Red Light Holland and Halo Collective Create Red Light Oregon, Inc. - Forwarding Intentions to enter Oregon Medicinal Psychedelic Market
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TORONTO, April 27, 2021 /CNW/ - Further to the joint press release dated November 19, 2020, Halo Collective Inc. ("Halo") (NEO: HALO) (OTC: HCANF) (FSE: A9KN) and Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC: TRUFF) ("Red Light Holland") are pleased to announce that Articles of Incorporation have been filed with the Oregon Secretary of State to form Red Light Oregon, Inc., a 50/50 joint venture ("JV") between Halo and Red Light Holland. The JV will be capitalized with US$50,000 from each party, and its initial directors will be Todd Shapiro, Red Light Holland Director and CEO, Sarah Hashkes, Red Light Holland Chief Technology and Innovation Officer, Kiran Sidhu, Halo CEO and Director, and Katie Field, Halo President. The JV will monitor ongoing regulatory updates regarding Oregon's Measure 109, appoint a management team, and develop a commercialization strategy in due course.
"We are delighted to take this next step with Halo. We now have the entity and team in place to begin laying the groundwork for potential future participation in the Oregon Psychedelic Magic Mushroom market." Said Todd Shapiro, CEO, and Director of Red Light Holland. "Kiran and his team have extensive experience working with Oregon regulators, and we could not be more excited to have them as a partner! We also plan on continually monitoring other future markets opening in the USA as the movement, both socially and from a therapeutic/medicinal level promoting the acceptance of psilocybin via legal, policy and regulatory measures rapidly progress."
"We have been diligently studying the anticipated market growth for psychedelic products and the potential benefits for consumers. Now that Governor Brown appointed a board to oversee Oregon's rollout of psylocibin, Halo, and Red Light decide to take the next step towards implementing our joint venture. Todd is a visionary, and we are thrilled to be working with him and his team to make our dream of manufacturing and serving consumers with these new therapies a reality. The addition of Sarah, Red Light's CTO, to the Board will enable us to stay ahead of the curve utilizing her background in cognitive neuroscience research, immersive technology to develop psychedelic products and consumer offerings. Stay tuned for more updates."
Further details will be announced once available and as the contours of the Oregon regulated market begin to take shape.
About Red Light Holland Corp.
The Company is an Ontario-based corporation engaged in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal market within the Netherlands, in accordance with the highest standards, in compliance with all applicable laws.
About Halo Collective
Halo is a leading, vertically integrated cannabis company that cultivates, extracts, manufactures, and distributes quality cannabis flower, oils, and concentrates and has sold approximately nine 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 and Africa, with 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 United States in California and Oregon. The Company sells cannabis products principally to dispensaries under its brands, Hush, Mojave, and Exhale, and under partnership or license with OG DNA Genetics, Terphogz (doing business as Zkittlez™) and FlowerShop*, a cannabis lifestyle and conceptual wellness brand in which G-Eazy is a partner and key member of 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 7 acres of outdoor cultivation, including East Evans Creek, a six-acre grow site in Jackson County, and Winberry Farms, a one-acre grow site located 30 miles outside Eugene 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. Recently, Halo partnered with Green Matter Holding to purchase Bar X Ranch in Lake County, developing up to 80 acres of cultivation which would comprise the largest grow in Northern California.
Internationally, the Company's subsidiary Bophelo Bioscience & Wellness (Pty) Ltd. ("Bophelo") is currently cultivating cannabis in Lesotho, which holds one of the most extensive marijuana cultivation licenses in Africa with a future capacity of up to 495 acres. To further Halo's global presence, the Company has recently acquired CBPM importation and distribution licensing in the United Kingdom via cannabis suppliers Canmart Ltd ("Canmart"). Halo expects the cultivation and manufacturing operations of Bophelo, combined with the importation and distribution capabilities of Canmart, to drive a well-positioned business to serve the U.K. market.
The Company also has acquired a range of software development assets, including technology platforms CannPOS, Cannalift, and, more recently, CannaFeels. Halo also owns the discrete sublingual dosing technology, Accudab. The Company intends to spin-off these assets along with its intellectual property and patent application into Halo Tek, which is planned to be its own public company by way of a return of capital to Halo's shareholders.
For further information regarding Halo, see Halo's disclosure documents on SEDAR at www.sedar.com.
Connect with Halo Collective: Email | Website | LinkedIn | Twitter | Instagram
Cautionary Note Regarding Forward-Looking Information and Statements
Neither the Canadian Securities Exchange (the "CSE") nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Red Light Holland and 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". The forward-looking information and forward- looking statements contained herein include, but are not limited to, information the timing and other aspects of the joint venture with Halo Collective, and the proposed joint venture. Although each of Red Light Holland and 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. In particular, there is no guarantee that the joint venture with will proceed, or if it does proceed it will reflect the understanding of the parties as of the date of this release. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company 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.
SOURCE Halo Collective Inc.
For Additional Information on Red Light Holland: Todd Shapiro, Chief Executive Officer & Director, Tel: 647-204-7129, Email: [email protected], Website: https://redlighttruffles.com/; For Additional Information on Halo Collective: Halo Collective, Investor Relations, [email protected]
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