Halo Collective Raises Nearly $16M Through ATM Program

Halo Collective Raises Nearly $16M Through ATM Program

Cannabis company Halo Collective Inc. HALO HCANF has raised roughly CA$20 million ($15.65 million) through its at-the-market equity financing program.

The company wrapped up the transaction on Friday, reporting having sold a total of 433.43 million of its common shares between May 4 and September 17, 2021.

Halo Collective said that it plans to use the net proceeds from the ATM Program for general corporate purposes, such as working capital, capital expenditures and debt repayments.

Based in Toronto, the company recently acquired an approximately 55,000 square foot indoor cannabis cultivation, processing, and wholesale facility based in Portland, Oregon, and operated under the Pistil Point name by Food Concepts LLC for $8.2 million, payable in stock.

In addition, Halo has kicked off the construction of a new store in Westwood, Los Angeles – the first of three planned dispensaries for Southern California.

The store, situated in the vicinity of the University of Los Angeles California campus and Century City, will start selling cannabis in the fourth quarter.

The company plans to open ten dispensaries by the end of 2022.

"We are simultaneously developing two other locations in Hollywood and North Hollywood, that are both ideally situated, which we expect to open later this year or early next," Kiran Sidhu, CEO and co-founder of Halo Collective said earlier.

Photo: Courtesy of Scott Graham on Unsplash

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