Connect with us


Harborside Weighs Anchor on Consolidating California Cannabis Industry

Canadian firm acquires Urbn Leaf and plans more M&A to expand its footprint in the Golden State.




Harborside’s acquisition of Urbn Leaf is part of a larger company overhaul called StateHouse. PHOTO CREDIT: HARBORSIDE

Harborside, a Toronto, Canada-based public company focused on California’s legal cannabis market, has completed its acquisition of San Diego-based dispensary operator Urbn Leaf.

Urbn Leaf’s CEO Ed Schmults was named CEO of Harborside as part of the deal.

Harborside (CNQ: HBOR, OTCQX: HBORF) is a vertically integrated operator with approximately 200,000 sq. ft. of cultivation, 39,000 sq. ft. of processing space, three product brands (Sublime, Key and Harborside) prior to the Urbn Leaf acquistion, and five retail dispensaries, including four in California and one in Oregon.

Urbn Leaf operates a chain of consumer-friendly dispensaries and delivery services. It will become part of Harborside’s long-term strategy to build a vertically integrated California cannabis operation dubbed “StateHouse.”

“Today’s milestone gets us one step closer to the creation of StateHouse, a new leader in California’s cannabis sector. 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,” Harborside chairman and interim CEO Matthew Hawkins said.

Schmults previously held CEO roles at FAO Schwarz and Wild Things Gear, and was COO at Patagonia and Red Envelope, following an investment banking career with Goldman Sachs.


“This [merger] sets a strong course forward as we navigate a competitive and evolving cannabis market in California. The combined assets of Urbn Leaf and Harborside provide an excellent opportunity for shareholders, and set the stage for the addition of Loudpack,” Schmults said, referring to another acquisition target of Harborside.

Harborside is working to finalize its previously announced acquisition of Loudpack, a privately held, vertically integrated cannabis company in California. The acquisition of Loudpack will complete the second phase of Harborside’s expansion plans which culminate in the company being officially renamed StateHouse Holdings Inc., or StateHouse.

Loudpack’s family of companies and joint ventures include: a cannabis brand marketing and sales company; one of the state’s largest cannabis manufacturing facilities; Loudpack Distribution; and Humboldt Partner Group, a cannabis sourcing brokerage that operates directly with more than 400 of California’s top craft growers.

Harborside, with cannabis licenses covering retail, major brands, distribution, cultivation, nursery and manufacturing, is one of the oldest continuously operating legal cannabis companies in California. Founded in 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States.

Brad Cheng is the digital editor of Global Cannabis Times, produced by SmartWork Media. Brad's journalism career spans working as an editor for PR Newswire, The Nation and The Santa Barbara News Press, and as Managing Editor of The Katy Courier, and publisher of Now This in Princeton. His career as a screenwriter took him into entertainment advertising, writing major film campaigns for studios and for HBO.



Cannaconvo with Peter Su of Green Check Verified

Cannabis Last Week with Jon Purow interviews Peter Su of Green Check Verified. Peter Su is a Senior Vice President with Green Check Verified, the top cannabis banking compliance software/consultancy in the space. A 20+ year veteran of the banking industry, Peter serves on the Banking & Financial Services committee of the National Cannabis Industry Association. He chairs the Banking and Financial Services Committee for the NYCCIA & HVCIA. He is an official member of the Rolling Stone Cannabis Culture Council. And, he is on the board of the Asian Cannabis Roundtable, serving as treasurer.

Promoted Headlines

Most Popular