TORONTO: Halo Labs Inc. announcd that it has obtained regulatory approval from the Central Lesotho Bank (CBL) to proceed with its proposed acquisition of Bophelo Bioscience & Wellness (Pty) Ltd.

With approval from CBL in hand, Halo is moving towards closing the Transaction and this is expected to be completed prior to the end of July 2020.

Located in Mafeteng in the Kingdom of Lesotho in southern Africa, Bophelo has the country’s largest licensed land area for cultivation of medicinal grade cannabis products. Bophelo currently leases a 5-hectare fully licensed greenhouse canopy and has conditional approval to expand to a total of 200 hectares of licensed outdoor canopy. Once fully implemented, the 200-hectare Bophelo site is expected to be one of the largest cannabis cultivations in the world.

Commenting on the CBL approval, Halo CEO and Co-Founder Kiran Sidhu stated, “Our vision is to make Halo one of the world’s largest cultivators and exporters of medicinal cannabis. With the approval of the CBL in hand, Halo expects to complete this acquisition by the end of July 2020 which will set us on this path. Once we are able to fully assume leadership and develop Bophelo’s 200-hectares, our ambition is to transform the Mafeteng region of Lesotho into a global powerhouse of cannabis cultivation.”

Louisa Mojela, Founder and Chairman of Bophelo commented further, “I am pleased and excited that finally the acquisition of Bophelo by Halo can be implemented following the approval by the CBL. Furthermore, we are excited to join the Halo family and in doing so apply their unique expertise and track record in the cannabis industry. This acquisition will bring much needed jobs and contribute to the economic development of Lesotho as well as enhance community development of women and children. These positive outcomes are now closer to being achieved as we have a clear path to closing the Transaction and operating at full capacity.”

Completion of the Transaction is subject to the satisfaction or waiver of certain conditions precedent (including the receipt of any requisite regulatory and third-party approvals) and there can be no assurance that the Company will complete the Transaction.

Halo is a leading cannabis cultivation, manufacturing, and distribution company that grows and extracts and processes quality cannabis flower, oils, and concentrates and has sold over 5 million grams of oils and concentrates since inception. Additionally, Halo has continued to evolve its business through delivering value with its products and now via verticalization in key markets in the United States and Africa with planned expansion into European and Canadian markets. With a consumer-centric focus, Halo markets innovative, branded, and private label products across multiple product categories.

Recently, the Company entered into binding agreements to acquire a dispensary in Los Angeles, 3 KushBar branded dispensaries, 5 development permits in Alberta Canada, and Canmart Limited which holds wholesale distribution and special licenses allowing the import and distribution of cannabis based products for medicinal use (CBPM’s) in the United Kingdom. Halo is led by a strong, diverse management team with deep industry knowledge and blue-chip experience. The Company is currently operating in the United States in California, Oregon, and Nevada while having an international presence in Lesotho within a planned 200-hectare cultivation zone via Bophelo as well as planned importation and distribution in the United Kingdom via Canmart.

Bophelo Bioscience is based in the Kingdom of Lesotho, Southern Africa, in the Mafeteng Region. Bophelo is the holder of one of a limited number of licenses issued in Lesotho for the production of medicinal cannabis products. As the largest licensed landholder in Lesotho, Bophelo’s 9-year license allows it to cultivate, manufacture, import and export cannabis products.

Situated approximately 70 kilometres from the capital city of Maseru, Bophelo’s operating site is in an ideal location with ample labor, abundant free water, flat land, and low electricity costs. The favorable high altitude and low humidity climate provide clean, organic growing conditions in this pristine mountainous region. With over 200 days of annual sunshine, Bophelo can support as many as 3 full growing seasons a year.