Not for Distribution to U.S. Newswire Servicers or For Dissemination in the United States
Halo Labs Inc. ("Halo" or the "Company") (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) is pleased to announce Bophelo Bioscience & Wellness ("Bophelo") has formally commenced the certification process required to achieve European Good Agricultural and Collection Practices ("EU GACP") accreditation for cannabis grown at the Company’s 205-hectare cultivation site at Bophelo in Lesotho, Africa.
Obtaining EU GACP certification would allow Halo to export medicinal cannabis and Cannabis-Based Products for Medicinal use ("CBPMs") to the United Kingdom as well as countries in the European Union. According to Prohibition Partners, the CBPM market in the UK is comprised of 1.4 million consumers who use CBPMs for health treatments with an additional 4.7 million recreational cannabis users. This translate to a medical cannabis market that is predicted to be worth roughly $1.3 billion by 2024.
To achieve EU GACP accreditation, Halo has engaged Pharmaconsulta Limited ("Pharmaconsulta"), an independent firm based out of Malta in Europe, that specializes in pharmaceutical regulatory affairs.
Pharmaconsulta will implement a comprehensive quality control program to ensure that cannabis grown at Bophelo may be exported to various legal international markets. The firm will ensure the following milestones are completed:
- Obtain an EU GACP certificate for Bophelo, as well as meet the requirements and standards for starting materials of Herbal Origin, as published by the European Medicines Agency ("EMEA") and World Health Organization ("WHO") guidelines on GACP for medicinal plants
- Provide full audits on the agricultural and cultivation sites in Lesotho, Africa
- Draft and implement a quality control system compliant with EU GACP standards
- Provide all necessary training to the Bophelo staff
Kiran Sidhu, CEO and Co-Founder of Halo, commented, "We are excited to finalize the steps required to export medical cannabis products from Lesotho into Europe. Becoming GACP certified and meeting all necessary standards is critical in our execution internationally. Pharmaconsulta will ensure that the Bophelo facilities receive all permits for exporting medicinal cannabis to the United Kingdom through Halo’s planned acquisition target Canmart Limited."
Indeed 1,000 flowering plants in 8 hoop houses are under production at Bophelo which Halo expects will be harvested in Q2 2020. Moreover, cloning processes with DNA Genetics are underway for February with an anticipated harvest date in Q3 of 2020.
Mr. Sidhu continues, "We are extremely pleased at the speed at which we are realizing our strategic vision for Bophelo. By the time the maiden harvest is complete the facility is expected to be fully certified and ready to export legal cannabis. International exportation is currently an untapped opportunity for Halo and will add sizeable, incremental topline revenue.
We also look forward to delivering innovative strains with the DNA genetics partnership to future harvests. With three grow seasons a year anticipated at Bophelo, we expect to establish ourselves quickly as one of the leading suppliers of consistently high-quality cannabis to regulated international markets."
Halo is a global 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 205-hectare Bophelo cultivation zone.
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.
Pharmaconsulta is an independent consultancy firm based in Malta (EU) specializing in pharmaceutical regulatory affairs. Besides offering consultancy services, they also offer contract manufacture, laboratory analysis and QP batch release through approved suppliers that are all GMP audited and certified. Pharmaconsulta provides specialist advice and assistance with particular emphasis on EU GMP/GDP/GLP guidelines. The services offered include, but are not limited to, EU market penetration, local representation and distribution, contract Responsible/Qualified Person (RP)/(QP) provision, licensing support, dossier submission review, Patient Information Leaflet (PIL) and Summary of Product Characteristics (SPC) origination and printing, advertising review, pharmacovigilance, Standard Operating Procedures creation (SOP) warehousing and logistics, regulatory solutions and strategic planning.
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, statements regarding the partnership with Pharmaconsulta Limited to obtain EU GACP certificates in Lesotho, Africa.
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.