California cannabis retailer Harborside Inc. announced Tuesday that it had closed a deal to purchase cannabis manufacturer and distributor Loudpack in a cash-and-stock deal steered by law firms Duane Morris LLP, Aird & Berlis LLP, Cassels Brock & Blackwell LLP and Feuerstein Kulick LLP.<\/p>\n
[…]<\/p>\n
Under the terms of the deal, Harborside acquired all equity in Loudpack through the issuance of approximately 91 million subordinate voting shares and 2 million warrants, which can be used to purchase subordinate voting shares at $2.50 each within the next five years. Harborside also assumed $50 million in Loudpack’s debt and paid approximately $5 million in cash.<\/p>\n
The deal adds 15 new California retail locations, manufacturing facilities and 230,000 square feet of cultivation space to Harborside’s portfolio.<\/p>\n
Harborside, which currently trades on the Canadian Securities Exchange and the OTCQX, a U.S. over-the-counter exchange, is expected to change its name to StateHouse Holdings by the end of the month, the company said.<\/p>\n
Harborside received legal counsel from Aird & Berlis LLP and Cassels Brock & Blackwell LLP in Canada and Duane Morris LLP in the U.S., led by partner Nanette Heide.<\/p>\n
To read the full text of this article, please visit the Law360<\/em> website<\/a> (subscription required).<\/p>\n","protected":false},"excerpt":{"rendered":" California cannabis retailer Harborside Inc. announced Tuesday that it had closed a deal to purchase cannabis manufacturer and distributor Loudpack in a cash-and-stock deal steered by law firms Duane Morris LLP, Aird & Berlis LLP, Cassels Brock & Blackwell LLP and Feuerstein Kulick LLP. […] Under the terms of the deal, Harborside acquired all equity … <\/p>\n Continue reading “Duane Morris Helps Steer Harborside’s Purchase Of Calif. Co. Loudpack”<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[816,841,842],"ppma_author":[714],"class_list":["post-1119","post","type-post","status-publish","format-standard","hentry","category-general","tag-harborside-inc","tag-loudpack","tag-statehouse-holdings"],"authors":[{"term_id":714,"user_id":6,"is_guest":0,"slug":"duanemorris3","display_name":"Duane Morris","avatar_url":"https:\/\/blogs.duanemorris.com\/cannabis\/wp-content\/uploads\/sites\/35\/2020\/10\/dmlogo.jpg","author_category":"1","last_name":"Davies","first_name":"Thomas","job_title":"","user_url":"https:\/\/www.duanemorris.com","description":"Visit the Duane Morris website.<\/a>"}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/cannabis\/wp-json\/wp\/v2\/posts\/1119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/cannabis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/cannabis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/cannabis\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/cannabis\/wp-json\/wp\/v2\/comments?post=1119"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/cannabis\/wp-json\/wp\/v2\/posts\/1119\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/cannabis\/wp-json\/wp\/v2\/media?parent=1119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/cannabis\/wp-json\/wp\/v2\/categories?post=1119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/cannabis\/wp-json\/wp\/v2\/tags?post=1119"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/cannabis\/wp-json\/wp\/v2\/ppma_author?post=1119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}