Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR),(OTCQX: HBORF) a California-focused, vertically integrated cannabis enterprise, today announced that it has executed a settlement and release agreement (the “Settlement Agreement“) in respect of the previously disclosed litigation between the Company and a former employee. Pursuant to the settlement agreement, the Company has agreed to a one-time payment, net of insurance coverage, of approximately US$1.5 million to settle all aspects of the litigation, which was initiated by the plaintiff in June 2018. More than half of the settlement amount was previously reserved by the Company in Q4 2019 and the settlement payment was incurred to eliminate substantial future legal costs and will resolve all issues relating to the matter.
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