Harborside Inc (OTCMKTS:HBORF) reported a growth of 11.62% YoY to $13.057 million in revenues in Q4 2020. Its profit rose by 101.79% YoY to $6.284 million in Q4 2020.
Its full-year revenues rose by 29.39% YoY to $63.416 million. The company posted a growth of 46.8% in margins for the entire year.
Lays the foundation for growth
Chairman of Harborside, Matt Hawkins, said the company made great strides in 2020 despite the ongoing coronavirus pandemic. Its staff played an essential role in scaling up its cultivation operations and serving the customers. They ensured the availability of its branded products and laid a foundation for growth in the future.
Matt further said the company secured a revolving credit of $12 million and raised a capital of CAD 35.1 million through a private placement in 2021, and strengthened its balance sheet.
Completes upgrades at Salinas production campus
Harborside completed the upgrades at its Salinas production campus in 2020. The company is ready with refreshed team and strengthened balance sheet to expedite its growth and fortify its leadership role in the cannabis market of California.
Achievements in Q4 2020
Harborside acquired a stake of 21% in the San Francisco Dispensary based in Haight Ashbury district. The company commenced sales of clones at all of its retail stores. It also qualified for DTC eligibility.
Harborside inducted Matt Hawkins as a Chairman. It also introduced a new product line.
The company completed a strategic investment of $5 million in Loudpack. It also commenced delivery services and curbside pickup services to boost sales.
Outlook for 2021
Harborside expects to generate revenues of $72 million in 2021 by improving retail pricing and enhanced yields of the flower. The company will also improve efficiencies at its wholesale operations to drive growth.
Its Interim CEO, Peter Bilodeau, and Matt will participate in the forthcoming PI Financial Golden State Green on April 14, 2021.
Harborside eliminated the role of Chairman Emeritus by separating the co-founder Steve DeAngelo with effect from December 31, 2020.
In 2006, Steve played an essential role in establishing the non-profit medical dispensary – Harborside. The company received six medical cannabis licenses in the US. It is the first company in the US to educate families, veterans, and seniors about the benefits of medical cannabis.