Halo Announced Signing of Definitive Agreement To Acquire Crimson & Black
Halo Labs Inc. (neo:HALO) (otcqx:AGEEF) (A9KN) announced that, it has signed a definitive agreement to acquire Crimson & Black LLC, a retail management accompany with a long-term contract to provide management services to LKJ11 LLC, which is working to open a cannabis dispensary in North Hollywood and is subject to be acquired by the Company.
Halo is a leading cannabis cultivation, manufacturing, and distribution company that grows and extracts and processes quality cannabis flower, oils, and concentrates and has sold over 5 million grams of oils and concentrates since inception. Additionally, Halo has continued to evolve its business through delivering value with its products and now via verticalization in key markets in the United States and Africa with planned expansion into European and Canadian markets. With a consumer-centric focus, Halo markets innovative, branded, and private label products across multiple product categories.
Recently, the Company entered into binding agreements to acquire a dispensary in Los Angeles, 3 KushBar branded dispensaries, 5 development permits in Alberta Canada, and Canmart Limited which holds wholesale distribution and special licenses allowing the import and distribution of cannabis based products for medicinal use (CBPM’s) in the United Kingdom. Halo is led by a strong, diverse management team with deep industry knowledge and blue-chip experience. The Company is currently operating in the United States in California, Oregon, and Nevada while having an international presence in Lesotho within a planned 205-hectare cultivation zone via Bophelo as well as planned importation and distribution in the United Kingdom via Canmart.
The management agreement with LKJ entitles C&B to 7% of net revenue in exchange for the provision of management services. Further, the acquisition will facilitate the addition of key management team members. Notably, David Cho will be leading the management of the NOLA dispensary. Mr. Cho was formerly the Director of Specialty Retail at Adidas North America where he oversaw all aspects of Adidas’ most complex retail stores and event activations including seven NBA, NHL, and MLS team arena stores, ComplexCon in Long Beach, and 747 Warehouse Street for NBA All-Star Weekend in Los Angeles.
David Cho states, “We are excited for this opportunity to team up with Halo to open a flagship dispensary in Los Angeles. It is a premium location and we believe that the unique fit of skills and experience between the two teams will result in a successful endeavor. We still are moving forward with the originally negotiated deal, despite a market adjustment, because we believe in Halo’s vision as a vertically integrated and global cannabis operator.”
Kiran Sidhu, CEO and Co-Founder of Halo, stated, “I am pleased that Halo has closed on the acquisition of Crimson & Black, augmenting Halo’s already blue-chip level management. Appointing an experienced retail management team to our anticipated NOLA dispensary will provide a smooth transition towards verticalization in California. We anticipate that David Cho’s leadership and the Crimson and Black team spearheading build out and operations will set Halo up for success in the Los Angeles dispensary market.”