Harborside Inc. said Monday it will issue $77 million in debt as part of an effort to combine with two California cannabis companies, Urbn Leaf and Loudpack. The new entity will be known as StateHouse Holdings to trade under the symbol STHZ on the Canadian Securities Exchange. Urbn Leaf CEO Ed Schmults will become CEO of StateHouse. Matthew Hawkins, the current chairman and interim CEO of Harborside, will be chairman of StateHouse. “Management believes that StateHouse…will be the largest and most developed cannabis platform in the state of California with superior retail, brands, processing, manufacturing, distribution and cultivation,” the company said. Harborside inked a letter of intent with Pelorus Equity Group to complete $77.3 million of non-dilutive real estate debt financing. The deals are expected to close in the first half of 2022. Combined, the three companies generated $165 million in revenue in the first nine months of 2021.
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