CATHEDRAL CITY, Calif. & TORONTO--(BUSINESS WIRE)--Halo Labs Inc. ("Halo" or the "Company") (NEO: HALO, OTC: AGEEF, Germany: A9KN) is pleased to announce that the Company has 1 of only 52 annual state licenses issued to date and is one of the first operators in California to fully implement California’s Cannabis Track-and-Trace (CCTT) system.
Most California cannabis industry operators continues to struggle with stricter licensing requirements adopted by state lawmakers and regulators in recent months. In California there are over 10,000 temporary cannabis businesses licenses set to expire in 2019 with as many as 6,200 set to expire by April 2019. Currently, the state has no provisions in place for extending those expiring licences and many operators face the prospect of major business disruptions before they receive their annual licenses. Halo has dedicated the resources to stay ahead of the regulations, and as a result has already obtained its non-temporary annual state and local cannabis licenses and has fully implemented CCTT via the METRC software suite.
The CCTT system is used statewide to record the inventory and movement of legal cannabis products through the commercial supply chain, and prevent both the entry of cannabis from the illicit market into the regulated market, and the diversion of lawfully produced cannabis into illicit markets. Temporary licensees are not allowed to access the METRC system, while annual licensees are required to have employees complete comprehensive training before being permitted to use the METRC-CCTT system.
Kiran Sidhu, CEO commented: “Our teams’ expertise of operating in highly regulated states the past three years has enabled us to stay ahead of the curve in California and be both one of few fully permitted operators in the state and one of the first companies to implement METRC. “
ABOUT HALO LABS
Halo is a cannabis extraction company that develops and manufactures quality cannabis oils and concentrates, which are the fastest growing segments in the cannabis industry. Halo has expertise in all major cannabis manufacturing processes, leveraging proprietary processes and products, and has produced over 3.0M grams of oils and concentrates since inception. The forward-thinking company is led by a strong management team with deep industry knowledge and blue-chip experience. The Company is currently operating in California, Nevada and Oregon, and expects to begin operating in southern Africa through a strategic partnership in the Kingdom of Lesotho. With a consumer-centric focus, Halo will continue to market innovative branded and private label products across multiple product categories.
For further information regarding Halo, see Halo’s disclosure documents on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Halo’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Halo’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but is not limited to, information concerning the Company's second facility in Cathedral City, the future prospects of the Company, the production capacity of the Company's current facility in Cathedral City, the Company's prospects for future partnerships with Canadian and European entities and the expected timing of the launch of DabTabs™ in various markets.
By identifying such information and statements in this manner, Halo is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halo to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Halo has made certain assumptions.
Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: adverse changes in applicable laws; adverse changes to suppliers and other third parties with which the Company does business, changes in general economic, business and political conditions, including changes in the financial markets and the other risks disclosed in the most recent management information circular (including the documents incorporated by reference therein). Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Although Halo believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Key assumptions used herein are that the development of the Company's second facility in Cathedral City will not be subject to any unexpected costs or delays, that the current facility in Cathedral City will be able to operate at full capacity, that the Company's discussions with potential partners, both domestic and international, will progress as expected and that the launch of the DabTab™ product line will not be subject to any unexpected costs or delays. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Halo does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Halo or persons acting on its behalf is expressly qualified in its entirety by this notice.