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Halo Labs Inc (OTCMKTS:AGEEF) Announces a $30 Million Offtake Agreement with Medcan for the Sale of Bulk Cannabis Biomass



Over the years, Halo Labs Inc (OTCMKTS:AGEEF) has demonstrated its commitment to the support of private and institutional investors in the health sector. Through its wholly-owned subsidiary, Bophelo Bioscience & Wellness Pty Ltd has penned an offtake agreement with Medcan Ltd to sell bulk cannabis biomass. The $30 Million deal will predominantly target the European market.

The initial delivery and shipments of up to 10,000 kilograms are expected to begin in the 4Q of 2020. This is likely to increase by the end of 2021, given the increasing European demand. Terms and conditions specify that Medcan will release payment to Bophelo within 15 days of receiving the products.

The Evolvement of Halo’s Business through the Delivery of Value Added Products 

Since its inception, Halo has been a leading cultivator, manufacturer, and distributor of quality cannabis flowers, oils, and concentrates. It has sold more than five million grams of these products and has continued to evolve in business by delivering value-added products.

With branded and private-label products in multiple categories, the company gets a powerful entry in key markets such as the United States and Africa.

In the recent past, Halo has acquired a dispensary permit in Los Angeles. It is also pursuing the acquisition of UVI in California, five development permits in Alberta Canada, and three KushBar branded dispensaries. The company’s strong, diverse, and experienced management team has enabled it to escalate its operations in areas many other institutions have failed.

HALO’s Acquisition of Ukiah Ventures Inc.

Beyond its current growth, Halo has other expansion plans. It has already acquired Ukiah Ventures Inc, its shareholders, and the holder of the Ukiah’s outstanding warrants. The acquisition gives Halo an entitlement to Ukiah’s 6.3-acre property, including a 30,000 square-foot and an industrial-zoned warehouse. The enlarged space will also strengthen Halo’s seed-to-sale strategy.

Katie Field, Halo’s President, said, ”the acquisition of Ukiah, with its current and competitive relationships… will increase Halo’s access to the best raw materials in California…” These relationships will also uphold Halo’s ability to pinpoint arbitrage opportunities and the required supply of competitive prices.

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