Halo Collective Receives Legal Permissions for its Budega™ dispensary in North Hollywood
Halo Collective Inc. (NEO: HALO) (OTCQB: HCAND) (Germany: A9KN) announced that it was granted permission by Los Angeles Department of Cannabis Regulation to open a retail dispensary with its base in the NoHo Arts District.
By February end, Halo expects to get the necessary sanction from California’s Bureau of Cannabis Control, such an approval being the mandatory last step for opening the dispensary. This new one is Halo Collective’s second Budega™ dispensary proposed to be launched in the coming months in the southern part of California.
About Halo Collective Inc.
Halo Collective is a vertically-integrated company and a leader in the cultivation, manufacture, and distribution of cannabis oils, flower, and concentrates. It has been growing steadily since its inception and now operates in the states of California and Oregon in the U.S.
Its popular brands are Exhale, Mojave, and Hush™. In partnership with other companies, Halo is involved in the selling of DNA Genetics, Papa’s Herb, Terphogz, and G-Eazy’s much-acclaimed brand FlowerShop*.
The company owns a total of 11 acres cultivation facility in Oregon, in places like E. Evans Creek, Jackson County, Eugene, Applegate Valley, etc. Some of these are operated by it alone, and others in partnership with companies like Winberry Farms and William’s Wonder Farms.
Of late, Halo got access to a 55,000sq. ft facility in Portland for cultivation, production, and marketing of cannabis, by acquiring Food Concepts LLC, the master tenant of the property.
The facility is 1200sq. ft in area, and is situated at the corner where Lankershim Boulevard meets Hesby Street. The place is a good location because the area has heavy traffic, and the whole surrounding area is developing very fast with many commercial and housing projects in the offing.
According to Katie Field, Halo’s director and President, all that they require to start functioning is approval by the state, which they expect to get within a few weeks. She also added that besides increasing the net revenue, the company expected to be able to increase their profit margin even before tax deduction, by stocking their products together with Budega’s.
Budega’s product range is wide, with its SKUs being more than 1000 in number. It also stocks pre-rolls and Halo’s branded cartridges. Once the store starts functioning at its full potential, the company expects to make up to $10 million in a year.
Halo is offering delivery services to places like Hollywood Burbank, North Hollywood, Studio City, and some other parts of San Fernando Valley.
Despite the fact that California grosses highest of all states in cannabis sales, its number of stores is low, considering its population density, with only 250 licenses catering to the needs of 3.9 million people.
As against this, Oregon has 800 stores catering to the need of a 4.3 million population, though this population is spread out across an area of 98,466sq. miles. When Oregon’s 100,000 people are served by 18 retail stores, the same number is served by about 2 stores in California.
A plan on the anvil for the company is Ukiah Ventures, a 30,000sq. ft indoor facility in California, for growing and processing cannabis, with plans to expand the facility by adding industrial land of five acres.
Another milestone of expansion is the recent partnership with the cannabis company Green Matter, thereby developing about 63 acres of land for cannabis cultivation. Plans are afoot to open three more dispensaries in Westwood, Hollywood, and North Hollywood under the brand BudegaTM.
Halo’s entry into Canada was marked by the acquisition of three KushBar cannabis stores in Alberta. The company is also incorporating the latest technology into its business by acquiring applications like Cannalift, CannPOS, and CannaFeels, as well as Accu-Dab for dosing CBD products sublingually.
Among Halo’s activities outside the United States is the sale of some of its assets to Akanda Corp. which manages a cultivation facility in Lesotho in Southern Africa and a pharmaceutical importer named CanMart in the U.K. As a result of the sale, Halo became a significant shareholder of Akanda.