California dispensary chain Harborside has announced a plan to acquire SoCal retailer UL Holdings, better known as Urbn Leaf, along with the LPF JV Corporation, or Loudpack. The new combined company will be renamed StateHouse Holdings. The company will have 15 retail locations with nine popular brands, alongside growing and manufacturing capacity and a statewide distribution network.
Urbn Leaf’s CEO Ed Schmults is expected to serve as the StateHouse CEO with Loudpack’s CEO, Marc Ravner, expected to serve as president. This comes after Steve DeAngelo, “the father of the legal cannabis industry” and cofounder of Harborside departed the company in early 2021. To pay for the upcoming deal, Harborside will issue subordinate voting shares and assume and restructure both companies’ outstanding debts and obligations.
In the first nine months of 2021, Harborside, Urbn Leaf, and Loudpack had generated approximately $165 million in combined revenue.
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