Cali cannabis sales TORONTO--(BUSINESS WIRE)--June 8, 2020--Halo Labs Inc. ("Halo" or the "Company") (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) is pleased to announce that retail sales of the Company’s HushTM branded products have been have been growing in the state of California. In addition progress has been made on other initiatives in California.
Wholesale Dispensary Sales
Cannabis sales have stalled in California during the COVID-19 pandemic. According to BDS Analytics, in April 2020, cannabis sales for state licensed retailers and delivery services reached $252 million, declining by nine percent from the trailing month and growing four percent compared to April 2019. Concentrate sales were $78.1 million, down 9.9% from April 2019. Marijuana Business Daily postulates that while not affected by tourism, the nascent legal California market is dealing with high prices, an entrenched black market, and lack of retail stores . Despite the flat overall trend and downward category trend, HushTM vape cartridges have been growing rapidly with unaudited wholesale sales in April of $298,000. Unaudited May 2020 wholesale sales of HushTM branded products were $417,000 .
Furthermore the Company anticipates this growth rate will be sustained as the California menu expands, the Company penetrates more stores, and onboards additional sales reps to the team. Halo has quadrupled the team and plans to launch one, ten, and twenty piece gummy varieties with multiple flavors and infused pre-rolls before the end of Q3 2020. Halo is supporting further brand recognition initiatives through its inclusion on Weedmaps and is targeting becoming a top 20 cannabis brands across the state of California by Q4 2020. Halo is in 75 of approximately 600 dispensaries statewide meaning there is ample runway to grow.