Hollywood dispensary set to open in June pending local administrative review
TORONTO, May 21, 2022 – Halo Collective Inc. (“Halo” or the “Company”) (NEO: HALO) (OTCQX: HCANF) (Germany: A9KN) today announced that it expects all three of it’s Los Angeles dispensaries will be open by the end of June.
The Grand Opening of Budega Westwood will be Friday, May 27. As previously announced, this premier retail establishment passed its Los Angeles inspection. The Budega Westwood (ZXC11, LLC) dispensary is strategically located between Westwood and Beverly Hills, right off Santa Monica Boulevard and within two miles of the University of Los Angeles California campus (“UCLA”) and the closest dispensary to the tourist district of Beverly Hills and Century City.Budega Hollywood, is expected to open in June. The Company has received its license from the State of California, and the final local inspection has been scheduled. Construction is progressing on plan.
“The Hollywood dispensary will be our first superstore, with 4,500 square feet, giving us the capacity for more than 1,000 SKUs,” commented Kiran Sidhu, Halo’s Chief Executive Officer. “Both of our Hollywood and Westwood dispensaries are strategically located, promising significant nearby foot traffic and access to locals and tourists alike. In addition, our Hollywood dispensary has ample parking on-site, and after a brief ramp-up period, we expect both dispensaries to contribute meaningfully to our revenue and operating profit contribution by the second half of 2022.”
Budega Hollywood will offer our vast product assortment, including many top-tier California brands such as Jungle Boys, Jeeter, 710 Labs, Alien Labs, Connected Cookies, and Kiva as well as highlight Budega’s line of branded products, which remain the top selling SKU’s at Budega’s North Hollywood location. In addition, the store will also stock Halo’s Hush™ branded cartridges, gummies, and pre-rolls. The store plans to operate Monday through Sunday from 7 a.m. to 10 p.m. Visit www.budega.com for more information or to place your order online.
“When these two locations open, Halo will have three Los Angeles dispensaries, each offering an unrivaled retail shopping experience, enabling us to differentiate ourselves in the marketplace and build brand equity,” said Ryan Kunkel, Halo’s Chairman.
California is the highest-grossing state for cannabis retail sales in the United States, with legal retail sales of $5.2 billion1 in 2021, up 17% from 2020. California is projected to gross $7 billion by 2025.2 California is the largest legal cannabis market in the United States and is less saturated than other mature retail markets. In Los Angeles County, there are approximately 250 licenses3 for a population of 3.9 million across 500 square miles4, compared to Oregon, which has 4.3 million people and approximately 800 stores across 98,466 square miles5. There are roughly two licenses per 100,000 people in California, one of the lowest rates in the nation among states that support legal recreational sales. By comparison, Oregon has 18 retail shops for every 100,000 residents. Colorado boasts a similar ratio, and Washington state’s rate is more than triple California’s6.
About Halo Collective
Halo is a multi-national incubation company with assets and operations centered in both THC and non-THC sectors. For the THC sector, Halo is focused on the West Coast of the United States where it has vertically integrated operations covering the entire value chain from seed to sale. Halo cultivates, extracts, manufactures, and distributes quality cannabis flower, pre-rolls, vape carts, edibles, and concentrates. Halo sells these products under a portfolio of brands including Hush™, Winberry Farms™, Williams Wonder Farms, its retail brand Budega™, and under license agreements with Papa’s Herb®, DNA Genetics, and FlowerShop*. Halo has opened a dispensary in Los Angeles under the Budega™ brand in North Hollywood and plans to open two more in Hollywood, and Westwood in the second quarter of 2022. Halo also operates three Kushbar retail cannabis stores located in Alberta, Canada.
In the non-THC sector, Halo is expanding into health and wellness categories including CBD and functional supplements such as nootropic nutraceuticals and non-psychotropic mushrooms. Halo, through a series of acquisitions, is developing product offerings in the form of beverages (H2C Beverages), dissolvable strips (Dissolve Medical), capsules (Hushrooms™), and topical supplements (Hatshe) with proposed national distribution via a strategic agreement with SWAY Energy Corporation. Halo has entered a letter of intent to acquire Phytocann Holdings, one of Europe’s leading wellness CBD consumer packaged goods companies with a portfolio of value and premium brands including Ivory, Harvest Laboratoires, Easy Weed, Kanolia, Herboristerie Alexandra, Buddies and Ghosty Buds.
As an incubator, Halo has successfully acquired and integrated a variety of companies which were subsequently reorganized to create Akanda Corp. (NASDAQ: AKAN), an international medical cannabis and wellness company, of which Halo currently owns approximately 44% of the common shares. Halo has also acquired a range of software development assets, including CannPOS, Cannalift, CannaFeels, and a discrete sublingual dosing technology, Accudab. Halo intends to reorganize these entities (including their intellectual property and patent applications) into a subsidiary called Halo Tek Inc., and to complete a distribution of the shares of Halo Tek Inc. to shareholders on record, at a date to be determined.
This article was shared with Prittle Prattle News as a Press Release.
