The company is reducing the actual liability associated with San Jose Wellness to less than the previous provision
OAKLAND, CA. and TORONTO, ON, February 18, 2021 / CNW / – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR), (OTCQX: HBORF), a CaliforniaThe focused, vertically integrated cannabis company announced the final outcome of the tax litigation involving the company’s subsidiary, San Jose Wellness (“SJW”). The US Tax Court (“the Court”) ruled in favor of the Commissioner of Internal Revenue in relation to File Numbers 12313-15, 12353-15 and 15714-18 (the “Cases”) prohibiting all SJWs from making deductions under IRC Section 280E for all the years in question. The company’s accrued liabilities in connection with its SJW pharmacy will now be less than the provision previously made.
“Because our new board of directors had its seat November 24thte, we are committed to resolving all 280e disputes with the IRS and most importantly the end of the federal ban, “said Matt Hawkins, Chairman of Harborside. “I am encouraged to report that our provision more than takes into account the potential liability related to the cases. Harborside has built a solid reputation for providing high quality products and retail experiences to the cases California Market and will continue to support the legal cannabis industry. “
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Harborside Inc. is one of the oldest and most respected cannabis retailers in Californiaand operates three of the major pharmacies in the San Francisco Bay Area, a pharmacy in the Palm Springs Area equipped with Southern California cannabis drive-through windows only, a pharmacy in Oregon and a cultivation / production facility in Salinas, California. Harborside has been instrumental in making cannabis safe and accessible to a broad and diverse community of people California Consumer. In 2006, Harborside received one of the first six medicinal cannabis licenses granted to it The United States and now holds cannabis licenses for retail, distribution, cultivation, nursery and manufacturing. Harborside is currently a publicly traded company in CSE trading under the ticker symbol “HBOR”. For more information about Harborside, please visit Harborside’s SEDAR profile at www.sedar.com.
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SOURCE Harborside Inc.
For more information: Corporate Contact: Harborside Inc., Peter Bilodeau, Interim CEO, (519) 919-6500; Investor contact: MATTIO Communications, Rob Kelly, [email protected];; Media contact: MATTIO Communications, [email protected]