Halo To Acquire Cannabis Processing Technology Company, Announces CA$2.25M Private …

Cannabis extraction company Halo Labs Inc. (NEO: HALO) (OTCQX:AGEEF) declared Tuesday it intends to acquire a cannabis processing technology company, 1275111 B.C. Ltd.

Under the deal, the company will obtain all of 1275111’s issued and outstanding shares in exchange for its 147,475,343 common shares.

The closing of the deal is subject to NEO Exchange Inc.’s approval.

Halo said it would utilize particular 1275111’s patent-pending intellectual property concerning cannabinoid filtration and purification, to reduce production costs and boost its processing capabilities.

“This technology is applicable to almost all industry players, and we expect full implementation as early as March 2021,” explained Josh Haddox, the company’s SVP of Operations.

Concurrently, the Toronto-based company announced it’s poised to secure up to CA$2.25 million in financing through a proposed non-brokered private placement of up to 40,909,090 of its shares.

Halo confirmed it would utilize the proceeds for general working capital purposes.

In addition, the company expects to close both deals on or about Jan. 4, 2021.

MSome of the company’s moves over the past year include an $11.5 million worth acquisition of Crimson & Black, and a stake in a North Hollywood cannabis dispensary, partnering with Feel Better LLC for the manufacture and commercialization of marijuana branded products, and nomination of the co-founder and CEO of New African Capital Partners, Charles Kie, for the role of director.

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