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Halo Collective Inc (1)
Symbol HALO
Shares Issued 2,867,358,846
Close 2021-10-06 C$ 0.035
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Halo Collective plans 1:100 share consolidation

2021-10-06 16:39 ET - News Release

An anonymous director reports


Halo Collective Inc. intends to consolidate all of its issued and outstanding common shares on the basis of one postconsolidation common share for every 100 preconsolidation common shares. The consolidation was previously approved by the company's shareholders at the annual general and special meeting held on June 23, 2021.

The consolidation is expected to result in the number of issued and outstanding common shares being reduced from 2,867,358,846 preconsolidation common shares to approximately 28,673,588 postconsolidation common shares. The exercise or conversion price of warrants, convertible debentures, compensation options and options, and the number of common shares issuable thereunder will also be proportionately adjusted upon the completion of the consolidation. No fractional shares will be issued as a result of the consolidation. All fractions of common shares will be rounded down to the next lowest whole number. No cash consideration will be paid in respect of fractional shares.

The consolidation is subject to the receipt of all required regulatory approvals, including the approval of the Neo Exchange Inc. The company will be obtaining a new Cusip number and ISIN for the consolidation. The effective date for the consolidation and the new Cusip number and ISIN is expected to be Oct. 12, 2021. The company anticipates that its current trading symbol will remain unchanged.

On Sept. 21, 2021, the U.S. House of Representatives passed the National Defense Authorization Act (NDAA) which included the provision of the Secure and Fair Enforcement (SAFE) Banking Act. The SAFE Act would allow state-licensed cannabis-related businesses to engage freely in relationships with banks and other financial institutions. While the passage of the NDAA is only one step forward, there is now increased possibility that this long-overdue reform for the U.S. cannabis industry could be approved by Congress. The consolidation is in part in anticipation of this reform, which would position Halo to be considered by senior U.S. exchanges for listing.

About Halo Collective Inc.

Halo is a leading, vertically integrated cannabis company that cultivates, extracts, manufactures and distributes quality cannabis flower, oils and concentrates, and has sold approximately 11 million grams of oils and concentrates since inception. The company continues to expand its business and scale efficiently, partnering with trustworthy leaders in the industry which value Halo's operational expertise in bringing top-tier products to market.

Halo currently operates in the United States in Oregon and California, Canada, Southern Africa in the Kingdom of Lesotho, and the United Kingdom. The company sells cannabis products principally to dispensaries in the United States under its brands Hush, Mojave and Exhale, and under licence agreements with Papa's Herb, DNA Genetics, Terphogz and FlowerShop, a cannabis lifestyle and conceptual wellness brand that includes G-Eazy as a partner and key member.

As part of continued expansion and vertical integration in the United States, Halo boasts several grow operations throughout Oregon and two planned in California. In Oregon, the company has a combined 11 acres of owned and contracted outdoor and greenhouse cultivation, including East Evans Creek, a six-acre grow site in Jackson county with four licences owned and operated by Halo, and two third party licences under contract to sell all of their product to Halo; Winberry Farms, a one-acre grow site located 30 miles outside of Eugene in Lane county with a licence owned and operated by Halo; and William's Wonder Farms, a three-acre grow site in Applegate Valley, under contract to sell all of its product to Halo pending the closing of Halo's acquisition of its licences and business assets. Halo has recently acquired Food Concepts LLC, a master tenant of a 55,000-square-foot indoor cannabis cultivation, processing and wholesaling facility in Portland, Ore., operated by the Pistil Point entities.

In California, the company is building out Ukiah Ventures, a planned 30,000-square-foot indoor cannabis grow and processing facility, which will include up to an additional five acres of industrial land to expand the site. Recently, Halo partnered with Green Matter Holding in California to purchase a property in Lake county, developing up to 63 acres of cultivation, comprising one of the largest licensed single site grows in California. Halo also plans to expand its operations in California by opening three dispensaries in North Hollywood, Hollywood and Westwood.

In Canada, Halo acquired three KushBar retail cannabis stores located in Alberta as a first in its planned entry into the Canadian market, leveraging its Oregon and California brands. With the KushBar retail stores as a foundation, the company plans to expand its foothold in Canada.

Halo has also acquired a range of software development assets, including CannPOS, Cannalift and, more recently, CannaFeels. In addition, Halo owns the discrete sublingual dosing technology Accudab. The company intends to spin off these assets, and its intellectual property and patent applications into its subsidiary Halo Tek Inc., and expects to complete a distribution to shareholders on a record date to be determined by Halo.

Halo has recently announced its intention to reorganize its non-U.S. operations into a newly formed entity called Akanda Corp., whose mission is to provide high-quality and ethically sourced medical cannabis products to patients worldwide. Akanda will seek to deliver on this promise while driving positive change in wellness, empowering individuals in Lesotho, and uplifting the quality of the lives of employees and the local communities where it operates, all while limiting its carbon footprint. Akanda will combine the scaled production capabilities of Bophelo Bioscience & Wellness Pty. Ltd., Halo's Lesotho-based cultivation and processing campus located in the world's first special economic zone containing a cannabis cultivation operation, with distribution and route-to-market efficiency of Canmart Ltd., Halo's United Kingdom-based fully approved pharmaceutical importer, and distributor that supplies pharmacies and clinics within the United Kingdom. With a potential maximum licensed canopy area of 200 hectares (495 acres), Bophelo has scalability that is arguably unmatched in the world today.

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