Harborside has completed the previously announced acquisition of LPF JV Corporation ("Loudpack"). The acquisition of Loudpack follows Harborside's acquisition of UL Holdings completed on March 1, 2022 and Harborside's acquisition of Sublimation completed on July 2, 2021. Following completion of the acquisitions, the company plans to be renamed StateHouse Holdings.
Loudpack facility in Greenfield, CA
"This is an important milestone," said Ed Schmults, Chief Executive Officer of Harborside. "By combining the businesses of Harborside, Sublime, Urbn Leaf and Loudpack, we established a true leader in California's cannabis industry with a strong platform for growth. The Loudpack team, led by CEO Marc Ravner, has built a tremendous business that is highly complementary to the rest of our operations. We welcome them aboard and look forward to building a stronger company together as StateHouse."
"StateHouse has a very promising future," said Marc Ravner, who has been appointed President of Integration of the company. "We are ideally positioned with an integrated platform that features strong brands, a broad retail footprint, scaled manufacturing, state-wide distribution and proprietary cultivation. On behalf of everyone at Loudpack, I look forward to building shareholder value as part of the StateHouse team."
StateHouse is now one of the largest vertically integrated California public cannabis enterprise with estimated pro-forma gross revenue of approximately US$165 million for the first nine months of 2021.
They have a statewide presence of 15 retail locations and further strategic expansions in the pipeline. StateWise is the #3 ranked brand house in California with nine brands, including top-five ranked brands in the pre-roll (Fuzzies and Kingpen), edible (Smokiez) and value flower (Dime Bag) segments. They have manufacturing facilities with annual capacity of more than US$400 million in branded products revenue at full utilization, with capabilities to produce across all product formats offered by the company. Their fully scaled greenhouses feature a capacity of 230,000 square feet of cultivation space, with additional near-term expansion capacity of more than 100,000 square feet of canopy to support the company's vertically integrated platform. StateHouse has substantial and imminently realizable synergies, with expected margin expansion at most stages of the value chain from cultivation to retail.
For more information: