Halo Labs, a renowned cannabis extraction firm that develops and produces cannabis concentrates and oils, reportedly announce the acquisition of Bophelo Bioscience & Wellness, the largest license land area holder, medical cannabis producer and marketer based in the Kingdom of Lesotho.
The company acquired Bophelo by exchanging 40,786,667 of its common shares.
Bophelo presently leases a fully licensed 5-hectare greenhouse canopy. The company has also obtained a conditional approval to extend its reach to an extra 200 hectares of the licensed outdoor greenhouse canopy. Halo Labs looks to begin exporting cannabis cultivated at Bophelo in the second quarter of 2020.
Overall, the completely implemented 205-hectare Bophelo cultivation site is set to be one of the largest sites of cannabis cultivation across the globe.
After processing the entire transaction, Halo would have a licensed 5-hectare site, an operating nursery. The company would also receive five 1-hectare new forced air greenhouses that are currently under preparation. The company would also receive 200 hectares of conditionally approved cultivation site for medicinal cannabis.
The company would also have a wholly licensed export business, with a grant to sell its cannabis in Australian, European and Israeli markets.
Halo Co-Founder and CEO, Kiran Sidhu stated that the company’s vision is to make the company one of the biggest legal cannabis cultivator and exporter in the world. This Bophelo acquisition would set the company firmly on its path to success. Halo is honored to be welcomed in the Kingdom of Lesotho. The company looks forward to innovating considerable prosperity for the coming decades.
Sidhu added that Lesotho is considered to be one of the world’s most favorable places for cannabis firms to work in. The climate of the region is suitable for cannabis cultivation, yielding as many as 3 times a year. Additionally, the government of Lesotho has been leading the international campaign for cannabis legalization. Bophelo has all the infrastructure needed as well as skilled agrarian labor to endure bigger agricultural activity.
Once the company is able to start cultivation over the whole 205 hectares land, it aims to transform the region into a global cannabis cultivation powerhouse.
Recently, Halo collaborated with Greeny.com to make curated CBD products available to customers in Oregon, Nevada and California.
Source credit: https://www.businesswire.com/news/home/20191127005631/en/Halo-Completes-Signing-Definitive-Agreement-Acquire-Bophelo