Halo Cannabis Announces Acquisition of Bophelo Bioscience to Expand Medicinal Cannabis Cultivation and Import Channels

On November 27, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that Halo Cannabis, a cultivator and exporter of medical cannabis, announced it had reached a definitive acquisition agreement with Bophelo Bioscience & Wellness. The acquisition is expected to expand Halo Cannabis’s cultivation footprint and import channels for medical cannabis.

Following the completion of the acquisition, Halo will appoint Ms. Louisa Mojela, co-founder of Bophelo, as its new Chairperson.

Halo is a U.S.-based medical cannabis cultivator and exporter, as well as a global cannabis extraction company. The company is dedicated to developing and producing high-quality cannabis oils and concentrates, having produced over 4.5 million grams of cannabis oil since its inception. Halo recently acquired the Dispensary Track platform, which aims to alleviate the consumer volume caps faced by dispensaries and facilitate direct engagement between dispensaries and consumers.

Bophelo is a bioscience company based in the Kingdom of Lesotho. Bophelo holds one of the few licenses issued by Lesotho for the production and export of medicinal cannabis products. This license permits Bophelo to engage in the cultivation, manufacturing, and import and export of medical-grade cannabis for a period of nine years.

The Kingdom of Lesotho was the first African country to legalize the cultivation and production of medicinal cannabis, becoming one of the world’s most prominent hubs for cannabis operations. Since legalization in 2016, the country has issued a limited number of licenses and has been engaged in the export of medicinal cannabis since early 2018.

Regarding its future sales channels, Halo is in negotiations with licensed cannabis companies in Europe, Australia, and Israel, with the aim of importing medical-grade cannabis from Bophelo in the future. Halo is expected to begin export sales of medical cannabis in the second quarter of 2020.

Halo CEO and Co-founder Kiran Sidhu commented on the transaction, stating, “Our vision is to make Halo one of the world’s largest legal cannabis growers and exporters, and the acquisition of Bophelo has further solidified our resolve. We are honored to be welcomed by the Kingdom of Lesotho and look forward to creating substantial prosperity here over the coming decades. For our international growth strategy, there is no better location than Lesotho—a country characterized by political stability, a cannabis culture, low taxes, and low labor costs. Leveraging the nation’s existing trade agreements and compliance with international standards, Lesotho will serve as Halo’s gateway to the global cannabis market.”

(Compiled by Xiong Hui)