The Oakland-based Harborside Health Center has closed the doors to its Portland, OR, dispensary and announced plans to focus its business solely in California. This news may come as a surprise to those who follow the cannabis industry closely, as just seven months ago Harborside’s CEO Steve DeAngelo announced plans to expand the company into nearly every legal market in the West.
“For us, we’d never been able to get that shop up to break even,” Steve DeAngelo told Marijuana Business Daily of the Portland store closure. “And there are a lot of shops in the Portland area in the same situation that are barely making money or not making money at all.”
DeAngelo said Harborside plans to move its Portland workers to California and put those resources into its Bay Area operations. And as recreational legalization seems to be a very real possibility for the Golden State this November — a state which already produced almost half of the nation’s legal weed revenue last year from its medical marijuana market alone — there’s plenty of money to be made back home.
“The range of opportunity and the competitive intensity in the California is going to ramp up incredibly,” DeAngelo told Marijuana Business Daily. “And we see that happening now.”