Halo Labs Inc. Announces Name Change to Halo Collective Inc.
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All figures in USD unless stated otherwise
TORONTO, Jan. 25, 2021 /CNW/ - Halo Collective Inc. ("Halo" or the "Company") (NEO: HALO) (OTCQX: AGEEF) (Germany: A9KN) announced today that, further to the shareholder approval obtained by the Company at its meeting of shareholders held on December 23, 2020, the Company has changed its name from "Halo Labs Inc." to "Halo Collective Inc."
In connection with the name change, the Common Shares will begin trading on the OTCQX under the trading symbol "HCANF," trading on the OTCQX under the new trading symbol is expected to occur on or before January 28, 2021. The Common Shares will begin trading on the Frankfurt Stock Exchange under the trading symbol "A9KM" on or before January 28, 2021.
The common shares of the Company (the "Common Shares") and $0.90 warrants of the Company (the "Warrants") will begin trading under the Company's new name on the Neo Exchange Inc. (the "NEO") on January [27], 2021. The Common Shares and Warrants will continue to trade on the NEO under the trading symbols "HALO" and "HALO.WT", respectively. The new CUSIP numbers assigned to the Common Shares and Warrants are 40638K101 and 40638K119, respectively. No action will be required by existing shareholders with respect to the name change.
As the Company experienced unprecedented growth since its inception in 2015 that started in a chicken coop in Medford, OR, Halo Collective aims to revolutionize the cannabis industry on a global scale. Positioned for the future of the consumer-packaged goods industry in cannabis, Halo Collective continues to offer a myriad of diverse product lines. Products range from the highest quality flower, concentrates, edibles, cartridges and more, from top shelf to value products that fit the needs of medicinal and recreational cannabis users in key markets worldwide.
Halo Collective has achieved a highly coveted ranking in the medicinal cannabis industry in 2020 with a leading market share in a highly competitive and ever-growing market, exceeding $1 billion in retail sales in Oregon in 2020.1 Adding to this achievement was the closing of the acquisition of Winberry Farms in Eugene, Oregon, expanding its current six-acre outdoor cultivation site. Halo's footprint extends to roughly 500 dispensaries statewide in Oregon with a CPG portfolio covering 95 percent of categories. The company touts several grow operations throughout Oregon and California, including approximately 20,000 square feet in both the northern and southern areas of California combined. The Company also has plans set in place to expand into Alberta, Canada in partnership with High Tide, which will include three dispensaries offering boutique concentrates such as shatter, hash, solventless resin and live resin vaporizer cartridges.
As COVID-19 surfaced in the U.S., the cannabis industry continued to boom as the growing concern of mental illness rates soared among individuals struggling in isolation. A recent study from the Journal of Addictive Diseases reported that medical cannabis users with mental health issues had shown a vast increase in their cannabis use by 91 percent since the beginning of the pandemic.2 Data such as this provides the Company with further insight into the increased demand for cannabis use, aiding in its expansive market growth.
Furthermore, in November 2020, the legalization of the use of psilocybin for psychedelic treatment was passed statewide in Oregon via Measure 109. With these advancements in regulations, Halo Collective will expand into the psilocybin market and has entered into a non-binding letter of intent with Red Light Holland Corporation for the purpose of creating a joint venture to become a licensed psilocybin manufacturer. In doing so, the companies will be fit to supply psilocybin products to licensed service centers in the state of Oregon for psychedelic treatment therapies and to explore other potential business opportunities in this new regulated market—of which is subject to compliance with all applicable Oregon laws and regulations.
From acquiring land and licenses to global production, the Company has truly transformed into an international and "collective" effort. Its most recent contracts span to the United Kingdom via Canmart to the Republic of Malta via Medcan to its cultivation site in Lesotho, South Africa. The Company continues to build on its unparalleled strategies to tap into markets yet to be reached.
Further brand updates include a newly designed logo. To promote its global reach, the Company chose to set apart the "O" in color variance to represent the cycle that it continuously provides its customers—the "from seed-to-sale" experience. Displaying this approach is notable, as it shows the company is a self-sufficient, leading entity in the cannabis sector. More information can be found on the Company's new website at www.haloco.com.
"As the market continues to evolve, so should our strategies to align with new regulations and laws both nationally and internationally," shared Chief Executive Officer and Co-Owner of Halo Collective, Kiran Sidhu. "We started almost five years ago in a chicken coop in Oregon and quickly turned into one of the largest licensed labs in the state. The anticipation of the new presidential administration's inauguration this month has made us hopeful to see federal legalization laws enacted in the U.S. for recreational cannabis use, along with the legalization of psilocybin for therapeutic use, as we've seen in Oregon so far. We are so excited to continue to share our company's growth. As more regulations are enacted, we'll see even more opportunities for us to enhance our unique market strategy in the coming years."
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Source: Based on YTD sales data through September 2020, utilizing internal sales data at ANM and Wineberry (both adjusted to retail) and BDS Analytics reports on gross concentrates sales in Oregon |
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Source: https://www.tandfonline.com/doi/full/10.1080/10550887.2020.1811455 |
About Halo Collective
Halo Labs is a leading, vertically integrated cannabis company that cultivates, extracts, manufactures and distributes quality cannabis flower, oils and concentrates, and has sold approximately eight million grams of oils and concentrates since inception. Halo continues to evolve its business and scale efficiently, partnering with trustworthy leaders in the industry, who value the Company's operational expertise in bringing top-tier products to market. Current growth includes expansion in key U.S. markets, the United Kingdom, Africa, the Republic of Malta in partnership with MedCan Ltd., and planned expansion into the Canadian retail market.
Halo is led by a strong, diverse and innovative management team with deep industry knowledge and blue-chip experience. The company is currently operating in the U.S. in California, Oregon and Nevada. The Company sells cannabis products principally to dispensaries under its own brands Hush, Mojave, Exhale, and under partnership or license with OG DNA Genetics, Terphogz (doing business as Zkittlez™), Winberry Farms and FlowerShop.
As part of continued expansion and vertical integration in the U.S., Halo boasts several grow operations throughout Oregon and California. In Oregon, the Company has a combined seven acres of outdoor cultivation, including East Evans Creek, a six-acre grow site in Jackson County, and Winberry Farms, a one-acre grow site in Lane County. In California, the Company is building out Ukiah Ventures, a planned 30,000-square-foot indoor grow, processing and manufacturing facility, including up to an additional five acres of industrial land to expand. Halo has also partnered with GMH to purchase Bar X Ranch in Lake County, California, with plans to develop up to 80 acres of cultivation, which would comprise the largest grow in Northern California.
Recently, the Company has entered into a non-binding letter of intent with Red Light Holland Corp. for the purpose of creating a joint venture to become a licensed psilocybin manufacturer to supply psilocybin products to licensed service centers in the State of Oregon.
Internationally, the Company is currently cultivating cannabis at Bophelo Bioscience & Wellness (Pty) Ltd ("Bophelo") in Lesotho, South Africa, which holds one of the largest marijuana cultivation licenses in Africa with a future capacity of up to 495 acres. To further Halo's global presence, the Company recently acquired cannabis-based product for medicinal use ("CBPM") importation and distribution licensing in the United Kingdom via cannabis suppliers Canmart Ltd. Halo expects the cultivation and manufacturing operations of Bophelo, combined with the importation and distribution capabilities of Canmart, to drive growth of a well-positioned business to serve the U.K. market.
For further information regarding Halo, see Halo's disclosure documents on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Halo's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Halo's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information may relate to anticipated events or results including, but not limited to: the expected dates that the Common Shares and Warrants will begin trading on the NEO, the OTCQX and the Frankfurt Stock Exchange, Halo's planned expansion into the Canadian retail market, the expected size and capabilities of the final facility planned at Ukiah Ventures, the size of Halo's planned cultivation facility in Northern California and the ability of Bophelo and Canmart to serve the U.K. market.
By identifying such information and statements in this manner, Halo is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Halo has made certain assumptions. Although Halo believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: unforeseen delays or circumstances that prevent the applicable stock exchanges from commencing trading in the Company's shares or warrants; delays in obtaining required licenses or approvals, delays or unforeseen costs incurred in connection with construction, the ability of competitors to scale operations in Northern California, delays or unforeseen difficulties in connection with the cultivation and harvest of Halo's raw material, changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Prospectus Supplement, the Shelf Prospectus and the Company's annual information form dated April 16, 2020 and available on the Company's profile at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Halo does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Halo or persons acting on its behalf is expressly qualified in its entirety by this notice.
SOURCE Halo Labs Inc.
Halo Collective, Investor Relations, [email protected], www.haloco.com/investors
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