TORONTO--(BUSINESS WIRE)--Halo Labs Inc. ("Halo" or the "Company") (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) applauds the House Judiciary Committee which passed the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act in a 24-10 vote on Wednesday, November 20, 2019 which removes marijuana from Schedule 1 of the Controlled Substances Act and would de facto end prohibition in the US. For federal legalization to occur the MORE act will need to pass a House-wide vote as well as a vote in the Senate and then be signed into law by the President.
“This is a historic day in the United States as the House Judiciary Committee has approved an end to Federal marijuana prohibition,” commented Kiran Sidhu CEO of Halo Labs. He continued, “We are well positioned as dominoes continue to fall in the right direction to grow nationally and bring legal marijuana to all 50 states.”
Since its founding, Halo foresaw eventual Federal legalization and built the business with the express purpose to scale nationally. Indeed, the Company is one of the largest licensed cannabis manufacturers at its Medford facility and cultivators with the largest licensed single site grow in Southern Oregon, at its six-acre East Evans Creek Farm.
Located in the Emerald Triangle - where labor costs, rent costs, and tax burdens are low - Southern Oregon is one of the most optimal, low-cost regions in the world for growing and manufacturing cannabis.
Emphasizing this point, Halo recently produced a record harvest at East Evans Creek of 6,800kg (15,000 lbs.) of dry marijuana product. Further, the company believes it can achieve even greater annual yields of 8,170kg (18,000 lbs.) in future growing seasons at the six-acre farm as Company continues to refine and improve its cannabis strains.
Andreas Met the COO stated, “What coffee has been to Colombia and wheat to the Great Plains states, cannabis is to Southern Oregon, the northern tip of the Emerald Triangle. The hot, dry summers combined with cold rainy winters, latitude, elevation, and UVB light, make the climate very special for cannabis. When we started the company in 2015, we handpicked this region, built a facility capable of running 24-7 and then integrated cultivation with the goal to be able to supply cannabis flower, oils and concentrates nationwide.”
Cannabis grown outdoors in the Emerald Triangle is consistently among the highest quality in the world. Halo has is deeply embedded in the Southern Oregon cannabis ecosystem procuring annually up to 30,000kg (66,000 lbs.) from local farmers.
Currently, medical marijuana is legal in 33 states and it's legal for recreational use in 11 states, along with the District of Columbia. With widespread public approval, cannabis has become a bipartisan issue uniting disparate factions in Congress despite a highly polarized political environment.
“We also applaud the House for creating a 5% tax as part of the bill that would help people disproportionally impacted by the War on Drugs,” Mr. Sidhu stated. “It is high time we correct the unjust actions of the past and move forward with the new era of legal cannabis in the US. We are proud supporters. Our dream is one step closer to reality.”
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 is a global leader in cannabis oil and concentrates, having produced over 4.5 million grams of oils and concentrates since inception. The Company has expertise across all major cannabis manufacturing processes, leveraging a variety of proprietary processes and products. 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 and Oregon, as well as in Nevada with our partner Just Quality, LLC, and in Lesotho with the Bophelo strategic partnership. With a consumer-centric focus, Halo will continue to market innovative, branded, and private label products across multiple product categories. Halo recently acquired Dispensary Track platform which will alleviate customer flow constraints experienced by dispensaries and enable direct consumer interaction.
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 information regarding the federal legalization of marijuana and the Company’s position to capitalize on the potential change in law.
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 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. 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. 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.