Halo Labs Announces Agreement to Acquire Accu-Dab Technology from Precisa Medical Instruments Corp

On December 23, 2019, VCBeat (WeChat Official Account: vcbeat) learned that Halo Labs (hereinafter referred to as “Halo”) announced the acquisition of all common shares of Precisa Medical Instruments Corp. (hereinafter referred to as “Precisa”) at a price of CAD 3.75 million per Halo common share.

Halo is a global cannabis extraction company dedicated to developing and manufacturing premium cannabis oils and concentrates. As a global leader in cannabis oils and concentrate oils, Halo has produced over 4.5 million grams of cannabis oil and concentrates since its inception. The company recently acquired the Dispensary Track platform, which addresses customer workflow limitations encountered by dispensaries. This platform facilitates direct engagement and communication with consumers.

Precisa owns intellectual property rights related to the Accu-Dab and CBD wipe applicator devices and is focused on their development. Accu-Dab is a convenient and precise technology that provides instant dosing of THC or CBD products sublingually, achieving high-impact absorption. This technology comes in the form of a discreet pen, allowing users to pre-select various doses of THC or CBD ranging from 0.01 mL to 0.60 mL for sublingual administration. Through its user-friendly dial selection mechanism, Accu-Dab can accurately and consistently dispense THC or CBD products to meet consumers’ specific dosing needs. Sublingual consumption of THC and CBD offers higher bioavailability and more rapid entry into the bloodstream compared to conventional inhalation.

Halo will acquire Precisa, while simultaneously supporting the development of Accu-Dab and continuing business expansion. The acquisition is expected to be completed through a stock swap, whereby Halo will acquire 100% of the issued and outstanding common shares of Precisa through its wholly-owned subsidiary, Halo Accu-Dab Holdings. Upon completion of the transaction, Precisa will become a wholly-owned subsidiary of Halo Accu-Dab Holdings.

As a condition to closing the transaction, Halo announced a concurrent private placement of its common shares at a price of CAD 0.30 per share, increasing the total gross proceeds from CAD 1 million to CAD 1.2 million. The company intends to use the proceeds to complete the development of Accu-Dab and for general working capital purposes.

“Halo continues to provide customers with the latest cannabis products and device technology,” said Kiran Sidhu, CEO and Co-Founder of Halo. “As the only licensee in this market, we are now developing Accu-Dab technology. This technology offers consumers a non-vaporization alternative for consuming cannabis through sublingual administration of CBD and THC.”

This is a privately held manufacturing company dedicated to the development, production, and sale of disposable precision-engineered medical devices, as well as services for such devices and their components. The company has developed an intelligent flow control system—a unique 100% mechanical flow control product—designed for precise infusion management. These systems are specifically intended for use in home care settings and hospital wards.

(Compiled by Wang Jingna)