FLRish, Inc., a California-based cannabis company that manages the Harborside retail dispensaries and brands, as well as one of the state’s largest cannabis cultivation facilities, today announced a $5,000,000 qualified equity financing that is part of a larger $6,500,000 Series A financing.
Harborside, founded in 2006 by Steve DeAngelo, is the most respected and largest cannabis dispensary in the United States. With over 200,000 registered consumers, Harborside was first in the country to support education for seniors, veterans and families with severely ill children as well as first in the country to offer CBD-rich cannabis strains.
The capital raised from Cresco Capital Partners, Quinsam Capital Corporation (CSE:QCA) and others will be used to fund the company’s expansion of its retail management platform to additional cannabis retailer clients, continue the build-out of its cultivation facility, and for general working capital and corporate developments.
Andrew Berman, FLRish’s Chief Executive Officer, said, “This Series A provides us with the opportunity to bring onboard as shareholders a significant number of convertible debt holders who have supported the company since its inception, for which we are very grateful. These are tremendously exciting times for the company, our trusted staff and the industry, and we’re watching the developing, fully regulated market in California unfold. We see strong growth in consumer demand and in the area of branded products, a market in which the Harborside and Key brands are market leaders and very well positioned. Trusted brands will become increasingly important for our consumer. As one of the first dispensaries to voluntarily advocate for and implement cannabis product testing, Harborside has always been committed to building and maintaining the trust of our patients, and now, adult-use customers.”
“With the advent of adult-use on January 1, 2018, it was important to me to raise capital for the company to enable our expansion and to take advantage of the many compelling opportunities that I was seeing. We’re also proud and delighted to be voted the ‘Best Dispensary in California’ in 2017, a testament to our customer experience, value for money, trusted range of choice and advice, and superb staff,” said FLRish Chairman Emeritus Steve DeAngelo.
Aside from starting Harborside, Steve DeAngelo is also co-founder and President of the Arcview Group, a company formed to introduce investors to the cannabis community, and vice versa. As one of Fortune Magazine's "Top 7 Most Powerful People in the Marijuana Industry," DeAngelo also authored The Cannabis Manifesto: A New Paradigm for Wellness.
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