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Halo Collective Inc. announced a series of initiatives intended to enhance shareholder value. These initiatives include:
The Company continues to identify other areas to reduce spending and become more efficient in its operations.
“Bringing a fresh perspective on how we run the business, we are focused on achieving more with less, with a near-term goal to make the operations cash neutral,” said CEO and Director Katie Field. “We are taking many actions to benefit our P&L and balance sheet, such as reducing expenses, turning inventory into cash faster, liquidating unneeded equipment, and re-evaluating planned capital expenditures. We are also operating smarter, whether it be in how we incentivize our sales force or relying more heavily on local expertise to rebuild market share with Hush in California and Hush and Winberry in Oregon. Our goal is to leverage our existing assets with a focus on near-term payback.”
Added Ms. Field, “The sale of the real property owned by Ukiah Ventures, which consisted of planned cannabis processing and distribution facilities, California, is a perfect example of moving on from something that did not meet our criteria for near-term payback. Given the saturation of the flower market in California and the lengthy time it would have required to build out the asset, we decided to sell the building to a third party and focus our resources on our other priorities.”
Concluded Ms. Field, “I am highly confident that the initiatives Halo is undertaking will strengthen the Company and ultimately enhance shareholder value. Halo continues to be strategically well-positioned with a vertically integrated business model and a strong presence in key markets. With a leaner cost structure with and anticipating minimal impact upon revenues, cashflow breakeven is at a lower and we believe achievable threshold level. Additionally, we have an investment position in Akanda Corp. which is worth well over US$10 million based on current market price and not reflected in Halo’s current market cap.”
Halo is focused on the United States West Coast, where it has vertically integrated operations covering the entire value chain from seed to sale. Halo cultivates, extracts, manufactures, and distributes quality cannabis flower, pre-rolls, vape carts, edibles, and concentrates. Halo sells these products under a portfolio of brands, including Hush™, Winberry Farms™, Williams Wonder Farms, its retail brand Budega™, and license agreements with Papa’s Herb®, DNA Genetics, and FlowerShop*. In addition, Halo has opened two dispensaries in Los Angeles under the Budega™ brand in North Hollywood and Hollywood, with plans to open one more in Hollywood in the third quarter of 2022.
In the non-THC sector, Halo is expanding into health and wellness categories, including CBD and functional supplements such as nootropic nutraceuticals and non-psychotropic mushrooms. Halo, through a series of acquisitions, has product offerings in the form of beverages (H2C Beverages), dissolvable strips (Dissolve Medical), capsules (Hushrooms™), and topical supplements (Hatshe) with proposed national distribution via a strategic agreement with SWAY Energy Corporation.
Halo has successfully acquired and integrated a variety of companies which were subsequently reorganized to create Akanda Corp., an international medical cannabis and wellness company, of which Halo currently owns 12,674,957 common shares worth approximately US$11.9 million as of August 8, 2022. Halo has also acquired a range of software development assets, including CannPOS, Cannalift, CannaFeels, and a discrete sublingual dosing technology, Accudab. Halo intends to reorganize these entities (including their intellectual property and patent applications) into a subsidiary called Halo Tek Inc. and to complete the distribution of the shares of Halo Tek Inc. to shareholders on record at a date to be determined.
For further information regarding Halo, see Halo’s disclosure documents on SEDAR at www.sedar.com.
