Harborside Inc. Announces Strategic Agreement in Cannabis Crop Steering Research
Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR), (OTCQX: HBORF) a California-focused, vertically integrated cannabis enterprise, today announced that it has entered into a strategic research agreement with Utah State University to conduct a study led by world-renowned plant physiologist Dr. Bruce Bugbee on cannabis crop steering. This complex cultivation approach manipulates all environmental influences to increase crop yield, improve product quality and save resources.
By adjusting irrigation, lighting and climate throughout the grow cycle, proper crop steering gives cannabis growers more control over the performance of their harvest. Dr. Bugbee’s research will study all influencing factors to plant growth including light intensity, CO2 levels, ambient temperatures and substrate moisture levels which affect the yield, cannabinoid potency and terpene composition of cannabis plants. Harborside’s Vice President of Production, Travis Higginbotham, will work closely with Dr. Bugbee to identify relevant and practical crop steering techniques while contributing to the science of cannabis. The research will be conducted in Dr. Bugbee’s Plant Physiology Laboratory at Utah State University.
“Harborside is committed to creating a cannabis industry that can meet growing consumer demand for the product by finding ways to increase yields without compromising quality,” said Mr. Higginbotham. “We are eager to work alongside Dr. Bugbee to increase the collective scientific understanding of growing cannabis and discovering new production practices that maximize the performance of this crop.”
“From a practical perspective, this study will not only impact our scientific understanding of cannabis but also present relevant practices that can be implemented in commercial cannabis production to potentially boost sustainability and help the industry scale efficiently,” said Dr. Bruce Bugbee. “We have used the crop steering approach in collaborative research with NASA to improve the yield of food crops in highly controlled environments and are now applying our insight to cannabis.”
Dr. Bugbee is the founder and President of Apogee Instruments, Inc. and Professor of Crop Physiology at Utah State University. He is a Fellow of the American Society of Agronomy and America Society of Horticultural Science and has authored more than 137 peer-reviewed studies in his field.
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Harborside Inc. is one of the oldest and most respected cannabis retailers in California and has played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers since 2006, when it was awarded one of the first six medical cannabis licenses granted in the United States. Today the Company holds cannabis licenses for retail, distribution, cultivation, nursery and manufacturing and is operating three of the 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 a cultivation/production facility in Salinas, California. Today, Harborside is a publicly listed company on the Canadian Securities Exchange (“CSE”) trading under the ticker symbol “HBOR” and on the OTCQX Best Market 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. To the extent any forward-looking information in this news release constitutes “financial outlooks” or “future-oriented financial information” within the meaning of applicable Canadian securities laws, the reader is cautioned not to place undue reliance on such information. 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, among other things, expected cultivation facility yield improvements, expected savings of resources, expected discovery of new production practices, expected revenue projections, and expected reductions in operating costs.
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; and the risk factors set out in the Company’s management’s discussion and analysis for the quarter ended June 30, 2021 and the Company’s listing statement dated May 30, 2019, which are available under the Company’s profile on www.sedar.com. 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, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the US Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute, or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable US federal money laundering legislation.
While the approach to enforcement of such laws by the federal government in the United States has trended toward non-enforcement against individuals and businesses that comply with recreational and medicinal cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under US federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect the Company’s operations and financial performance.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
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.