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Harborside Inc. announced plans to shift its San Leandro Wellness Solutions dispensary from medical to adult-use sales. This transition, supported by a six-month lease extension, allows Harborside to finalize terms for a new location with better visibility. The move is projected to reduce operating costs by over $2 million across a 10-year lease, boosting profitability. Regulatory approval from the California Bureau of Cannabis Control is underway. Chairman Matt Hawkins expressed optimism about the enhanced customer service and market reach this change will facilitate.
Harborside reported a significant financial turnaround for 2020, achieving gross revenues of $63.4 million, a 29% increase from 2019. The company's adjusted EBITDA improved to $7.4 million from a loss of $8.9 million in 2019. Q4 2020 gross revenues were $13.1 million, showing a 12% yearly growth. Total gross margins surged to 49.9% due to better harvest yields and operational efficiency. Despite a net loss of $11.9 million, the firm expects 2021 revenues between $68 to $72 million and adjusted EBITDA of 15% to 17% of net revenues, supported by a strong balance sheet and strategic investments.
Harborside Inc. has secured a US$12 million loan from a federally regulated bank, marking a historic lending deal for a U.S. cannabis company. This revolving credit facility is due in March 2024 and aims to finance the purchase of a 47-acre production campus in Salinas, California. The loan will lower Harborside's cost of capital, facilitating better service for customers and increased investments across California. CFO Tom DiGiovanni emphasized the significance of this financing in supporting operational growth, while Chairman Matthew Hawkins highlighted its industry-wide implications.
Harborside Inc. announced a definitive agreement to acquire 50.1% of FGW Haight, Inc., expanding its retail presence in California's Haight-Ashbury district. The total purchase price for this acquisition is approximately USD $2,179,350, based on FGW's post-buildout enterprise value of USD $4,350,000. Harborside plans to increase its ownership to 80% by acquiring an additional 29.9% stake for USD $1,300,650. The deal is subject to regulatory approvals, with closing anticipated by October 31, 2020. This move enhances Harborside's market position in California's cannabis sector.