Halo Labs Signs Bulk Biomass Procurement and Bulk Extract Supply Agreement with Cannus Partners in California
CATHEDRAL CITY, Calif. & TORONTO--(BUSINESS WIRE)--Halo Labs Inc. ("Halo" or the "Company") (NEO: HALO, OTC: AGEEF) is pleased to announce it has entered into a two-part agreement with Cannus Partners Inc. (“Cannus”) for procurement of biomass and supply bulk extract. Under the terms of the agreement Cannus will provide Halo with 1,500 pounds of cannabis product (biomass) per week and in return Halo shall manufacture and supply Cannus 50,000 grams of high-grade distillate per week with an estimated wholesale value at over $250,000/week. The first delivery of bulk extracts is anticipated for March subject to Cannus obtaining all appropriate California state and local licensing in place. The parties agree to share equally in the gross profit.
Kiran Sidhu, CEO of Halo Labs said,
We are delighted to partner with Cannus Partners, a vertically integrated cannabis company. Cannus has developed an expertise in cultivation along with an extensive distribution platform and retail operations and is an ideal partner for Halo. We look forward to growing our partnership as both companies continue to scale and grow in California and beyond
Brian Baca, CEO of Cannus Partners stated,
There is significant demand growing in California for a consistent supply of premium distillate. It was important for us to partner with Halo, who is a leader in developing oil and concentrate products that our customers are demanding. Halo’s expertise in extraction complements our current operations perfectly and makes them a great value add partner. We look forward to strengthening our partnership as both companies continue to expand their operations
ABOUT CANNUS PARTNERS
Cannus Partners Inc is a vertically integrated cannabis cultivator, producer, distributor and dispensary operator that is building out its “seed to sale” business across California and the greater northeast. Cannus Partners owns Ikänik Farms, whom operates both cultivation and retail cannabis operations and Blunt Brothers, a California licensed distribution company. Cannus is in the process of finalizing licensing which it expects to have completed by March 2019.
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 three million 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 California, Nevada and Oregon as well as Lesotho Africa through a strategic partnership. 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