fbpx
QQQ
+ 2.73
293.55
+ 0.92%
DIA
+ 0.63
297.96
+ 0.21%
SPY
+ 1.22
361.27
+ 0.34%
TLT
+ 1.54
157.14
+ 0.97%
GLD
-1.73
171.23
-1.02%

Halo Labs Poised To Acquire Winberry Farms

November 18, 2020 12:48 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

Cannabis extraction company Halo Labs Inc. (NEO: HALO) (OTCQX:AGEEF) opted to acquire a debt of $18.44 million owed to Evolution Trustees Ltd., a trustee of SP1 Credit Fund, by Herban Industries OR LLC.

The purchase will be carried out under the deal between the Toronto-based company, ETL, Herban OR, and Herban Industries.

Once the acquisition of the purchased debt is finalized, Halo's wholly-owned subsidiary – Halo Winberry – will become Herban OR's senior secured creditor.

To reduce debt, Halo Winberry will acquire some of Herban OR's assets, including a Tier 2 cannabis cultivation facility, Eugene, Oregon-based wholesale cannabis operation, the Winberry Farms trademark, as well as six delivery vehicles.

Under the purchase deal, Halo agreed to issue some 169.9 million of its common shares to ETL.

According to Wednesday's update, Halo would support Winberry's day-to-day operations once the debt’s acquisition is closed and also buy and distribute its inventory.

Meantime, other recent acquisitions Halo opted for, include the purchase of Crimson & Black, a retail management company, and the acquisition of a 66.67% interest in a North Hollywood cannabis dispensary applicant for a total of $11.5 million.

In April, the company finalized the acquisition of Nasalbinoid Natural Devices Corp., which was sold for roughly CA$5.1 million ($3.6 million).

Courtesy image


Related Articles

Joy Chen Resigns From iAnthus Board

New York-based iAnthus Capital Holdings, Inc. (CSE: IAN) (PINK: ITHUF) has lost another director.  read more

Vertical Wellness Buys The Organic Candy Factory

CBD and hemp company Vertical Wellness revealed Wednesday it has obtained The Organic Candy Factory. read more

Cannabis Stock Gainers And Losers From November 25, 2020

GAINERS: MariMed (OTCQX: MRMD) shares closed up 69.34% at $9.35 read more

Pure Sunfarms Inks Supply Deal With Shoppers Drug Mart

Pure Sunfarms opted to supply Shoppers Drug Mart Inc's customers with its cannabis products. The Village Farms International Inc. (NASDAQ: VFF) (TSX: VFF) subsidiary teamed up with the Canadian retail pharmacy chain to provide consumers with Pure Sunfarms' dried flower products. read more

Aurora To Reach Israel's Drugstore Channel Via Cantek Deal

Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) is supplying Israel-based Cantek Holdings with bulk dried flower. read more