Harborside Inc. a California-focused, vertically integrated cannabis enterprise, today announced it has signed a definitive agreement to acquire 100% of the issued and outstanding equity of Sublimation Inc, an award-winning cannabis manufacturing company located in Oakland, CA, for a total consideration of US$43.8 million. The Acquisition is expected to close, subject to customary closing conditions, in July 2021. Since 2019 Sublime has delivered a revenue compound annual growth rate (CAGR) of approximately 70%, and ended 2020 with a 7.9% California pre-roll market share, according to BDS Analytics. Sublime is strategically positioned for continued growth as pre-rolls are the fastest-growing cannabis sub-segment within the California market since the beginning of 2020.
Joe Caltabiano, Cannabis Business Times, 06/01/2021 12:39:00