Harborside Inc (CSE: HBOR) this morning announced that it has made a strategic investment into that of Loudpack, a premier California cannabis operator. The investment took place via a convertible note.
In connection with taking the strategic investment, Loudpack will be providing Harborside with several services, including the identification of product efficiencies, as well as the improvement of yields at the firms cultivation facility. The company will also provide Harborside with contract manufacturing services for certain products.
The strategic investment took place via a convertible note, which saw Harborside invest $5.0 million. The note is due December 2022, and bears interest at 15% per annum.
“Through this capital investment, we have strengthened our partnership with Loudpack and will look to leverage their expertise as we explore opportunities to expand our cultivation, production, and distribution capabilities to improve the availability of our high-quality cannabis products for consumers across California.”Matthew Hawkins, Chairman of Harborside
Harborside last traded at $2.25 on the CSE.
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