HALO LABS ANNOUNCES START OF PRODUCTION

HALO LABS ANNOUNCES START OF PRODUCTION IN CALIFORNIA

The square foot dedicated extraction facility is capable of producing approximately 120,000 g of cannabis distillate per week.   This facility will be used to supply Falcon International Corp. (“Falcon“) with a minimum of 50,000 and up to 70,000 g per week of bulk cannabis distillate to be used for vaping cartridges and disposable pens at US$7.50 per gram with monthly revenue expected to range between roughly US$1.6 million and US$2.3 million after an initial 30 to 45 day ramp up period.  The business expects to start generating revenue from this facility by the first week of January 2019.

Summary of Current California Production Capabilities:

  • Commencement of production at the Firm’s 1,600 square foot dedicated extraction facility in Cathedral City, California began on November 28, 2018.
  • Total production capacity at the Company’s Cathedral City facility is expected to be approximately 120,000 g of oils or concentrates a week.
  • It is expected that the Cathedral City facility will initially supply the Falcon contract with between 50,00 and 70,000 g of distillate per week.

In preparation for the commencement of production from the Cathedral City extraction facility the Company is securing a source of raw material inputs, small and trim buds in order to maintain a steady state of creation. The business is in active discussion to provide contract manufacturing services that, along with the Falcon contract, are expected to allow the Company to achieve 95%usage rate that is + in 2019.
 
In Cathedral City, the business has an additional 8,000 square foot facility currently in pre-construction. Construction at the Cathedral City facility is scheduled to commence in the first quarter of 2019 and production is expected to commence by the second quarter of 2019.
 
Kiran Sidhu, Halo’s Chief Executive Officer, commented: &ldquoWe are very excited to announce the start of production at our first California facility, as we see California as the major growth driver for the firm. California concentrates growing at a fast pace and is the largest cannabis market in the world and a leader in cannabis products with need for cannabis oils. The opening of the California facility is a major milestone for the business. We’re currently assessing requests from other prospective clients that are big to provide services at both our first and centers that are second. Halo has experience in all major cannabis manufacturing processes, leveraging proprietary products and processes, and has generated over 2.7 million grams of oils and concentrates since beginning.  A management team leads the forward-thinking Company with expertise that was blue-chip and deep business knowledge.  The Company is currently working in Oregon, Nevada and California.  With a focus that is consumer-centric, Halo will continue to market branded and private label products across product categories.
 
For additional information regarding Halo, see Halo’s disclosure documents on SEDAR in www.sedar.com. Such forward-looking info 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 info or forward-looking statements can be identified by the use of forward-looking language such as “plans”, “anticipates ” or “doesn’t expect”, “is anticipated ”, “funding ”, “scheduled”, “quotes ”, “predictions ”, “plans ”, “expects ” & “doesn’t expect ”, or “considers ”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “could ” or “will be taken”, “will continue”, “will happen ” or “will be accomplished ”. 
 
By identifying such statements and information in this manner, Halo is alerting the reader that such statements and information 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 statements and information. Moreover, in relation to the forward-looking info and statements Halo has made certain assumptions.
 
Although Halo believes that the assumptions and factors used in preparing, as well as the expectations contained in, the forward-looking statements and information are reasonable, undue reliance should not be put on such statements and information, and no guarantee or assurance 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 statements and information. The forward-looking info and forward-looking statements included in this press release are made as of the date of the press release, and Halo doesn’t undertake to update any forward-looking info 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 persons acting on its behalf or Halo is expressly qualified in its entirety by this notice.

Published at Wed, 05 Dec 2018 14:30:56 +0000

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