Harborside Inc., has entered into agreements to acquire Urbn Leaf and Loudpack. After the transactions are completed, Harborside is expected to be renamed StateHouse Holdings.
Ed Schmults, the current CEO of Urbn Leaf, is expected to be appointed as CEO of StateHouse upon completion of the Urbn Leaf transaction and will be joining the Board of Directors of StateHouse. Marc Ravner, the current CEO of Loudpack, is expected to be appointed as President of StateHouse upon completion of the Loudpack transaction and will be joining the Board of Directors of StateHouse. Matthew Hawkins, current Chairman and interim CEO of Harborside, will remain as Chairman of the Board of StateHouse.
"Since reconstituting the company's board of directors last year, our team embarked upon a mission to create a platform capable of consolidating California and driving significant growth through added scale," said Mr. Hawkins. "California is one of the world's largest legal cannabis markets, with sales expected to reach US$7.4 billion by 2025. StateHouse will have the ability to navigate the operating challenges in the state and capitalize on the combined potential of the businesses we are acquiring. We are building what we believe is the ideal platform to consolidate the California cannabis sector, positioning us for long-term growth in both market share and profitability."
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