Harborside Inc : A true trailblazer enjoying record growth and with massive upside.
The best businesses don’t just spring up overnight.
Generating hundreds of millions of dollars in top-line revenue?
That takes years of preparation.
Years of hard work and dedication.
Years of trailblazing, campaigning and lobbying for regulatory support.
Years of building a successful model that can be scaled up quickly to deliver outstanding profit margins.
This is the reason why brokers love this company and see huge upside coming.
Download our EXCLUSIVE REPORT to learn how Harborside Inc was one of real pioneers of the Cannabis Revolution
A true California cannabis pioneer
HARBORSIDE INC (CSE: HBOR | OTCQX: HBORF)
When it went public in 2019 the company had already generated more than $300 million in sales over its lifetime, supplying to tens of thousands of customers across California!
This was no pre-revenue, pre-profit punt. It was already a strong business, able to stand on its own two feet.
All that it needed to fulfil its true potential was an energized new commercial focus.
This came late last year with the introduction a new executive team ready to put the company on the right track, and the results have already been spectacular.
But, let’s go back to the beginning first, so you can see how this came to be.
HARBORSIDE’S RETAIL FOOTPRINT IN CALIFORNIA AND OREGON
Download our EXCLUSIVE REPORT to learn how Harborside Inc was one of real pioneers of the Cannabis Revolution
A Multi-Decade Journey
Regulators and politicians knew that cannabis did not produce the ‘Reefer Madness’ of those ridiculous, melodramatic information films designed to scare the public.
But the hammer was down on marijuana. It was illegal.
Even so, common sense was starting to prevail and, in 1996, California legalized medical cannabis through Proposition 215.
But it would take another 20 years of hard campaigning before the sale and distribution to regular folks got the same legal treatment!
Without the efforts of this company and its founders, we might have had to wait another 20 years to see the cannabis industry flourish in California.
However, shareholders aren’t just buying a profitable, vertically integrated business. They’re buying a unique and acclaimed piece of history. That’s the added value of such a storied brand.
Harborside – founded by the “Father of Legal Cannabis”
Founder and Chairman Emeritus Steve D’Angelo — known as The Father of Legal Cannabis — is held up as a beacon of light in the darkness; a dedicated man, who, with his founding business partner dress wedding, campaigned for serious medical research into this wonder drug that had been used and venerated around the globe for thousands of years.
Because Harborside (CSE: HBOR | OTCQX: HBORF) had to scrap its way to the top over the previous objections of the rich and powerful, it needed discipline. It needed strong cost controls. It needed to build a model where none existed before.
And it needed an army of supporters there at every turn to back the business when times got tough.
That’s what the last decade or more has been about.
Pushing hard, every day, in an unforgiving business environment for the right to grow and sell cannabis to those who want it.
Now the hard work has been done and the proposition is simple. It’s become about simple supply and demand.
HARBORSIDE’S LINES OF CANNABIS PRODUCTS
So What Now?
Over the last twelve months, the company has bolstered its executive team bringing in its Chairman, Peter Bilodeau, as CEO to lead a turnaround in profitability of the operations.
Additionally, Tom DiGiovanni was brought in as Chief Financial Officer, Greg Sutton assumed the role of Chief Operating Officer of Cultivation and Manufacturing, and Marian Robinson was hired as Vice President, Human Resources. Other key management were hired from outside or promoted from within to fill important and necessary functions.
This desire to be the best and build the best is now paying off. Big time.
Just take a look at the Q2 2020 financial results.
Gross profit was 33% higher than the previous quarter and 62% better than in the same period the year before.
Wholesale revenue 16% was up on Q1 2020, and 141% more than in Q1 2019.
These are the kinds of numbers you can post when you invite the best in the business to fine-tune the gaps.
“A PRIME EXAMPLE OF THIS IS A YEAR AGO WHEN EVERY ONE OF OUR EMPLOYEES WAS FULL TIME,” EXPLAINS PETER BILODEAU, “THERE WAS NEVER BIG ATTENTION PAID TO STAFFING BASED ON PEAK HOURS LIKE MOST RETAILERS DO. NOBODY HAD MADE THAT CHANGE TO ADAPT.”
Moving staff to a peak-hours system like Walmart and Target, along with the implementation of other headcount efficiencies at the farm, is now saving Harborside (CSE: HBOR|OTCQX:HBORF) close to $2 million a year!
That was the sort of low-hanging fruit that represented an easy fix and has made such a significant contribution to the bottom line.
It was with this new commercial focus that Harborside’s (CSE: HBOR | OTCQX: HBORF) new leadership team set about transforming one of the most venerated brands, at the epicentre of the US cannabis revolution.
Through intelligent streamlining and innovative thinking, they reorganized this company into a cash-generating machine.
And there’s so much more to come.
Peter and his team have only been in place for less than 12 months. Imagine what they could do over the new few years?
For a deep dive into Harborside’s sales-focussed business model, READ OUR SPECIAL REPORT.
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