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Harborside Inc. (OTCQX:HBORF) (CSE:HBOR) released its financial results for the three months ended March 31, 2022, revealing YoY net revenue increased 38.8% to $17.2 million.
The Q1 2022 financial results encompass a period reflecting only one month of contribution from UL Holdings Inc. ("Urbn Leaf"), which the company acquired on March 1, 2022, and no contribution from LPF JV Corporation ("Loudpack"), which the company acquired subsequent to quarter-end on April 4, 2022. The Loudpack and Urbn Leaf acquisitions have transformed the company into one of the largest vertically integrated cannabis enterprises in California.
Adjusted EBITDA was a loss of $3.56 million, an unfavorable decrease of 471.03% from $960,896 in Q1 2021.
Net loss was $10.56 million, an unfavorable increase of 262.84% from $2.91 million in Q1 2021.
Gross profit was $6.48 million, a favorable increase of 41.17% from $4.59 million in Q1 2021.
Cash and restricted cash at the end of the period was $13.77 million, compared to $30.92 million in the same period of the prior year.
Felicia Snyder has joined the board of directors of the company.
An entrepreneur, corporate strategist, seasoned cannabis executive and brand builder, Snyder is currently founder and co-CEO of Arcana, an experiential hospitality brand. She was a founding executive at Tokyo Smoke, where she helped to scale the business through its merger with Doja Cannabis and eventual sale to Canopy Growth Corporation (NASDAQ:CGC). Post-acquisition, she was vice president at Canopy Growth, managing a portfolio of premium cannabis brands across all product categories.
"On behalf of the Board and management team of Harborside, I am delighted to welcome Felicia to the Harborside team," stated Ed Schmults, CEO. "Her diverse skillset and significant cannabis industry experience are valuable additions to Harborside as we work to integrate our recent acquisitions and build the flagship California cannabis company."
Photo: Courtesy of Jeff W on Unsplash
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