Oregon-based multistate operator Halo Collective (NEO: HALO) (OTCQX: HCANF) (Germany: A9KN) announced Friday that it has closed on the acquisition of a trio of companies that do business as Pistil Point, further expanding its cultivation footprint in the Pacific Northwest.
In an all-stock deal worth $4 million, Halo purchased Decatur One LLC, Bradford Two LLC and Bradford Three LLC, which Halo CEO Katie Field called “a key milestone.”
“With increased ownership of our supply chain, we are better able to meet consumer demand for high quality products while also delivering improved economics for the business,” Field said in a news release.
Field said Halo has concentrated on both diversifying its product portfolio to include outdoor and indoor-grown marijuana flower, as well as solidifying control over its own supply chain.
The company has also ramped up delivery offerings to roughly 70% of Oregon, with a roughly 48-hour window for all deliveries, according to the release, and also expanded into the nutraceutical business.
“All of this is expected to enable the company to expand into new doors and drive growth for Halo,” Field said. “With a renewed localized approach, we see tremendous opportunity.”
Halo posted mostly positive results in its latest quarterly filings, but still lost $11.4 million.