Sublime acquired by Harborside in US$43.8 million deal

1 minute read
05 July 2021

Team:

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.


NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.