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HARBORSIDE Harborside Inc. Reports First Quarter 2021 Financial Results First Quarter 2021 Gross Revenues of $ 13.0 Million Q1 2021 Adjusted EBITDA grows to $ 1.0 Million From an Adjusted EBITDA of $ 0.3 Million in Q1 2020 ( 1 ) Company Reaffirms Full Year 2021 Standalone Guidance of Gross Revenues Between $ 68-72 Million and Adjusted EBITDA Margin Between 15-17 % ( 1 ) ( 2 ) ( 3 ) ( 4 ) OAKLAND , Calif . and TORONTO , May 31 , 2021 / CNW / - Harborside Inc. ( " Harborside " or the " Company " ) ( CSE : HBOR ) ( OTCQX : HBORF ) , a California - focused , vertically integrated cannabis enterprise , today reported its financial results for the first quarter ending March 31 , 2021 ( " Q1 2021 " ) . The audited consolidated financial statements for Q1 2021 and corresponding management's discussion and analysis ( collectively the " Q1 Filings " ) are available for download from the Company's investor website , investharborside.com , and on the Company's SEDAR profile . Unless otherwise indicated , all dollar amounts in this press release are in U.S. dollars . Management Commentary " Our Q1 results reflect the strength of our business as we demonstrated sustained profitability while we executed on the opportunity to scale up our cultivation activities , improve the breadth and depth of our product portfolio , and expand consumer access to our retail stores , " said Matt Hawkins , Chairman of Harborside . " Throughout the quarter , we continued to build Harborside's management team with a focus on operational strength and deep industry experience which , together with our strong balance sheet , has positioned Harborside with both the resources and depth of talent to execute on our California focused growth strategy . " Mr. Hawkins concluded , " With adult use consumer sales officially underway at our San Leandro retail store , as well as a new , more conveniently located store expected to open in the second half of the year , and our strong pipeline of acquisition opportunities under review , we have built a strong foundation to accelerate our growth and drive strong value for our shareholders . " ( 2 ) Q1 2021 Operational Highlights • Closed upsized private placement for gross proceeds of approximately C $ 35.1 million . Secured a $ 12 million revolving credit facility • Completed a $ 5 million strategic investment in Loudpack , a premier California cannabis company Recognized for exceptional curbside pickup and delivery services • Announced resolution in San Jose Wellness 280E case • Announced plaintiff's voluntary dismissal of class action suit without prejudice Subsequent Events • Commenced adult - use sales at San Leandro dispensary • Appointed Travis Higginbotham Jr. as Vice President of Production • Drew down approximately $ 11.4 million against the revolving credit facility on May 28 , 2021 , in anticipation of consummating the purchase of the production facility in Salinas , California . Q1 2021 Financial Results and Highlights ( 3 ) March 31 , 2021 March 31 , 2020 Retail Revenues Wholesale Revenues Total Gross Revenues $ 10,036,262 $ 10,181,471 $ 2,921,268 $ 4,456,775 $ 12,957,530 $ 14,638,246 Cultivation Excise Taxes $ ( 516,615 ) $ ( 969,417 ) Total Net Revenues $ 12,440,915 $ 13,668,829 Retail Gross Profit Wholesale Gross Profit ( a ) ( e ) $ 5,514,759 $ 311,899 $ 5,219,890 Total Gross Profit ( a ) ( e ) $ 5,826,658 ( 181,453 ) $ 5,038,437