This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated September 16, 2020 to its short form base shelf prospectus dated September 2, 2020.
Not for Distribution to U.S. Newswire Servicers or For Dissemination in the United States
All figures in USD unless stated otherwise
TORONTO–(BUSINESS WIRE)–Halo Labs Inc. (“Halo” or the “Company”) (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) is pleased to announce that its wholly owned subsidiary PSG Coastal Holdings, LLC (“PSG”) together with Green Matter Holding, Inc (“GMH”) founded a real estate holding company on August 18, 2020 each with 50% ownership. The newly created company, Lake County Natural Health LLC (“LCNH”), completed the purchase of the Bar X Ranch in Lake County, California from an unrelated party.
Halo’s partner, GMH is the parent company of Humboldt Standard, a Humboldt-based, sustainable company, currently cultivating twenty-four acres of licensed outdoor cannabis in Northern California, manufacturing concentrates in Oakland, and distributing award-winning strains throughout the California market.
Encompassing 1,600 acres (647 hectares), the Bar X Ranch boasts clean air quality and abundant natural resources in particular water, arable flat land and good soil. The property address is 20333 S. State Highway 29, Middletown, Lake County, CA. It includes two houses, two barns and ample power for the intended grow operations. Prior to the purchase, LCNH determined that the farm has the capacity to grow up to 80 acres (32 hectares) of cannabis. When Bar-X ranch is fully operational, it will be the largest cannabis cultivation operation in the region1.
LCNH plans to immediately commence the buildout of Bar X Ranch, with a target outdoor grow of at least 60 acres (24 hectares), employing sustainable and organic practices, and with future plans for up to 10 acres (4 hectares)