Harborside Inc. Announces Change of Auditor

Published: Oct. 15, 2021 at 4:00 PM CDT|Updated: Nov. 4, 2021 at 5:03 PM CDT

OAKLAND, Calif. and TORONTO, Nov. 4, 2021 /PRNewswire/ - Harborside Inc. ("Harborside" or the "Company") (CSE: HBOR) (OTCQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today announced that, following the recommendation of the audit committee and in anticipation of the transition to domestic issuer status in the United States, the Company's board of directors have accepted the resignation of MNP LLP as the auditor of the Company effective October 26, 2021 and approved the appointment of Armanino LLP as successor auditor effective October 27, 2021.

Harborside Inc. Logo (CNW Group/Harborside Inc.)
Harborside Inc. Logo (CNW Group/Harborside Inc.)

In accordance with National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"), the Company has filed a Notice of Change of Auditor, together with response letters from MNP LLP and Armanino LLP on SEDAR under the Company's profile at www.sedar.com. There were no "reportable events," as such term is defined in NI 51-102.

About Harborside:

Harborside Inc., a vertically integrated enterprise with cannabis licenses covering retail, distribution, cultivation, nursery, and manufacturing, is one of the oldest and most respected cannabis companies in the world. Founded in California in 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States.  Today, the company operates three major dispensaries in the San Francisco Bay Area, a dispensary in the Palm Springs area outfitted with Southern California's only cannabis drive-thru window, a dispensary in Oregon and an integrated cultivation/production facility in Salinas, California. Harborside continues to play an instrumental role in making cannabis safe and accessible to a broad and diverse community of California and Oregon consumers. Harborside is a publicly listed company, trading on the Canadian Securities Exchange ("CSE") under the ticker symbol "HBOR" and the OTCQX under the ticker symbol "HBORF". Additional information regarding Harborside is available under Harborside's SEDAR profile at www.sedar.com.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively,  "forward- looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact,  are forward-looking statements and  are based on expectations,  estimates,  and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not  always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or  "intends" or  variations of  such words and phrases or stating that certain actions, events or results "may" or "could",  "would",  "might" or "will" be taken to occur  or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements include statements with respect to obtaining domestic issuer status in the United States.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: implications of the COVID-19 pandemic on the Company's operations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the cannabis markets where the Company operates; changing consumer habits; the ability of the Company to successfully achieve its business objectives; plans for expansion; political and social uncertainties; inability to obtain adequate insurance to cover risks and hazards; employee relations and the presence of laws and regulations that may impose restrictions on cultivation, production, distribution, and sale of cannabis  and cannabis-related products in the markets where the Company operates. Although the forward-looking statements contained  in this  news  release are based upon what  management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking  statements,  as  there  may  be  other factors that cause results not  to be as anticipated,  estimated or  intended.  Readers should  not  place undue  reliance on the forward-looking statements and information contained in this news release.  The  Company  assumes  no obligation to update the forward-looking statements of beliefs, opinions, projections, or  other  factors, should they change, except as required by law.

The Company, through several of its subsidiaries, is indirectly involved in the manufacture, possession, use, sale, and distribution of cannabis in the recreational and medicinal cannabis marketplace in the United States. Local state laws where the Company operates permit such activities however, these activities are currently illegal under United States federal law. Additional information regarding this and other risks and uncertainties relating to the Company's  business are contained under the heading "Risk Factors" in the Listing Statement dated May 30, 2019, and in the Company's management's discussion and analysis for the period ended September  30,  2020,  filed under  the Company's  profile on SEDAR at www.sedar.com.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Harborside Inc.

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