Halo Collective Inc. (OTCMKTS:HCANF) is up 20% in a month. The company announced the signing of a definitive agreement for the acquisition of Food Concepts LLC. Food Concepts is a master tenant of around 55,000 sq. ft. of indoor marijuana growing, processing, and wholesaling plant located in Portland, Oregon.
The facility operates under the Pistil Point title with associated licenses given by the Oregon Liquor Control Commission. The acquisition will close in the coming week once all merger articles have been filed. Notably, the Pistil Point deal will be subject to approval from the OLCC and will close early next year.
Once completed, the transaction will make Halo among the largest indoor cannabis growers in the state of Oregon, adding to its 11 acres of contacted and owned greenhouse and outdoor cultivation. The company’s CEO Kiran Sidhu, said that Halo was established in Oregon, and they believe it is a market for the future with possible Federal legalization expected. HCANF is, therefore, worth watching in the coming weeks.
Market Reaction:
On Friday, HCANF stock gained 4.10% at $0.0358 with more than 3.18 million shares, compared to its average volume of 2.16 million shares. The stock has moved within a range of $0.0330 – 0.0370 after opening the trade at $0.0370.
