Halo Collective Inc (OTCMKTS:HCANF) stock continues to move higher this week after the company released monthly revenue figures.
Market Reaction:
In Wednesday’s trading session, HCANF stock moved up 2.93% to $0.0351 with more than 2.02 million shares, compared to its average volume of 2.17 million shares. Over the past 52-week, the stock has moved within a range of $ 0.0215 – 0.1737.
Major Trigger:
Halo Collective Announces Record Monthly Net Revenue of $3.9 Million in August
Key Highlights:
Halo Collective announced record preliminary unaudited monthly net revenue in August 2021 of approximately $3.9 million1. This represents a 94% increase compared to August 2020 and was driven by continued organic growth and increased market penetration in California and Oregon, as well as contribution from the recent acquisitions of Winberry Farms and the Company’s three KushBar retail cannabis stores located in Alberta, Canada. Excluding acquisitions, organic revenue growth was 19% in August 2021 compared to August 2020.
Key Quote:
Commented Kiran Sidhu, CEO and Founder of Halo, “Our team has stepped up efforts to focus on higher-quality sales throughout the summer and this is driving continued strong revenue growth in August. The expected improvement in gross margins from these initiatives combined with a significant reduction in corporate overhead over the coming quarters should accelerate our path toward profitability as we progress toward our stated goal of being a West Coast operator focused on Oregon and California. As Halo opens dispensaries in Southern California in the later part of 2021, we expect our revenue growth to continue to accelerate.”
