California-focused cannabis enterprise Harborside has completed its acquisition of Loudpack – the #3-ranked house brand in the state. Harborside’s acquisition of Los Angeles-based Loudpack – along with its recent takeovers of Urbn Leaf and Sublime – firmly plants Harborside as a key player in the Golden State’s cannabis market. Following the merger, Harborside plans to relabel itself and its expanded operations under the name “StateHouse.”
The acquisition, announced in April, includes Loudpack’s cultivation facility in Salinas, CA and its manufacturing, processing and distribution services in Greenfield, CA. Harborside also lands Loudpack’s portfolio of top-ranked brands: Kingpen, Smokiez, Dime Bag and Loudpack – which Harborside will continue to produce and distribute. One of the California’s largest public cannabis enterprises, Harborside now holds licenses covering retail, brands, distribution, cultivation and manufacturing.
“This is an important milestone,” said Ed Schmults, CEO 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.”
A company with room to grow
With a statewide presence of 15 retail locations and further expansion in the pipeline, Harborside had an estimated gross revenue of US$165 million for the first nine months of 2021. Its manufacturing facilities are capable of producing more than US$400 million in branded product at full utilization. The company’s fully-scaled greenhouses feature 230,000 square feet of cultivation space, with an expansion capacity of more than 100,000 square feet of canopy.
Loudpack built a reputation for pharmaceutical-standard cultivation and manufacturing at its California facilities. Loudpack licenses its brands to operators in other markets and provides contract manufacturing services to third parties at its state-of-the-art lab facilities. The eight-greenhouse Salinas’ facility acquired by Harborside was built from the ground up to create, cultivate and distribute high-quality cannabis products to meet the expanding demand for cannabis in California.Advertisement
“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.”
Cannaconvo with Peter Su of Green Check Verified
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