Halo Closes USD 4.75m Acquisition of Northern California Cannabis Distributor Mendo.
M2 EQUITYBITES-January 13, 2020-Halo Closes USD 4.75m Acquisition of Northern California Cannabis Distributor Mendo
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13 January 2020 - Canadian cannabis extraction company Halo Labs Inc. (NEO: HALO) (OTCQX: AGEEF) (Germany: A9KN) has closed its acquisition of California-based Mendo Distribution and Transportation, LLC for USD 4.75m, the company said.
The total consideration is payable in common shares of Halo and subject to adjustments to MDT's balance sheet on the date of closing.
Following closing of the proposed acquisition, Halo plans to launch its Hush edible and tincture lines in California (currently manufactured and sold in Oregon), as well as manage the existing manufacturing, distribution, and sales of Outer Galactic Chocolates.
On closing, Halo will also enter into an option to acquire the membership interests of Outer Galactic Chocolates LLC, the Type N licensee, for Halo common shares.
The merger is expected to increase revenue and gross margins across all Californian operations, extend distribution capability in Northern California and launch new edible and white label product lines with Type N license onsite.
Halo develops and manufactures quality cannabis oils and concentrates. The company has expertise across all major cannabis manufacturing processes, leveraging a range of proprietary processes and products.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 13, 2020|
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