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Halo Collective Inc. (HCANF) is a prominent player in the cannabis industry, with a focus on the US West Coast. The company operates a vertically integrated model, covering everything from seed to sale. Halo is involved in cultivation, extraction, manufacturing, and distribution of high-quality cannabis products, including flower, pre-rolls, vape carts, edibles, and concentrates.
Under various brands like Hush™ and Winberry Farms™, Halo offers a diverse portfolio of products. The company has also ventured into the non-THC sector, expanding into health and wellness segments with products like CBD, functional supplements, and more. Through strategic acquisitions and partnerships, Halo has positioned itself for significant growth and market presence, including international operations and intellectual property assets.
Halo Collective Inc. (HCANF) announced its highest-selling quarter and plans to expand its Budega retail locations. The company secured three sites in California, including Hollywood, and aims for up to seven additional stores by late 2023. The NoHo location has seen steady revenue growth, while Westwood continues to double its income monthly. Projected revenues for Budega Hollywood are expected to reach $15M in 2023. Innovative changes have been made to enhance net revenue, reinforcing Halo's presence in the cannabis market.
Halo Collective has completed the acquisition of substantial assets from three entities operating as Pistil Point in Oregon for US$4.0 million. This acquisition enhances Halo's vertical integration strategy in the cannabis market, providing full ownership of cultivation, manufacturing, and distribution assets. The company will now have a broader range of cannabis genetics and improved distribution capabilities, aiming to expand its market presence in Oregon. This strategic move is expected to strengthen consumer demand and shareholder value.
Halo Collective Inc. reported its Q2 2022 financial results, showing a revenue decline of $6.9 million, a 24.8% drop from $9.1 million in Q2 2021, impacted by poor sales in California and Oregon. Total sales fell 59.4% to 2.0 million grams, with significant decreases in oil and edibles sales. Despite a gross profit of $2.1 million at a 31.9% margin, the company reported an Adjusted EBITDA loss of $4.1 million. However, it did reduce debt by $7.7 million and raised $8.0 million through convertible debentures.
Halo Collective Inc. (OTCQB: HCANF) reported Q2 2022 revenues of $6.9 million, a 24.8% decline from $9.1 million in Q2 2021, driven by downturns in California and Oregon markets. Total sales dropped 59.4% to 2.0 million grams. The company achieved a gross profit of $2.1 million with a gross margin of 31.9%. An Adjusted EBITDA loss of $4.1 million was recorded, improving slightly from a loss of $4.4 million in Q2 2021. Halo repaid $7.7 million in debt while raising $8.0 million through convertible debentures. Three Budega dispensaries are now operational in Los Angeles.
Halo Collective Inc. has appointed Katie Field as the new Chairman of the Board, effective immediately, following Ryan Kunkel's resignation. Field, who is also the CEO, becomes only the second woman to hold both positions in a publicly traded cannabis company. With nearly a decade of experience in the cannabis sector, she has been crucial in repositioning Halo’s strategy to focus on core business operations, reduce costs, and enhance profitability. The Company plans to capitalize on its strengths in California and Oregon to drive revenue growth.
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