Harborside Inc (OTCMKTS:HSDEF) Applies To Revoke CTO: Expects To Submit Interim Filings After July 14, 2020

Harborside Inc (OTCMKTS:HSDEF) will submit interim filings after July 14, 2020. The company will seek revocation of CTO (Cease Trade Order).

Works with auditors to submit financial statements

Harborside will submit annual financial statements for the years 2017 and 2018 before July 10, 2020. The company will work closely with the auditors to submit interim statements for Q1, Q2, and Q3 2019 within 30 days after revoking CTO.

Interim CEO of Harborside, Peter Bilodeau said the company continued to report the best performance in the latter months of 2019. It continued the same best performance in Q1 2020. The operational and strategic initiatives implemented by the company are yielding the best results at all the business units in California. Harborside is fulfilling the needs of patients and consumers in California by supplying superior quality cannabis products.

In the current scenario of ongoing coronavirus crisis, the company is implementing safety measures to ensure the availability of essentials. It improved in-house brand sales and implemented financial controls together with streamlining procurement that resulted in higher profitability in Q1 2020.

Harborside expects to post revenues of $14 million in Q1 2020. It will post an increase of 16% YoY in revenues to $50.3 million in 2019.

San Jose and Oakland stores report brisk activity

Retail sales at its flagship stores in San Jose and Oakland are much higher. Desert Hotsprings store, which is inaugurated in December 2019, also reported strong growth in sales.

Oregon operations

Harborside reviewed its operations in Oregon and decided to focus on assets that expect to offer higher returns and profitability in the next year. It will discontinue the operations at its Portland-based retail dispensary because of the challenges posed by the COVID-19 pandemic.

Donates $10,000 to Peralta Colleges Foundation

Harborside donated $10,000 to the PCF (Peralta Colleges Foundation) for students, who are enrolled in the CCP (Cannabis Certification Program) at Merritt College. The scholarship will help professionals to hone expertise in the business and skills required for the legal industry.

Established in the year 1971, PCF supports excellence in academics in Alameda County. It serves a population comprising Hispanic American, African American, and Asian American Students.

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