Halo Announces Amendment to Loan Agreement
TORONTO, February 9, 2022 /CNW/ – Halo Collective Inc. (“Halo” or the “Company”) (NEO: HALO) (OTCQB: HCANF) (Germany: A9KN) today announces that the Company has entered into an amended and updated loan agreement (the “Amended Loan Agreement”) with Global Tech Opportunities 6 (the “Lender”) amending and restating the Company’s previously announced loan agreement with the Lender dated January 6, 2022 (the “Original Loan Agreement”).
Pursuant to the terms of the amended loan agreement, the Company and the lender have amended the original loan agreement to provide the parties with additional flexibility to advance the second tranche of CA$7,000,000 principal (in six separate instalments) before full repayment of the initial installment of CA$7,000,000 the principal amount. No other material changes were made to the terms of the original loan agreement.
About Halo Collective Inc.
Halo is a leading vertically integrated cannabis company that cultivates, extracts, manufactures and distributes quality cannabis flowers, oils and concentrates and has sold approximately eleven million grams of oils and concentrates since its inception. The company continues to expand and scale effectively, partnering with trusted industry leaders who value Halo’s operational expertise in bringing premier products to market.
Halo currently operates primarily in United States in Oregon and California. The Company sells cannabis products primarily to dispensaries under its Hush™, Winberry Farms™, Williams Wonder Farms and Budega™ brands, and under license agreements with Papa’s Herb®, DNA Genetics, Terphogz and FlowerShop* .
As part of continued expansion and vertical integration in the United States, Halo has several growth operations across Oregon and two planned in California. In Oregon, the company has a combined 11 acres of outdoor and greenhouse crops, owned and contracted. Halo has acquired Food Concepts LLC, an anchor tenant of a 55,000 square foot indoor cannabis cultivation, processing and wholesale facility in Portland, OR.
In California, the company is building Ukiah Ventures, a planned 30,000 square foot indoor cannabis cultivation and processing facility, which aims to include up to five additional acres of industrial land to expand the site. Recently, Halo partnered with Green Matter to California to buy the farm Lake Countydeveloping up to 63 acres of cultivation, including one of the largest licensed single-site cultivations in California. Halo opens three dispensaries in Los Angeles under the Budega™ brand in North Hollywood, Hollywoodand Westwood.
In CanadaHalo has acquired three KushBar cannabis retail stores located in alberta as a first in its planned entry into the Canadian market, leveraging its Oregon and California brands. With KushBar retail stores as its foundation, the company plans to expand its presence in Canada.
Halo has also acquired a range of software development assets, including CannPOS, Cannalift and CannaFeels, as well as discreet sublingual dosing technology, Accudab. The Company intends to transfer these assets and their intellectual property and patent applications to a subsidiary called Halo Tek Inc. where it expects to make a distribution to registered shareholders on a date to be determined.
Halo recently completed the sale of certain non-US operations to Akanda Corp., whose mission is to provide high-quality medical cannabis products to patients around the world. As an independent company, Akanda seeks to deliver on this promise while driving positive change in wellbeing, empowering individuals to Lesotho, and improve the quality of life of employees and the local communities where it operates, while limiting its carbon footprint. Akanda combines the large-scale manufacturing capabilities of Bophelo Bioscience & Wellness Pty. Ltd., a Lesotho-cultivation and processing campus located in the world’s first Special Economic Zone (SEZ) containing a cannabis cultivation operation, with the distribution and marketing efficiency of CanMart Ltd., a fully approved pharmaceutical importer UK based and distributor who supplies UK pharmacies and clinics. With a maximum potential licensed canopy area of 200 hectares (495 acres), Bophelo has scalability that is arguably unmatched in the world today. Following the sale, Halo is Akanda’s largest shareholder.
For more information regarding Halo, see Halo’s disclosure documents on SEDAR at www.sedar.com.
Connect with Halo Collective: E-mail | Website | LinkedIn | Twitter | instagram
Caution Regarding Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act. . of 1995. Such forward-looking information and forward-looking statements are not indicative of historical facts or information or of current condition, but represent only Halo’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain. and out of Halo’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “anticipates”, “expects” or “does not expect”, “is expected”, ” budget”, “expected”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or may contain statements that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will continue”, “will occur” or “will be realized”. Forward-looking information may relate to anticipated events or results, including, but not limited to, management’s plans regarding its portfolio of cannabis businesses, the Company’s expansion plans regarding Canadathe planned size and capabilities of the final facility planned at Ukiah Ventures, the size of the cultivation facility planned by Halo at Northern Californiaand the ability of Bophelo and Canmart to serve the UK market and the proposed spin-off of Halo Tek Inc.
By identifying such information and statements in this manner, Halo cautions the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied. understood by this information. and statements. Additionally, in connection with the forward-looking information and forward-looking statements contained in this press release, Halo has made certain assumptions. Although 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 assurances or warranties can be made. given that these 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. Among others, the main factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are: management’s inability to successfully integrate the businesses of acquired businesses, changes in the consumer market for cannabis products, changes in expected outcomes of proposed changes to Halo’s operations, delays in obtaining required licenses or approvals needed to build Oregon operations, dispensaries or Canadian operations, the proposed spin-off with Halo Tek Inc., any unforeseen delays or costs incurred in connection with construction, the ability of competitors to expand operations in Northern California, unforeseen delays or difficulties in cultivating and harvesting Halo Raw Material, changes in general economic, business and political conditions, including changes in financial markets; and other risks disclosed in the Company’s Annual Information Form dated March 31, 2021 and other disclosure documents available on the Company’s profile at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying any forward-looking information or statements prove incorrect, actual results may differ materially from those described herein as anticipated, planned, anticipated, believed, estimated or expected.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Halo does not undertake to update any forward-looking information and/or forward-looking statements contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Halo or persons acting on its behalf are expressly qualified in their entirety by this notice.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, and there will be no sale of such securities in any state or jurisdiction in which a such offer, solicitation or sale would be unlawful. prior to registration or qualification under the securities laws of any such state or territory.
SOURCE Halo Collective Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2022/09/c3702.html