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Harborside Announces Agreement to Acquire Sublime for US$43.8 Million


On June 1, 2021, Harborside Inc. signed a definitive agreement to acquire 100% of the issued and outstanding equity of Sublimation Inc. (“Sublime”) for a total consideration of US$43.8 million, comprised of approximately US$38.4 million payable through the issuance of 207,579.66 multiple voting shares of Harborside and approximately US$5.4 million in cash (of which approximately US$3.4 million will be used to repay existing indebtedness of Sublime). The acquisition is subject to the approval of the shareholders of Sublime, and the receipt of certain regulatory approvals and other customary closing conditions.

Sublime is an award-winning cannabis manufacturing company located in California.

Cassels is acting as Canadian legal counsel to Harborside.

RELATED EXPERTISE: Securities | Mergers & Acquisitions | Cannabis | Taxation