Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR),(OTCQX: HBORF) a California-focused, vertically integrated cannabis enterprise, today announced that it has received approval from the California Bureau of Cannabis Control to commence adult-use retail sales at its existing San Leandro Wellness Solutions (“SLWS”) dispensary. As previously announced, Harborside received a six-month lease extension at its existing SLWS location, permitting the Company sufficient time to finalize terms of a lease and subsequent build out of a new retail dispensary location in San Leandro. The new location is expected to provide greater customer visibility and lower overhead expenses.
“We are thrilled to have received approval to commence adult-use sales in San Leandro,” said Peter Bilodeau, Interim CEO of Harborside. “This has been a long process and we are excited to expand our potential customer base to provide them with the best-in-class service and unbeatable product selection that Harborside is known for. With our upcoming move to a more efficient location in San Leandro, I look forward to deepening our relationship with the local community and continuing to serve our patients and customers.
Upon completion, Harborside’s new San Leandro location is expected to enable the Company to better serve its customers while also reducing its rent and thus increasing profitability. As a result of the planned move, Harborside expects to be able to generate substantially more revenue and be more profitable by reducing its operating costs more than $2 million over the 10-year lease term.
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