Urban Leaf is an online hemp product shopping site that connects independent retailers and verified users. The website delivers to select New Jersey cities and plans to expand its same-day service in the near future. However, there are some precautions to keep in mind when buying cannabis from an online dispensary.
Financial Information in Urbn Leaf Dispensary is Neither Audited Nor Reviewed
In the grand scheme of things, Urbn Leaf is not just a smoke shop in Oak Hills. It’s a community hub that serves the Seaside, Carmel Valley, and Blanco areas of California. If you’re not in the mood for a weed bonanza, it’s a great place to stop by for a coffee or a drink, too.
In fact, if you’re willing to drive to the Oak Hills location, you might be surprised by how much this small town has to offer. For example, you’ll find a number of restaurants, boutiques, and coffee shops. You’ll also be able to check out a number of local artists, crafters, and artisans. And in case you need a break from your cannabis fix, there’s even a brewery and a distillery on site.
Transaction Structure
Having established itself as the largest dispensary in California, Urbn Leaf has entered into a definitive agreement to be acquired by Harborside Inc. This transaction represents the latest in a string of mergers and acquisitions that are aimed at establishing a scale for the emerging California marijuana industry.
After closing, Harborside shareholders will own approximately 35% of the combined company, which will trade under the name StateHouse Holdings Inc. The company will be a vertically integrated cannabis enterprise, with a focus on cultivating, processing, and distributing cannabis in California. In addition to having 15 retail locations, StateHouse will have 230,000 square feet of greenhouse cultivation space.
The transaction structure for the Urbn Leaf purchase included a $2.50 per share purchase price, 2 million warrants, and the assumption of debts. In addition, Pelorus Equity Group provided a value-add bridge commercial real estate loan to the company.
Transaction Consideration
Harborside Cannabis Company announced its intentions to purchase Urban Leaf Cannabis on Monday. The acquisition is the latest step in Harborside’s plan to build a California-based cannabis empire.
The new company will trade under a new symbol, CSE: STHZ. Harborside’s management expects the combined entity to be the largest marijuana platform in the state. It will have 15 retail locations and 230,000 square feet of greenhouse cultivation space. Pelorus Equity Group, a financial services firm, will provide $77.3 million in non-dilutive debt financing. A definitive agreement should be in place before the end of 2021.
In addition, Harborside plans to acquire Loudpack, a cultivator and manufacturer of cannabis in the state. This would make Harborside the largest vertical cannabis operator in the state. Additionally, a high-yield cultivation operation is expected to significantly improve the company’s productivity.
Legal Advisors
Urbn Leaf is the largest cannabis retailer in California. The dispensary is located in San Ysidro. Until last year, it was surrounded by illegal dispensaries. Since then, it has become the first legal store in the city. It has also spawned a marketing partnership with the Tap Room gastropub in Pacific Beach.
In November 2018, Urbn Leaf filed a lawsuit against Chula Vista. They claim the city did not follow its rules when the appeal process was completed. That the city gave Urbn Leaf less time than it was supposed to and that it didn’t give adequate remedies. This is the second lawsuit the dispensary has filed against Chula Vista.
Urban Leaf’s lawyer didn’t respond to a request for comment. Chula Vista did not respond to a request for an interview.
Grand Opening Swag Bag
The grand opening of Urbn Leaf, a new cannabis dispensary in Chula Vista, has garnered a fair amount of media attention recently. And with the city’s apex court in session, there is plenty of chatter about the legality of cannabis in town. But there is no question that the city’s newest legal cannabis business has a lot more catching up to do in terms of weed-free city perks and amenities. Not to mention the competition from neighboring Corona del Mar and San Diego-based dispensaries and delivery services aplenty. In fact, the city’s municipal budget is in the doldrums, and Urbn has been forced to scrounge around for cash.
