What’s Going on with Halo Collective?
Halo Collective (HCANF) announced June 22, that the multinational cannabis firm’s board has given the green light for a reorganization of its non-U.S. operations into a newly created Alberta corporation called Akanda Corp. As of 10:02 a.m. ET, HCANF shares were trading at $0.0515, which is a 5.53% increase.
What Does This Mean for HCANF?
Halo’s non-U.S. operations, including Bophelo Bioscience & Wellness Pty. Ltd. and Canmart Ltd., will now be combined into the Alberta-based Akanda. Tej Virk — a cannabis, corporate finance and banking industry expert and executive — will helm the new company.
"The separation of Halo's U.S. and international businesses through the formation of Akanda is the right initial step to capitalize on the significant growth opportunities in global cannabis markets and to unlock significant unrealized value for all of Halo's stakeholders," Halo CEO Kiran Sidhu explained. Akanda should be well-positioned to become an affordable supplier of ethically sourced, quality medical cannabis products for important international regions like Africa, Europe and the U.K., along with other global markets.
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Halo Collective Inc is a cannabis extraction company. It is engaged in manufacturing cannabis oil and concentrates and distributing cannabis products for recreational use in the states of Oregon, Nevada and California.
