An anonymous director reports
HALO COLLECTIVE REPORTS HIGHEST SELLING QUARTER FOR BUDEGA RETAIL LOCATIONS AND PLANS TO CONTINUE EXPANSION
Halo Collective Inc. had its highest-selling quarter and is continuing planned expansion for the Budega retail locations after successful opening of the first two locations and significant progress in opening of the third superstore location. The company is actively looking to secure additional retail space and licences for up to seven locations within the United States by end of 2023 after review of the current operations. The retail stores act as a valuable data resource for sales and consumer habits as they are vertically integrated with the company offering edibles, prerolls, vapes, flower, tinctures, creams and various other cannabis-related products.
The company has successfully secured three locations within the California area, including Westwood, NoHo and now Hollywood, with plans to open seven additional stores within the following year. The NoHo location has seen continued growth with a steady increase in revenues since opening in March earlier this year, offering unique promotions to drive consumer traffic while maintaining a loyal and consistent customer base. This past October, the company implemented innovative changes to increase the net revenue for the store. All retail locations promote the in-house products, including the Budega and Hush flower brands, which have consistently been among the top-selling SKUs (stock-keeping units).
Westwood has seen quick growth, opening just over six months ago and nearly doubling its revenues each month, with its highest sales this past October. Third quarter sales increased 94 per cent from Q2, and the company projects strong Q4 sales for Westwood based on October sales. The dispensary is strategically located between Westwood and Beverly Hills, right off Santa Monica Boulevard, within a high-foot-traffic area. Westwood is also the closest dispensary to the tourist district of Beverly Hills and Century City.
The Budega stores have now proved as an established name in retail cannabis within California. After assessing the initial launches, the company moves forward with its plans to continue expansion in the California area into this coming year. The company has been making significant progress with Budega Hollywood, which will be the largest of the three, having expected revenues of up to $15-million for 2023. The company has secured a well-renowned contractor to complete the store's buildout and design and has approved renderings to move forward with the development.
About Halo Collective
Halo is focused on the U.S. West Coast, where it has vertically integrated operations covering the entire value chain from seed to sale. Halo cultivates, extracts, manufactures and distributes quality cannabis flower, prerolls, vape carts, edibles and concentrates. Halo sells these products under a portfolio of brands, including Hush, Winberry Farms, its retail brand Budega and licence agreements with FlowerShop. In addition, Halo has opened two dispensaries in Los Angeles under the Budega brand in North Hollywood and Hollywood, with plans to open one more in Hollywood in 2022.
In the non-THC (tetrahydrocannabinol) sector, Halo is expanding into health and wellness categories, including CBD (cannabidiol) and functional supplements such as nootropic nutraceuticals and non-psychotropic mushrooms. Halo, through a series of acquisitions, has product offerings in the form of beverages (H2C Beverages), dissolvable strips (Dissolve Medical), capsules (Hushrooms) and topical supplements (Hatshe) with proposed national distribution through a strategic agreement with Sway Energy Corp.
Halo has successfully acquired and integrated a variety of companies, which were subsequently reorganized to create Akanda Corp., an international medical cannabis and wellness company, of which Halo is the largest shareholder. Halo has also acquired a range of software development assets, including CannPOS, Cannalift, CannaFeels and a discrete sublingual dosing technology, Accudab. Halo intends to reorganize these entities (including their intellectual property and patent applications) into a subsidiary called Halo Tek Inc. and to complete the distribution of the shares of Halo Tek to shareholders on record at a date to be determined.
We seek Safe Harbor.
© 2023 Canjex Publishing Ltd. All rights reserved.