Harborside Inc. Announces Conversion of US$5.87 Million Promissory Note to Equity

– Company also announces option grants to management –

OAKLAND, Calif. and TORONTO, April 29, 2022 /CNW/ - Harborside Inc. ("Harborside" or the "Company") (CNSX:HBOR.CN) (OTCQX:HBORF), a California-focused, vertically integrated cannabis enterprise, today announced that a promissory note in the amount of US$6.23 million (the "Note"), which includes principal, interest and fees, has been repaid by: (i) a cash payment in the amount of US$358,541.10; and (ii) the issuance of US$5.87 million worth of subordinate voting shares ("SVS") of Harborside at a price of US$0.35/Cdn$0.45 per SVS, that being 16,660,993 SVS. The Note, which was issued in July 2021 by UL Holdings Inc. ("Urbn Leaf") in relation to a bridge financing, is now considered to be paid in full and is no longer outstanding.