Harborside Inc (CSE: HBOR) this morning announced that it has completed substantial upgrades at its Salinas Facility, located in California. The upgrades are expected to significantly increase annual cultivation figures at the operation.
The facility, at 45,000 square feet in size is located on a 47 acre integrated production campus in Salinas, California. The facility has seen a number of key items upgraded as the company looks to improve its operations, with upgrades including the installation of blackout curtains, LED lighting, and a new environmental control system that is said to be “state-of-the-art.”
With the upgrades complete, the facility is expected to increase its annual capacity by approximately 50% in terms of cultivation, with high-yield growing methods now able to be used. Furthermore, the facility is now able to conduct year-round production at the indoor facility.
“These upgrades will permit Harborside to increase availability of our portfolio of branded products including Key and, through our recently announced acquisition, Sublime’s Fuzzies, to both the retail and wholesale markets in California.”
Peter Bilodeau, Interim CEO
The company also announced this morning that further upgrades at the facility are now possible, as a result of regulatory changes made by the municipality. The company will be able to further expand capacity at the facility through new or expanded facilities on the Salinas property, upon the receipt of the required permits. The company indicated it intends to acquire such approvals to further expand its cultivation capacities.
Harborside Inc last traded at $1.91 on the CSE.
FULL DISCLOSURE: Harborside Inc is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Harborside Inc on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
