Harborside is yet another Canadian-based cannabis company with a plan to join the market of IPOs in 2019. Harborside will be competing with cannabis firms that have already gone public, such as Tilray (TLR), Canopy Growth Corp (CGC), Aurora Cannabis (ACB), and Cronos Group (CRON).
While publicly traded cannabis-focused firms are working on meeting expectations from investors that were promised growth, Harborside is preparing their own initial public offer.
Harborside IPO: What You Need to Know About Investing in Cannabis Company Harborside IPO
Harborside has a plan to list their public shares on CES, which is a plan revealed back in 2018. The original plan was to have the company go public already in the first half of 2019, however, the plan changed to allow Harborside more side to prepare.
The company is operating in the cannabis industry since 2007, starting with legalization suggestions even before the story of legalizing marijuana gained momentum in the recent years. Harborside has a chain of retail pot shops in the US as well, spread across the San Francisco Bay Area.
The partnership with Lineage is pushing the business towards an upward path while Harborside has 270,000 registered patients who buy their medicinal marijuana supplies from the company.
Harborside Finances and Profits
What is know by far, since Harborside is still a private company, is that the company had over 300 million dollars in sales, while operating with around 270,000 registered patients who use cannabis for treatments.
Additionally, the company is said to be planning to raise 50 million dollars with their IPO.
The company also recorded 10.2 million dollars in losses for full-year report for 2018, on the revenue of 52.1 million dollars. In 2017, profits were significantly lower, having around 69,000$ in profits and 18.8 million dollars in sale for the same period.
Share price estimates for Harborside IPO are yet to be determined and revealed, while the exact date of Harborside IPO debut is not specified either.
What is known by far is that the cannabis company should join a growing list of IPOs in 2019 by the end of the year.