Halozyme Therapeutics, Inc (NASDAQ:HALO) embraces the use of cannabis products for medicinal use, and this time around, it embarks on importing more such products. The company undertakes the importation via its wholly-owned subsidiary Canmart Ltd.
Acquisition of Canmart
It was recently that the wholly-owned subsidiary bought tinctures from the European Union, and now it wants to expand business operations to cover flower products. Canmart will be sourcing the products from Canada.
In the previous year, Halo pronounced the acquisition of Canmart, outlining the move as part of its long-term business expansion goals. The company has also been working on hitting its set goals, importing an assortment of CBPMs. It hopes to succeed in its quest to serve all the qualified UK patients seeking out top-quality medical cannabis.
Prohibition Partners relies on statistics whenever it gives a statement, and this time around, it focuses on cannabis consumption. The body outlines points out to the UK population as the largest consumer of cannabis products, citing the figure at about 4.7 million people.
About 1.4 million people in the UK turn to cannabis products to deal with chronic health complications. However, experts assert that the products’ legal use remains at the infancy stage.
Sidhu’s perspective
Halo Collective’s CEO Kiran Sidhu sees the UK market as an excellent market for their products. He is quite impressed about last year’s acquisition of Canmart, a move which, according to him, marks them as a company with significant potential within the cannabis space.
Sidhu is quite pleased about Canmart and the general way it has been working towards boosting awareness among patients. Part of its moves includes the introduction of educational programs for physicians and UK patients.
Halo has also spoken about one of its most recent marketed public offerings, the California farm. The company is happy to announce the deal’s close, disclosing how it intends to use the deal’s proceeds. Its top priorities include the purchase of raw materials as well as some packaging supplies.
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