Halo Labs Inc (OTCMKTS:AGEEF) will proceed with its proposed acquisition of Bophelo Bioscience & Wellness (Pty) Ltd after securing regulatory approval from the Central Lesotho Bank (“CBL”). Bophelo has the largest licensed land area for cultivation of medicinal grade cannabis products in the Kingdom of Lesotho. The company currently has 5 hectares of fully licensed greenhouse canopy. In addition, the company has regulatory approval for expansion of its outdoor canopy to 200 hectares.
Terms of the deal
Through the deal, Halo will acquire a fully licensed 5-hectare (12 acres) cultivation site. The company intends to use the site to put up state-of-art greenhouses. Halo will also acquire 200 hectares of conditionally approved outdoor canopy to be used in large scale cultivation of medicinal cannabis. The site has access to enough water, power, and manpower. The climate is also favorable to the cultivation of cannabis. The company will also secure access to a fully licensed business network, including leading markets like Australia, Israel, and Europe.
In a statement about the approval, Halo CEO and Co-Founder Kiran Sidhu, said they intend to complete the acquisition by the end of July 2020. He added that acquisition will make Halo one of the largest cultivators and exporters of medicinal cannabis. The company intends to transform the entire Mafeteng region, where the site is located into a global powerhouse of cannabis cultivation.
Bophelo’s Founder and Chairman Louisa Mojela, while commenting on the deal, said they will be able to apply their unique expertise in the international market to carve out their place in the global cannabis industry. He added that the acquisition will help create jobs, contribute to the country’s economic development, and enhance community development.
Halo’s retail sales continue to grow in California and Oregon
Recently Halo announced that its Hush™ branded products have continued to grow in Oregon and California. According to a recent report, cannabis sales amounted to $290 million, representing a 15% increase from the previous month and 15% compared to May 2019.
Cannabis sales of Hush™ branded concentrate in Oregon grew by 163 in May 2020, compared to May 2019. In addition, sales of Hush™ branded edibles grew 375% during the same period.
 To Acquire Bophelo After Securing Approval From Central Bank Of Lesotho){kind=link}