It was a particularly tough time for Halo Collective Inc (OTCMKTS:HCANF) last week in the markets last week as its stock fell sharply and ended the week with losses of as much as 8%.
While the stock did decline, it is perhaps also important to point out that last week the company also announced its unaudited monthly net revenues for the month of August 2021. The revenue figure came in at $3.9 million and it proved to be a record for Halo. The revenue figure represented a whopping 94% jump year on year and hence, the decline in the stock price may come as a surprise for many investors.
The considerable rise in revenues for Halo Collective was primarily brought about through organic growth as well as through the strengthening of the company’s presence in the states of Oregon and California. In addition to that, the acquisition of Winberry Farms in addition to the three KushBar cannabis retail stores that Halo acquired played their part in the strong performance as well.
If one excludes the revenues that were generated from the acquisitions the year on year organic growth in revenues came in at 19% for the month of August.