Red Light Holland & Halo Collective Dissolve Their Oregonian Psilocybin Venture, Here's What Happened

Red Light Holland & Halo Collective Dissolve Their Oregonian Psilocybin Venture, Here's What Happened

Canadian premium magic mushroom producer Red Light Holland Corp. TRUFF will dissolve its Oregon-based partnership with Canadian cannabis company Halo Collective HCANF, reported Willamette Week.  

The reason? Red Light intends to pursue a new program in the same city that would attract mushroom fans from all sectors. The program, “Red Light. Set. Go!” will take on candidates and provide them with advice and funding so they can enter the market. 

The venture already has its first participant: Shunji Smith, a Japanese American mushroom grower from Eugene, OR.

Red Light executive Sarit Hashkes made a clear point: “If we want to reach diverse clients, we must have people from diverse backgrounds in our operations.”

This conclusion comes as a reply to a February survey from the Oregon Health Authority (OHA) showing that very few nonwhite people are interested in the psilocybin business. 

As for Halo, Katharyn Field was recently chosen as the new CEO, in hopes of a change in strategy. The company will now focus on California, abandoning less profitable markets.

Red Light and Halo were among the first companies to commence psilocybin operations in Oregon after Measure 109 passed in November 2020. Both corporations’ stocks have fallen this year: Red Light shares trade at $07.5 cents, down from $48 cents in February 2021. Halo Collective shares are trading for $0.2414, down 40.47%.

 

Posted In: Katharyn FieldMeasure 109Sarit HashkesCannabisNewsPenny StocksPsychedelicsContractsManagementMarkets

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