Harborside acquiring Urbn Leaf and Loudpack
California dispensary chain Harborside said it would acquire SoCal-focused retailer Urbn Leaf and cultivator, manufacturer and distributor Loudpack. The combined company, to be called StateHouse Holdings, will be among the largest vertically integrated operators in California.
- Harborside will issue subordinate voting shares to pay for the deal. It will also assume and restructure the two companies' debts and other obligations.
- In the first nine months of 2021, the combined companies had revenue of approximately $165M.
Matt Hawkins, chairman and interim CEO of Harborside, and soon to be StateHouse chair, called the combination a budding "west coast powerhouse."
- According to the press release, the combined company will have 15 retail locations, second most in California.
- Its other assets include several popular brands, a statewide distribution network and significant greenhouse growing and manufacturing capacity.
- Current Urbn Leaf CEO Ed Schmults is expected to be appointed StateHouse CEO and will join the company's board. Current Loudpack CEO Marc Ravner is expected to be appointed president and join the board.
Co-founded by "father of the legal cannabis industry" Steve DeAngelo in 2006, Oakland-based Harborside was considered the country's largest dispensary for much of the last decade. DeAngelo departed the company early in 2021.