Halo Labs Provides Operational Update & Announces Closing of Promissory Note
January 31st, 2019
Halo Labs Inc. (“Halo” or the “Company“) (NEO:HALO, OTC:AGEEF) is pleased to provide an operational update given the recent developments at the Company in the past few months and announces the closing of a promissory note financing.
Halo’s CEO, Kiran Sidhu, stated: “As we start the new year off, I would like to provide our investors with an update on Halo as the end of 2018 was an incredibly busy time for the Company. In 2019, we expect to see the results of all that work come to fruition as the Company has transformed from a single state operator to a multi-state operator with California quickly become the driving force of the business. We are very excited with the outlook for 2019 and look forward to capitalizing on the opportunity ahead.”
Halo successfully launched operations in its initial Cathedral City facility in late November 2018, commencing with the production of raw extracts and has now began to manufacture distillate in January. The initial facility is designed to be capable of producing 120,000 grams of distillate per week at full capacity and has commenced servicing the Company’s contract with Falcon International of 50,000 and 70,000 grams of distillate per week. The Company is in active discussion with a number of other customers for long term contracts. The Company has commenced planning of a second larger facility located in Cathedral City and anticipates production to commence at such facility in middle of 2019. The Company expects that the addition of this second Cathedral City facility will triple its production capacity in the state of California.
The Company’s view is that the current supply of biomass remains limited in Nevada; however, Halo has identified locations for larger grow operations for its cultivation license and is exploring various opportunities. The Company is currently manufacturing its products on a limited basis and to date, Halo has penetrated 13 out of 65 dispensaries throughout Nevada with the sales team pushing to grow that number each week. We anticipate adding DabTabs™ to our Nevada menu in February which we expect will help increase dispensary penetration.
The Company’s operations in Oregon have maintained steady monthly revenues. In November the Company introduced a line of edibles into the market which helped drive additional revenues. This month we introduced DabTabs™ that in the first two weeks have already stocked approximately 70 dispensaries in the state and we have already received re-orders. The Company has also begun to shift its product mix towards higher margin and more profitable products. The Oregon market continues to slowly improve as the number of competitors decrease.
Canada and International Markets
Halo signed its first international partnership in Lesotho, Africa with Bophelo Bioscience and Wellness Pty Ltd., one of the largest licensed land holders in the country. Halo will provide the operational expertise in exchange for an equity stake in the business in addition to a royalty and an off-take agreement for all of the extracted products. The Company has sent their master grower to begin planting the first plants to create extractable biomass. The Company is also in active discussions with a number of European and Canadian companies for similar partnerships and will update shareholders in the event that those discussions progress.
Halo is focused on being a leader in cannabis extraction utilizing proprietary science-based techniques and developing innovative products. The Company has entered in an exclusive distribution agreement with Ilo Vapor to launch the DabTab™ in California, Nevada, and Oregon. DabTabs™ are vaping technology that allows for the consumption of full spectrum concentrates with no mess. Halo expects to launch DabTabs™ in Oregon in January and California and Nevada in February. DabTabs™ have been favorably received and reviewed, including a feature in a leading mainstream technology publication Engadget. The Company is currently working on licensing deals for nano-emulsification technology for flavored drinks and shots. Lastly Halo is currently examining the use of biosynthesis technology for manufacturing of oils and concentrates which the Company believes could be a significant improvement over existing technologies in commercial use today.
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