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Halo Labs Lands $11.5M Acquisition Of Crimson & Black, North Hollywood Dispensary

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Halo Labs Lands $11.5M Acquisition Of Crimson & Black, North Hollywood Dispensary

Cannabis extraction company Halo Labs Inc. (NEO: HALO) (OTCQX: AGEEF) has finalized two deals.

Both acquisitions are based in California.

The Toronto-based company purchased a retail management company, Crimson & Black, and obtained a 66.67% interest in a North Hollywood cannabis dispensary applicant for a total of $11.5 million.

The company issued 49.31 million of its common shares for the purpose, at 23 cents per share.

The total amount includes about 42.88 million shares Halo issued for interest in LKJ11 and some 6,43 million shares for the acquisition of C&B.

The Hollywood dispensary, dubbed LKJ11, is expected to 4,000 square feet and offer Halo’s branded and white-labeled cannabis products.

Meanwhile, C&B was merged with Halo’s C&B Merger Su, Inc.

The initial deadline for the deal closing was extended in late March due to the COVID-19 outbreak.

Halo’s CEO and co-founder, Kiran Sidhu is pleased wrap up both acquisitions.

“The North Hollywood dispensary represents a flagship in our Southern California cluster of operations, and we anticipate it will propel our continued success in California,” Sidhu said.

C&B’s David Cho said the agreements allow them to commence the buildout of NOHO’s flagship location.

“The opening of the NOHO dispensary will represent a significant step in ‘Seed to Sale’ in California,” he said.

Courtesy photo

 

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