, the company will also be looking at opportunities to build out the Harborside brand and drive further penetration in the California market.
New Cannabis Ventures provides an Investor Dashboard for Harborside, which is a client of New Cannabis Ventures.
Exclusive article by Carrie Pallardy
Yesterday (Friday), I acquired another 5,000 shares of HBOR in the $1.69CDN to $1.77CDN range on the CSE as the share price experiences weakness due to year end tax issues or Xmas expenses. The 4th quarter is over the end of December. This is truly a good time to buy shares. Just don't place market order the day prior. Buy around lunch time when the share price is weak.
HBORF is so undervalued at $1.40 The company does absolutely nothing to attract shareholders. It should be at $2.75 It deserves to be taken out with a float of only 11 million shares.
Shorts have covered their positions, we're soon going up:
https://shortdata.ca/stock/HBOR.CN/
I tell you guy's... $1.90 is where it's at. If we had another 15 minutes we could of had some nice action. We don't normally end the day with such a close bid. Today we traded close to 57,000 shares incl. ATS with buys leading the way buy 36,000 shares. HBORF traded close to 90,000 shares with selling leading the way by only 6,000 shares. Right on HBORF.
Cresco Capital on board...
Filed 2020-12-04 10:48
Tx date 2020-11-24 $HBOR
Harborside Inc. (formerly Lineage Grow Company Ltd.) Sturner, Andrew
4 - Director of Issuer
Holder: Cresco Capital Partners LLC (Control or Direction)
Multiple Voting Shares
00 - Opening Balance-Initial SEDI Report 964
Filed 2020-12-04 10:47
Tx date 2020-11-24 $HBOR
Harborside Inc. (formerly Lineage Grow Company Ltd.) Sturner, Andrew
4 - Director of Issuer
Holder: Cresco Capital Partners II LLC (Control or Direction)
Multiple Voting Shares
00 - Opening Balance-Initial SEDI Report 4,096
Chart .. looks good :)
Today was another great day... It's nice to see $1.90 these days. Today HBOR had volume of over 170,000 incl. ATS. Buy's leading the way with 88,000 shares. Today HBOR's daily average moved up the 81,000 range. HBORF traded 154,000 shares with sells leading the way by 86,000 thousand shares. You'll notice HBORF buy's are catching up. We just need buy's leading the way on both exchanges for some serious movement. Tomorrow they vote on the MORE act. Could be a nice green day.
Does Harborside's (CSE:HBOR) Share Price Gain of 90% Match Its Business Performance?
https://simplywall.st/stocks/ca/pharmaceuticals-biotech/cse-hbor/harborside-shares/news/does-harborsides-csehbor-share-price-gain-of-90-match-its-bu
FYI market makers are finessing trades so it doesn't go up too quick. Just folow trades each day. It's pretty obvious. $3 on the way.
BUY SIGNAL
Buy Signal November 30, 2020:
https://www.canadabulls.com/SignalPage.aspx?lang=en&Ticker=HBOR.CD
Today HBOR held the line closing at $1.90 just like yesterday with volume of 84,000. That's 5,000 shares above the daily average with buys leading the almost 2 to 1. HBORF had volume of 76,000 with sells leading the way almost 2 to 1 while HBOR closed down 4 cents.
Big Day Tomorrow, Decriminalization:
The Committee on Rules will meet Wednesday, December 2 at 1:00 PM via Cisco Webex on the following measure:
H.R. 3884 — Marijuana Opportunity Reinvestment and Expungement Act of 2019 (MORE Act of 2020)
Ladies and gentlemen... Today was a great day for HBOR. We closed with a new high of $1.90 up 1 cent from the previous high giving me another $2,180 to line my pockets with. Buyers led the way with HBOR 3 to 1 and with HBORF sellers led the way 2.5 to 1. HBORF had twice the volume HBOR did. This new high (HBOR) could indicate the end of the consolidating period which means we may be trading past $2 again.
Stockhouse features $HBORF
The StockTalk Cannabis Report: Nov. 27, 2020:
https://stockhouse.com/news/newswire/2020/11/27/the-stocktalk-cannabis-report-nov-27-2020
Federal Marijuana Legalization Bill Will Get A Congressional Vote Next Week,
Leader Announces
https://www.marijuanamoment.net/federal-marijuana-legalization-bill-will-get-a-congressional-vote-next-week-leader-announces/
Hopefully, this means HBOR will be able to fufill out of state online orders and more.
Today HBOR/HBORF traded over 100,000 shares on both exchanges with buys still leading the way 2 to 1 on both exchanges. So volume today was above our daily average, great. One last thing, people are bitting away at TD's wall taking half of it away. Investor enthusiasm is growing again.
Sbvcf ... going to buy harbor side imho .....
German Publicity:
https://www.finanztrends.info/cannabis-besser-denn-je/
Stockhouse Front Page Publicity: https://stockhouse.com/news/newswire/2020/11/20/harborside-inc-reports-positive-q3-2020-financial-results
BUY SIGNAL TODAY
https://www.americanbulls.com/SignalPage.aspx?lang=en&Ticker=HBORF
Today was a great day for HBOR with 55,000 in volume incl. ATS. What's great is this, buying led the way by 50,000 shares. We're also getting back to our highest close of $1.89 and TD woke up finally. HBORF volume was 28,000, buy's leading the way by over 20,500 shares. Buying is back, we just need more volume again.
Alright so HBOR volume was 120,000 Incl. ATS with selling leading by only 12,000. 12,000 shares held by suckers in my opinion. The guy at TD with the 30,000 share sell order can kiss my ass. Your either dumb or you're not interested in really selling are you. HBROF with 58,000 shares traded with buys leading the way by 15,000... MY American friends who knew the value of this stock and was trading with a high of $1.85 UDS before we even left 65 cents. It just takes 3 months for Canadians to wake up.
HBORF insiders own 50%... The float is only 10 to 11 million shares.
WOW
We did 19.5 million. 1 more million than the preliminary amount stated.
https://sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00013218&issuerType=03&projectNo=03136958&docId=4835879
Today's volume is unbelievable with close to 300,000 shares incl. ATS. and selling leading the way by 48,000 shares. Looks like they're pushing the price down to get more people invested. The 15 cent drop seems odd on the day excellent results are being released. HBORF's volume was 109,000 with selling leading the way by 60%. It might just be that people are news fatigued and excellent results don't matter no more. Sarcasm!!!
It would appear so...
Earnings tonight ?
My thoughts on tomorrow's earnings
The preliminary results stated "exceeding" 18.5 million... The adjective for the word exceeding is "great" or "very great" and the adverb is "extremely" or "exceptionally". HBOR could have said simply over 18.5 million. So are we expecting the revenues to be just over 18.5 million or closer to 19 or 19.1 million. I hope they've used the right key word and that 19 is the magic number. We need a good set-up so that Q4 has the minimum 20 million I'm hoping for.
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