Harborside said Monday that it has thrown $5 million in investment capital behind Loudpack, another well-known California marijuana business.
According to a news release, Oakland-based Harborside provided the funding for the “strategic investment” through a 15% secured convertible note, on which payment is due in December 2022.
Loudpack CEO Marc Ravner said in the release that the Los Angeles-based company will use the funds for further expansion and to scale up production capacity.
The two companies are also trading services.
Under the agreement:
- Loudpack will help Harborside maximize yields at its cannabis cultivation facility in Salinas and also provide manufacturing services at its facilities for Harborside-branded products.
- Harborside will provide more shelf space in its stores for Loudpack-associated brands such as Dimebag, Kingpen and Smokiez.
“Through this capital investment, we … will look to leverage (Loudpack’s) expertise as we explore opportunities to expand our cultivation, production, and distribution capabilities,” Harborside Chair Matthew Hawkins said in the release.
Source link
English
Arabic
Chinese (Simplified)
Dutch
French
German
Italian
Portuguese
Russian
Spanish