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Halo Collective Inc. announced that its Budega Hollywood Dispensary, the Company’s first superstore, passed its Los Angeles Department of Cannabis Regulation (the “DCR”) inspection and is expected to open in 2022. Given the larger square footage, the Company anticipates, after a ramp-up period, Budega Hollywood to be the Company’s top grossing retail store with up to $15 million in annual sales per year.
CEO and Director Katie Field commented, “This is a significant milestone towards our third planned Budega opening in the Los Angeles market. It will be the first superstore format for Budega as well. As we complete the build-out of this flagship location, we plan to simultaneously prepare the groundwork for opening, including hiring, training, and back-end infrastructure. We are extremely pleased with the location and design for our flagship dispensary and look forward to welcoming Hollywood locals and tourists alike.”
On Thursday, August 4, 2022, Budega Hollywood successfully passed the DCR’s final site inspection and has been approved to proceed with the agency’s final administrative review. Budega Hollywood has already obtained its state license. Once opened, the store will mark the Company’s third Los Angeles dispensary.
The flagship Hollywood location is located at Franklin and Argyle, next to the 101 freeway, near the iconic Hollywood sign, and across Franklin from the famed Hollywood Tower. With ample parking, the site is strategically located, boasting high foot and car traffic accessible by locals and tourists alike. Additionally, the location features an iconic floral themed mural by Oakland artist Jet Martinez known for creating vibrant works of art that put a contemporary spin on folk art motifs.
Budega Hollywood will offer a leading, curated product assortment, including many top-tier California brands such as STIIIZY, Jungle Boys, Jeeter, 710 Labs, Alien Labs, Connected, Cookies, and Kiva, as well as highlight Budega’s line of branded products, which remain the top-selling SKU’s at the existing Budega locations. In addition, the store will also stock Halo’s Hush™ branded cartridges, gummies, and pre-rolls. The store plans to operate Monday through Sunday from 7 a.m. to 10 p.m. Visit https://budega.com/ for more information or to place an order online.
California is the highest-grossing state for cannabis retail sales in the United States, with legal retail sales of $5.2 billion in 2021, up 17% from 2020. California is projected to gross $7 billion in cannabis retail sales by 2025.1
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$15.8 million as of August 9, 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.
