Halo Labs Inc. - CEO, Kiran Sidhu
CEO, Kiran Sidhu
Source: Twitter (@ToddShapiroShow)
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Halo Labs (NEO:HALO) has signed an agreement to wholly acquire Cannalift Delivery
  • Cannalift’s software will deliver dispensary products to consumers via an online app and website
  • The platform will act as a mediator between retail outlets and customers
  • Halo Labs will issue 31,000,000 common shares for the acquisition at a price of C$0.11 per share
  • Halo Labs (HALO) is up 21.9 per cent, with shares currently trading at $0.195 and a market cap of $50.7 million

Halo Labs (NEO:HALO) has entered a definitive agreement to wholly acquire Cannalift Delivery.

Cannalift is currently in the late-stage development of a new mobile delivery platform. Once completed, customers will be able to use the software to order cannabis products directly from local dispensaries.

While Cannalift will not directly offer any cannabis products, the platform will act as a mediator between suppliers and consumers.

Katharyn Field, President of Halo Labs, said that the addition of Cannalift to Halo’s portfolio is an important step in building the company’s North American operations.

“With ongoing supply constraints in North America and the lack of delivery options, being an early operator in a demanding space for direct to consumer delivery will put Halo ahead of the competition.

“With the recently announced planned acquisitions of the KushBar Brand, the NOHO dispensary and intended acquisitions of future retail cannabis locations, Halo will be in a position to deliver high quality cannabis products to consumers both in store and at home,” she added.

Halo Labs will issue 31,000,000 common shares at a price of C$0.11 each to the owners of Cannalift. The total price of the transaction will therefore be valued at $3.41 million.

The platform is initially expected to roll out in select regions with regulatory approval. Saskatchewan and Manitoba are forecast to be at the top of the list, as well as the U.S. state of California.

Cannalift says the development of its platform is ahead of schedule, with initial sales and partnerships set to take place by the second quarter this year.

Halo Labs (HALO) is up 21.9 per cent, with shares currently trading for $0.195 at 11:05am EST.

More From The Market Herald

" Cannara Biotech (TSXV:LOVE) reports fourth quarter financial results

Cannara Biotech (LOVE) is reporting its latest round of financial results.

" Halo Collective Inc. (NEO:HALO) increasing Oregon facility production to max capacity

Halo Collective Inc. (HALO) has taken initial steps to increase production to max capacity at its Pistil Point, Oregon Facility.

" The Market Herald’s Weekly Cannabis Report – Nov 25, 2022

High Tide (TSXV:HITI) announced that according to data released by New Cannabis Ventures, the company is now Canada’s top revenue-generating cannabis company.

" Organigram (TSX:OGI) launches HOLY MOUNTAIN to support its position in the Dried Flower and Hash categories

Organigram Holdings (OGI) has announced the launch of HOLY MOUNTAIN, the company’s newest value brand.