On April 4, 2022, Harborside Inc. acquired LPF JV Corporation (“Loudpack”), a leading manufacturer, cultivator and distributor of award-winning cannabis brands in California. Pursuant to the merger agreement, Harborside issued 90,752,140 subordinate voting shares to the former shareholders of Loudpack, 2,000,000 warrants to acquire shares at a price of US$2.50 per share for a period of five years from closing, subject to acceleration, the restructuring and assumption of US$50 million of debt and cash consideration of approximately US$5 million.
Concurrent with closing of the acquisition of Loudpack, Harborside appointed Marc Ravner, Tiffany Liff and Jonathon Roy Pottle to the board of directors. Marc Ravner has also been appointed as President of Integration of the combined company.
Cassels acted as Canadian legal counsel to Harborside.