Sublime acquired by Harborside in US$43.8 million deal

05 July 2021

On July 5, 2021, Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) a California-focused, vertically integrated cannabis enterprise, announced the completion of its previously announced acquisition of Sublimation Inc. ("Sublime") for a total consideration of US$43.8 million.  

Pursuant to the transaction, Harborside acquired 100% of the issued and outstanding shares of Sublime in exchange for approximately US$38.4 million payable in multiple voting shares of Harborside and approximately US$5.4 million in cash (of which approximately US$3.4 million was used to repay indebtedness of Sublime). 

Sublime is an award-winning cannabis manufacturing company located in Oakland, California. Founded in 2016, Sublime is best known for its expansive line of high-potency, high-quality and affordable Fuzzies branded pre-rolls, a leading brand of pre-rolls in the state of California, as well as vapes and roll-your-own flower kits. 

Gowling WLG advised Sublime in this transaction with a team led by Peter Simeon.


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