Halo Labs Inc. (“Halo” or the “Company“) (NEO:HALO) is pleased to report dispensary sales of approximately US$1.23 million for October 2018. This is an increase of approximately US$353,000 over September 2018. Approximately US$245,000 of the dispensary sales in October was derived from the Company’s first full month of sales to dispensaries in Nevada.
”The past few months have been transformative for the Company. Completing our public listing provided us with the capital that has allowed us to expand into Nevada and California, where we will continue to utilize our knowledge and expertise to rapidly scale. Conditions in Oregon continue to improve.
Summary of Record Dispensary Sales
- Dispensary sales for Halo in the month of October 2018 were US$1.23M, representing a 40% increase over last month and a 49% increase over October 2017
- Nevada operations contributed well in first full month, generating approximately US$245K in sales
In the month of October 2018, Halo saw steady growth in dispensary sales of approximately US$1.0M in Oregon, up from US$855K in September 2018. Halo also sold products to 11 out of Nevada’s 65 dispensaries in the first full month of its Nevada operations which provided the Company with additional dispensary sales of approximately US$250,000. Halo’s IFRS revenues for the periods noted above will be higher as they include wholesale revenue to a manufacturing partner, but the Company considers that measure to have a degree of double counting and the Board prefers to be more conservative in its disclosure.
“The past few months have been transformative for the Company. Completing our public listing provided us with the capital that has allowed us to expand into Nevada and California, where we will continue to utilize our knowledge and expertise to rapidly scale. Conditions in Oregon continue to improve.” said Kiran Sidhu, Halo’s Chief Executive Officer. “The Company has quickly moved from a single state operation to a multi-state operator in the United States.”
Halo is a cannabis extraction company that develops and manufactures quality cannabis oils and concentrates, which are the fastest growing segments in the cannabis industry. Halo has expertise in all major cannabis manufacturing processes, leveraging proprietary processes and products, and has produced over 2.7M grams of oils and concentrates since inception. The forward-thinking company is led by a strong management team with deep industry knowledge and blue-chip experience. The Company is currently operating in Nevada and Oregon and is expanding into California this month. With a consumer-centric focus, Halo will continue to market innovative branded and private label products across multiple product categories.
For further information regarding Halo, see Halo’s disclosure documents on SEDAR at www.sedar.com.
Investors are cautioned that, except as disclosed in the information circular prepared in connection with the Transaction or this news release, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Halo should be considered highly speculative.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Halo’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Halo’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”.
By identifying such information and statements in this manner, Halo is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halo to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Halo has made certain assumptions.
Although Halo believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Halo does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Halo or persons acting on its behalf is expressly qualified in its entirety by this notice.