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by Stockwatch Business Reporter
The Canadian Securities Exchange Composite Index dropped 7.72 points to 469.39 Monday. Halo Labs Inc. (HALO) lost a cent to 26 cents on 1.68 million shares after it entered a definitive agreement to acquire Cannpos Services Corp. for $4.69-million in Halo shares. Cannpos is a software company that is working on developing an app for dispensaries. When and if completed, the app will allow customers to "electronically interact" with dispensaries to get rid of lineups, or as the company pompously puts it, "to alleviate customer flow constraints." Halo says Cannpos will also allow dispensaries to advertise its products and services. Halo plans to rename the app as "DispensaryTrack" and sell it to dispensaries for a monthly fee, which sounds like renting but apparently is not. As a condition of closing the deal, Halo hopes to complete a $3-million private placement at 31 cents a share. Halo intends to use the proceeds to develop DispensaryTrack.
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