Introducing New California Cannabis Giant Statehouse
Legendary California dispensary Harborside has joined forces with Urbn Leaf (dispensary and delivery) and Loudpack (cultivation, manufacturing, and distribution) to create a multi-faceted new entity called StateHouse.
"Management believes that StateHouse, which is expected to trade under a new symbol (CSE: STHZ), will be the largest and most developed cannabis platform in the state of California with superior retail, brands, processing, manufacturing, distribution and cultivation.: according to the company press release.
Ed Schmults, CEO of Urbn Leaf, is expected to assume the CEO role at the new venture.
"Through the first nine months of 2021, Harborside, on a pro-forma basis including revenue of Sublimation Inc. ("Sublime") for the entire period, had gross revenue of US$57.8 million2, while Urbn Leaf and Loudpack had revenue of US$45.9 million and US$61.4 million, respectively. Therefore, on a pro forma basis, management estimates that StateHouse would have generated gross revenue of approximately US$165 million for the same period."