Harborside has completed the previously announced acquisition of UL Holdings. The company has also announced that Ed Schmults has been appointed as Chief Executive Officer and a director of Harborside, effective immediately.
In addition to acquiring Urbn Leaf, Harborside is also working to complete the previously announced acquisition of LPF JV Corporation. Both the UL Acquisition and the Loudpack Acquisition were overwhelmingly approved by Harborside shareholders at a special meeting of shareholders held on February 22, 2022. The Loudpack Acquisition is expected to close on or around March 15, 2022. Harborside will officially be renamed StateHouse Holdings Inc. shortly after the closing of the Loudpack Acquisition.
"Today's milestone gets us one step closer to the creation of StateHouse, a new leader in California's cannabis sector," said Matthew Hawkins, Chairman of the board of directors and previously interim CEO of Harborside. "We are grateful to the entire Urbn Leaf team that worked with us to finalize this transaction, including its seasoned CEO, Ed Schmults, who has been appointed as CEO and a director of Harborside."
"This sets a strong course forward as we navigate a competitive and evolving cannabis market in California," said Mr. Schmults. "The combined assets of Urbn Leaf and Harborside provide an excellent opportunity for shareholders, and set the stage for the addition of Loudpack. We believe that StateHouse will be one of the largest and most sophisticated cannabis platforms in the state of California with superior retail, brands, processing, manufacturing, distribution and cultivation. This is a resilient platform for growth as a consolidator of California's cannabis industry and supports enhanced career and business opportunities for everyone in the StateHouse ecosystem."
The appointment of Ed Schmults to the Board fills a vacancy created by the previously announced resignation of Alexander Norman. Mr. Schmults has more than 30 years of experience in global branded consumer products, omnichannel retail, product development, finance, operations, IT, and green and socially responsible businesses. He held CEO roles at FAO Schwarz and Wild Things Gear, and COO roles at Patagonia and Red Envelope, following a position in investment banking at Goldman, Sachs & Company.
Harborside also announced that Will Senn has been appointed Chief Corporate Development Officer of the Company. Mr.Senn, who was named one of the top 100 most influential people in the cannabis industry by High Times, founded Urbn Leaf in 2017 and has been involved in several cannabis ventures over the last 16 years. He also created a number of successful industry trade associations, including the United Medical Marijuana Coalition, Patient Care Association and the Global Alliance for Cannabis Commerce.
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