Statehouse Holdings Inc (STHZF)

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NEWS BRIEF

Harborside enters $5 million ‘strategic investment’ with CA marijuana firm

Published March 8, 2021

Harborside said Monday that it has thrown $5 million in investment capital behind Loudpack, another well-known California marijuana business.

According to a news release, Oakland-based Harborside provided the funding for the “strategic investment” through a 15% secured convertible note, on which payment is due in December 2022.

Loudpack CEO Marc Ravner said in the release that the Los Angeles-based company will use the funds for further expansion and to scale up production capacity.

The two companies are also trading services.

Under the agreement:

Loudpack will help Harborside maximize yields at its cannabis cultivation facility in Salinas and also provide manufacturing services at its facilities for Harborside-branded products.
Harborside will provide more shelf space in its stores for Loudpack-associated brands such as Dimebag, Kingpen and Smokiez.
“Through this capital investment, we … will look to leverage (Loudpack’s) expertise as we explore opportunities to expand our cultivation, production, and distribution capabilities,” Harborside Chair Matthew Hawkins said in the release.