FILE: Customer Jose Medina (left) and nephew Stevie Medina excitedly purchase plants in the early hours of the morning at Harborside Health Center on the first day of recreational marijuana sales in California on Monday, Jan. 1, 2018, in Oakland, Calif.
San Francisco Chronicle/Hearst N//Getty ImagesOakland’s pioneering Harborside cannabis dispensary is probably the most influential cannabis dispensary in America. Founded in 2006, it went on to become the world’s largest dispensary, spawn its own reality show, be defended by members of Congress before weed was legal and eventually pave the way for marijuana legalization.
But on Friday, Harborside is broke. The dispensary has gone from a poster child for cannabis reform to another example of the deep financial woes of the California cannabis industry.
Harborside’s parent company StateHouse Holdings has over $100 million of debt, nearly as much as its total assets. One of the company’s lenders asked a California judge on Thursday to place the company into receivership, according to Green Market Report. …