Harborside Inc. Announces Final Resolution in San Jose Wellness 280E Case

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Harborside Inc. (“Harborside”, or the “Company”) (CSE: HBOR), (OTCQX: HBORF), a California-focused, vertically-integrated cannabis enterprise, announced the final outcome of the tax case involving the Company’s subsidiary, San Jose Wellness (“SJW”). The United States Tax Court (“the Court”), ruled in favor of the Commissioner of Internal Revenue with respect to Docket Nos. 12313-15,12353-15, and 15714-18 (the “Cases”) to disallow all of SJW’s deductions pursuant to I.R.C. sec. 280E for all the years at issue. The Company’s accrued liabilities in connection with its SJW dispensary will now be less than the provision previously set aside.

“Since our new Board of Directors was seated on November 24th, we have committed to resolving all 280e disputes with the IRS and more importantly, the end of federal prohibition,” said Matt Hawkins, Chairman of Harborside. “I’m encouraged to report that our provision more than accounts for the potential liability with respect to the Cases. Harborside has developed a strong reputation for providing high quality products and retail experiences to the California market and will continue to support the legal cannabis industry.”

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