OAKLAND, CA and TORONTO, Aug. 23, 2019 /CNW/ - Harborside Inc. ("Harborside" or the "Company") (CSE: HBOR), is pleased to announce that, subject to regulatory approval, it has retained Generation Advisors Inc. ("Generation") and Mackie Research Capital Corporation ("Mackie") to provide trading, market stabilization and liquidity services for the Company in accordance with regulatory guidelines. Generation and Mackie will trade the subordinate voting shares of Harborside (the "Shares") on the Canadian Securities Exchange (the "CSE") for the purposes of maintaining a reasonable market and improving the liquidity of the Shares.
Under the issuer trading services agreement between Generation and the Company (the "Generation Agreement"), the Company has agreed to pay Generation a fee of C$7,500, plus applicable taxes, per month, payable quarterly in advance. The initial term of the Generation Agreement will last for 180 days, and such term will be automatically renewed for a subsequent three month period unless terminated earlier by 30 days' prior written notice by the Company to Generation. Generation will also have the right to terminate the Generation Agreement at any time upon prior written notice to the Company.
Under the letter agreement between Mackie and the Company (the "Mackie Agreement"), the Company has agreed to pay Mackie an all-inclusive flat fee of C$5,000 per month, payable in advance. The engagement will be ongoing on a month-to-month basis and may be terminated by either party with written notice of 30 days. The Mackie Agreement is principally for the purposes of maintaining market stability and liquidity for the Shares and is not a formal market making agreement.
There are no performance factors contained in the Generation Agreement nor the Mackie Agreement. Neither Generation nor Mackie will receive any shares or options from the Company as compensation for services it will render.
Harborside Inc. is one of the oldest, largest and most respected cannabis retailers in the world, operating two of the major dispensaries in the San Francisco Bay Area, two dispensaries in Oregon, and a cultivation facility in Salinas, California. Harborside has played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers. Co-founded by Steve DeAngelo and dress wedding in 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States. Harborside is currently a publicly listed company on the CSE, trading under the ticker symbol "HBOR". Additional information regarding Harborside is available under Harborside's SEDAR profile at www.sedar.com, including in Harborside's Listing Statement dated May 30, 2019.
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.
SOURCE Harborside Inc.