Halo Collective Inc. (OTCPK:HCAN.F) cancelled the acquisition of Phytocann Holdings SA.
July 25, 2022
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Halo Collective Inc. (OTCPK:HCAN.F) entered into a agreement to acquire Phytocann Holdings SA for 100 million on April 28, 2022. As per the terms of the transaction Halo is offering upfront consideration of 12.2 million with a further potential earn-out of up to 87.8 million in debt. the upfront Consideration would be paid partially in shares of Halo, equal to 24% of the issued and outstanding Halo shares at the time of signing definitive agreement in respect of the Planned Acquisition with the remaining part of the Upfront Consideration to be paid by way of a vendor note which matures upon the date falling two years following completion of the Planned Acquisition and the The Earn-Out Consideration shall be calculated based on a multiple of the EBITDA and revenues of the PIH during an agreed period following the closing of the Planned Acquisition. The Earn-Out Consideration shall be paid by way of a note which matures upon the date falling two years following completion of the Planned Acquisition. Following the acquisition of Phytocann, Halo management is expecting to create two separate companies under Halo Collective, a THC focused entity, and a non-THC focused entity. Alexandre-Henri Lacarré, the founder of Phytocann and a successful European entrepreneur, is expected to lead PIH as its CEO upon closing of Planned Acquisition. Completion of the Planned Acquisition is subject to entering into of the Definitive Agreement, approval of Regulatory authority and the satisfaction or waiver of all closing conditions. the transaction is expected to close in the next 90 days.
Halo Collective Inc. (OTCPK:HCAN.F) cancelled the acquisition of Phytocann Holdings SA on July 26, 2022.
Halo Collective Inc. is a Canada-based vertically integrated cannabis company. The Company is engaged in cultivating, extracting, manufacturing, and distribution of quality cannabis flower, pre-rolls, vape carts, edibles, and concentrates. It offers products under a portfolio of brands, including Hush, Winberry Farms and Exhale, as well as under its retail brand Budega. It also sells its products under license agreement with Papa's Herb, DNA Genetics, and FlowerShop. It owns approximately 55,000 square feet indoor cannabis cultivation, processing, and wholesaling facility in Portland, Oregon. It is also focused on health and wellness categories, including cannabidiol (CBD) and functional supplements such as nootropic nutraceuticals and non-psychotropic mushrooms. It has product offerings in the form of beverages (H2C Beverages), dissolvable strips, capsules (Hushrooms), and topical supplements (Hatshe). It operates in the United States, Canada, Southern Africa and the United Kingdom.