TORONTO, March 2, 2022 /CNW/ - Halo Collective Inc. ("Halo" or the "Company") (NEO: HALO) (OTCQB: HCANF) (Germany: A9KN) today announced the appointment of Avtar Dhaliwal, a specialist in the food industry with expertise in supply chain, compliance, and regulatory processes, and Quinn Field-Dyte, a renowned financier with expertise in mergers and acquisitions, to the Company's Board of Directors (the "Board"). Effective March 2, 2022, both will join the Board as independent non-executive directors. The Company also announced the resignation of Peter McRae and Andrew Turman from the Board.
Mr. Avtar Dhaliwal is a third-generation farmer that has managed over 1,000 acres of land and overseen the growth and cultivation of a wide variety of cash crops for retail and wholesale across Canada. Recently, Mr. Dhaliwal was instrumental in navigating companies through compliance and regulatory hurdles of listing products and large-scale distribution. His experience will be an asset to Halo from seed to sale, including cultivation, extraction, manufacturing, distribution and quality control of cannabis flower, oils, and concentrates. Mr. Avtar has been appointed as Chair of Halo's Compensation Committee.
Mr. Field-Dyte's career spans decades in the public markets. He has led financings of hundreds of millions of dollars, including recently being instrumental in a vegan start-up's successful $25-million financing. Mr. Field-Dyte co-founded Embassy Interactive Inc. Presently, he occupies the position of Chief Financial Officer and director at multiple publicly traded companies. Mr. Field-Dyte has been appointed as Chair of Halo's Audit Committee.
Ryan Kunkel, Chairman of Board, said, "We are pleased to welcome Avi and Quinn as new directors to the Halo Board at this important time. We are confident they will provide valuable perspectives as we continue to execute our strategy to be the premier west coast focused cannabis company, to pursue other emerging pathways to wellness, and to optimize our portfolio of key strategic assets such as Triangle Canna, Halo Tek, and Akanda."
Halo also announced that Peter McRae and Andrew Turman, who have served on Halo's Board since September 2018 and July 2019, respectively, have stepped down from the Board for personal reasons, including retirement and significant other responsibilities.
Mr. Kunkel continued, "On behalf of the entire Board, we thank Peter and Andrew for their valuable perspective and incredible commitment to Halo over the past several years. Their numerous contributions and thoughtful insights have been invaluable, and we are grateful for everything they have done for Halo."
About Halo Collective Inc.
Halo is a leading, vertically integrated cannabis company focused on the West Coast of the United States and operates other emerging businesses in CBD and non-psychotropic mushroom functional beverages. In its cannabis operations, the Company cultivates, extracts, manufactures, and distributes quality cannabis flower, oils, and concentrates and has sold hundreds of millions of grams of cannabis in the form of flower, pre-rolls, vape carts, edibles, and concentrates since inception. The Company sells a portfolio of branded cannabis products including its proprietary Hush™, Winberry Farms™, Williams Wonder Farms, and Budega™ brands, and under license agreements with Papa's Herb®, DNA Genetics, Terphogz, and FlowerShop*.
In Oregon, Halo has a combined 14 acres of owned and contracted outdoor and greenhouse cultivation. The Company also operates Food Concepts LLC, a master tenant of a 55,000 square foot indoor cannabis cultivation, processing, and wholesaling facility in Portland.
In California, Halo maintains licenses for extraction, manufacturing, and distribution. The Company has partnered with Green Matter to purchase the Bar X Farm in Lake County and plans to develop up to 63 acres of cultivation, comprising one of the largest licensed single-site grows in California. Halo is opening three retail dispensaries in Los Angeles under the Budega™ brand in North Hollywood, Hollywood, and Westwood.
Halo is also expanding into other consumer health and wellness categories expected to experience rapid growth in consumer demand, including functional supplements such as nootropic nutraceuticals. The Company has recently agreed to acquire H2C Beverages, a company focused on cannabinoids and non-psychotropic mushroom functional beverages, and entered into a distribution and manufacturing agreement with Elegance Brands Inc., to propel the national distribution of beverages, capsules, and topical supplements under H2C and Halo's functional mushroom brand, Hushrooms.
Halo has acquired a range of software development assets, including CannPOS, Cannalift, CannaFeels, and a discrete sublingual dosing technology, Accudab. The Company intends to reorganize these entities (including their intellectual property and patent applications) into a subsidiary called Halo Tek Inc., and to complete a distribution of the shares of Halo Tek Inc. to shareholders on record, at date to be determined.
Outside of North America, Halo is the largest shareholder of Akanda Corp. ("Akanda"), an international medical cannabis company whose mission is to be the world's leading platform for medical cannabis and wellness products. Led by an experienced global leadership team and guided by the highest ethical standards, Akanda is building a unique seed-to-patient model that leverages the competitive advantages of its cultivation campus in the Kingdom of Lesotho and a distribution marketplace and other innovative solutions designed to maximize patient access and choice. Halo also operates three Kushbar retail cannabis stores located in Alberta, Canada, leveraging its Oregon and California brands.
For further information regarding Halo, see Halo's disclosure documents on SEDAR at www.sedar.com.
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Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Halo's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Halo's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Forward-looking information may relate to anticipated events or results including, but not limited to the opening of the Company's Budega-branded retail dispensaries in California, management's plans regarding its portfolio of cannabis businesses, the size of Halo's planned cultivation facility in Northern California, Akanda's proposed operations and the proposed spin-off of Halo Tek Inc.
By identifying such information and statements in this manner, Halo is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Halo has made certain assumptions. Although Halo believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: inability of management to successfully integrate the operations of acquired businesses, changes in the consumer market for cannabis products, changes in the expected outcomes of the proposed changes to Halo's operations, delays in obtaining required licenses or approvals necessary for the build-out of Oregon operations, dispensaries or Canadian operations, the proposed spin-out with Halo Tek Inc., delays or unforeseen costs incurred in connection with construction, the ability of competitors to scale operations in Northern California, delays or unforeseen difficulties in connection with the cultivation and harvest of Halo's raw material, changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Company's annual information form dated March 31, 2021 and other disclosure documents available on the Company's profile at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Halo does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Halo or persons acting on its behalf is expressly qualified in its entirety by this notice.
Non-Solicitation
This press release shall not constitute an offer to sell nor the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
SOURCE Halo Collective Inc.
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