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Wednesday, Aug 17, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Halo Collective restructures its leadership team, appoints new CEO

Halo sells products under a portfolio of brands including Hush, Winberry Farms, Williams Wonder Farms and owns the retail brand Budega

Halo Collective, Inc.
Image via Halo Collective Inc.

Halo Collective Inc. (NEO: HALO) (OTCQX: HCANF) (Germany: A9KN)’s leadership team is being restructured and integrating two new managers.

On Monday, the cannabis company said Kiran Sidhu, its CEO and director of the board resigned but the cannabis industry expert Katharyn Field will be taking over his position.

Field has nearly a decade of direct cannabis experience including strategy, retail, corporate development, business development, HR & organization, legal & regulatory, and investor relations. She has been a member of the company’s executive team since joining in April 2019. She served initially as CSO and president since February 2020.

Fields first entered the industry in 2014 at Costa Farms and worked at MariMed as EVP of corporate development. She has held positions at The Brookings Institution and Bain & Company.

Halo Collective Inc--Halo Collective Promotes Katharyn Field to

Halo Collective promoted Katharyn Field to Chief Executive Officer; a proven cannabis Executive, with experience at The Brookings Institution and Bain & Company, to lead Halo’s streamlined and retail-focused strategy to drive near-term profitability. Photo via Halo Collective

Halo also announced that Cassidy McCord –Halo’s president– was appointed as the director on the board.

McCord has extensive experience in the cannabis sector where she worked for a Canadian licensed cannabis producer in addition to operational and management experience at a Canadian cannabis clinic.

She specializes in corporate reorganization, business development, retail and sales. She has held senior roles throughout her career and has held multiple board positions for public companies in the cannabis, food and mining sectors.

Sidhu –the company’s previous CEO– will provide consulting services to Halo for six months to facilitate a “smooth leadership transition”.

The company said his departure was the result of a mutual agreement between the board of Halo and him, “reflecting the board’s view that the company and Akanda (NASDAQ: AKAN), of which Halo owns approximately 40 per cent, needs to prioritize near-term profitability,” said the company in a statement.

Read more: Halo reports slumping sales as Q1 revenue dips to US$7.6M

Read more: UK-based Akanda makes strong debut on Nasdaq

Field said that Halo is very well-positioned in the US West Coast cannabis space with a strong consumer brand portfolio and a loyal customer base.

“In particular, we have developed a valuable portfolio of California assets including wholesale and white label manufacturing as well as retail assets in Los Angeles,” she added.

“My initial focus will be on streamlining the organization to establish a rationalized, focused business comprised of assets that create the most value and hold the most promise.”

She explained that while sales are down in California year over year, the company’s business is up and its manufacturing business is profitable and the Budega stores are trending well.

“I’m confident that by prioritizing near-term profitability and bolstering our growing retail presence, Halo will be able to scale from a position of strength, which is the best path to generate shareholder value.”

Halo sells products under a portfolio of brands including Hush, Winberry Farms, Williams Wonder Farms and owns the retail brand Budega,

The company has opened a dispensary in Los Angeles under the Budega brand in North Hollywood and plans to open two more in Hollywood and Westwood this year. Halo also operates three Kushbar retail cannabis stores located in Alberta, Canada.

Halo is also expanding into health and wellness categories including CBD and functional supplements such as non-psychotropic mushrooms.

It has also released beverages, dissolvable strips, capsules and topical supplements with a proposed national distribution via a strategic agreement with SWAY Energy Corporation. Halo has entered a letter of intent to acquire Phytocann Holdings, one of Europe’s leading wellness CBD consumer packaged goods companies.

The company has successfully acquired and integrated a variety of companies which were subsequently reorganized to create Akanda an international medical cannabis and wellness company, of which Halo currently owns approximately 40 per cent of shares.

Halo has also acquired a range of software such as CannPOS, Cannalift, CannaFeels, and the discrete sublingual dosing technology Accudab. The company intends to reorganize these entities into a subsidiary called Halo Tek Inc.

 

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