Halo Collective Inc. has completed the acquisition of all of the substantial assets of three operating entities that are doing business as Pistil Point in Oregon, which collectively hold multiple cannabis licenses. With this transaction, Halo now owns a range of indoor and outdoor cultivation, manufacturing and distribution assets, along with an expanded library of genetics that is expected to allow the company to execute its vertically integrated strategy in Oregon.
The acquisition of all of the substantial assets of Decatur One LLC, Bradford Two LLC, and Bradford Three LLC has resulted in the acquisition of Halo through its wholly-owned subsidiary, ANM Inc. The consideration payable by Halo to Halo in connection with the acquisition was $4.0 million, payable in 47,224 common shares in the capital of Halo. The hold period for the common shares will end on the date that is four months and one day from the date of issuance. In connection with the acquisition, the parties waived the requirement to hold $2.0 million worth of common shares in escrow for potential indemnification claims and achievement of specified milestones. The acquisition of Food Concepts LLC, the master tenant of the approximately 55,000 square feet of indoor cannabis cultivation, processing and wholesaling facility in Portland, Oregon in 2021, follows the acquisition of the businesses.
The acquisition of the Pistil Point operating assets is a key milestone for our home market of Oregon, said Katie Field, CEO and chairman. With the increased ownership of our supply chain, we are better able to meet consumer demand for high quality products while also delivering better economics for the business. We are confident that the acquisition will help our company achieve our goal of rebuilding shareholder value. Fighting The Cannabis 'Patent Trolls' -- This Company is Filing IPRs Against Gene Pool Technologies
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