An anonymous director reports
HARBORSIDE INC. PROVIDES UPDATE ON FINANCIAL STATEMENT FILINGS
Harborside Inc. is providing an update in respect of the filing of the company's restated annual financial statements for the years ended Dec. 31, 2017, and 2018, restated interim financial reports for the periods ended March 31, 2019, June 30, 2019, and Sept. 30, 2019, audited annual financial statements, and corresponding management's discussion and analysis for the year ended Dec. 31, 2019, and interim financial report for the three months ended March 31, 2020, and related management's discussion and analysis.
The company continues to work diligently and expeditiously with its auditors to finalize the financial statements. Despite significant effort and progress to date, the company does not expect to complete the filing of the restated audit and annual filings by its previously expected filing date of July 10, 2020. As previously disclosed, the delay in completing the filing of the financial statements is due to the unprecedented impact of the COVID-19 pandemic on the company, its employees and its ability to rely on timely information in relation to its financial reporting obligations.
In the interim, the company continues to be subject to the previously disclosed cease trade order. The company expects trading to resume on the Canadian Securities Exchange shortly after the revocation of the CTO.
After careful consideration, the company has also decided to postpone its annual meeting of shareholders to a later date in 2020. The company intends to rely on the temporary blanket relief provided by the Canadian securities administrators, including the exemptive relief contained in Ontario Instrument 51-504 -- Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials of the Ontario Securities Commission to postpone the public filing of its executive compensation disclosure until such time as it is filed and delivered to shareholders as part of the company's information circular relating to its 2020 annual meeting of shareholders. The company will provide further information on its annual meeting when an appropriate date has been determined.
As required under Canadian securities laws, the company will provide a further update on or about July 24, 2020. Additionally, to the knowledge of the company, there have been no material business developments as of the date of this news release that have not been generally disclosed.
About Harborside Inc.
Harborside is one of the oldest and most respected cannabis retailers in California, operating three of the major dispensaries in the San Francisco Bay Area, a dispensary in Desert Hot Springs outfitted with Southern California's only cannabis drive-thru window, a dispensary in Oregon and a cultivation facility in Salinas, Calif. Harborside has played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers.
We seek Safe Harbor.
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