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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. announced the appointment of Katie Field as Chairman of the Board, effective immediately, succeeding Ryan Kunkel, who resigned to pursue other opportunities. Ms. Field, who has been CEO since July 2022, is notable for being one of the few women to hold both CEO and Chairman roles in the cannabis sector. Her experience includes key roles in strategy and corporate development. The company aims to leverage her leadership to drive revenue growth and return to profitability, focusing on core business strengths in California and Oregon while expanding into health and wellness products.
Halo Collective Inc. (OTCQX: HCANF) has announced the successful inspection approval of its Budega Hollywood Dispensary by the Los Angeles Department of Cannabis Regulation on August 4, 2022. Expected to open in 2022, this superstore aims to generate up to $15 million in annual sales, becoming the Company's top-grossing retail location. The dispensary's strategic location near key Hollywood landmarks enhances its visibility and accessibility, catering to both locals and tourists. Halo is set to introduce a variety of top-tier cannabis products, further bolstering its presence in the high-grossing California market.
Halo Collective Inc. (OTCQX: HCANF) announced several initiatives aimed at enhancing shareholder value on August 8, 2022. Key measures include achieving $7.5 million in annual cash savings from staff streamlining and reduced corporate costs, revamping sales strategies in Oregon, and pausing costly capital projects. The sale of Ukiah Ventures for $2.35 million contributed $1.5 million to debt reduction. CEO Katie Field emphasized focuses on efficient operations and cash neutrality, aiming for minimal revenue impact as Halo leverages assets and positions itself for future growth.
Halo Collective Inc. has appointed Katharyn Field as the new Chief Executive Officer, taking over from Kiran Sidhu, who resigned. Field brings nearly a decade of cannabis industry experience and aims to streamline the company's strategy to drive profitability, particularly in California. The company has seen a decline in sales year-over-year in California, although its manufacturing business remains profitable. Cassidy McCord has also joined the Board of Directors, bringing extensive capital markets experience in the cannabis sector. The Board believes these changes will enhance shareholder value.
On June 23, 2022, shareholders of Akanda Corp. announced the replacement of a majority of the board of directors following concerns over strategic direction and oversight. Holding approximately 54.1% of shares, these shareholders voted to remove five directors and appoint new members, including Harvinder Singh and Kathryn Field, who bring extensive experience in various sectors. The change comes after shareholder David Jenkins expressed dissatisfaction with the previous board's direction, emphasizing the need for immediate action to avoid harm to the Corporation. The new board is expected to address governance matters shortly.
Halo Collective Inc. announced plans for its dispensaries in Los Angeles, including the Budega Westwood opening on May 27, 2022, and the Budega Hollywood, expected to launch in June 2022. The Hollywood dispensary will span 4,500 square feet, housing over 1,000 products. With California projected to reach $7 billion in cannabis sales by 2025, Halo aims to leverage strategic locations to enhance foot traffic and sales. The company anticipates these dispensaries will significantly contribute to revenue by the second half of 2022.
Halo Collective Inc. (OTCQB: HCANF) announced an earnings call scheduled for May 18, 2022, at 4:15 p.m. Eastern Time to discuss its Q1 2022 financial and operational results. The call will provide insights on the company's performance for the three months ending March 31, 2022. Investors can access the webinar online, with a replay available until May 25, 2022. Halo Collective operates in both THC and non-THC sectors, focusing on cannabis cultivation and health & wellness product expansion.
Halo Collective Inc. (OTCQB: HCANF) has filed a preliminary long-form prospectus to distribute shares of its subsidiary Halo Tek to its shareholders, as part of a broader strategy to reorganize its technology assets. Additionally, Philip van den Berg has resigned as CFO and director, transitioning to CEO of Halo Tek, while Marshall Minor steps in as Interim CFO. A shareholder meeting is scheduled for June 16, 2022, to approve a capital reduction linked to this distribution. The prospectus and additional details will be available on SEDAR.
Halo Collective Inc. (OTCQB: HCANF) has signed a Letter of Intent (LOI) to acquire Phytocann Holdings SA, a leading wellness CBD company in Europe. The acquisition aims to enhance Halo's revenue and EBITDA by adding Phytocann's anticipated €17 million revenue and €4.3 million EBITDA for the coming year. This strategic move will establish Phytocann International Holdings, focusing on non-THC products. Halo plans to pay €12.2 million upfront and an earn-out consideration of up to €87.8 million. The transaction is expected to close within 90 days, pending necessary approvals.
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