During this quarter, Halo Collective experienced its highest reported sales and continues to plan expansion with the successful opening of its first two Budega retail stores. The opening of the third supermarket store has made significant progress.
After reviewing its current operations, the company is actively seeking additional retail space and licenses in the United States, with a goal of securing up to seven locations by the end of 2023. Retail stores represent a valuable resource for sales and customer data, as they allow for vertical integration and offer a range of cannabis-related products, including food, pre-rolls, e-cigarettes, flowers, tinctures, creams, and more.
The company has successfully acquired three locations in the California area, including Westwood, NoHo, and now Hollywood, and plans to open seven more stores next year. Since its opening in early March of this year, the NoHo store has continued to grow with steady increases in revenue, offering unique promotional events to drive consumer traffic while maintaining a loyal and consistent customer base. In October of last year, the company implemented innovative changes to increase the stores' net profit. All retail locations promote their own products, including the top-selling Budega and Hush flower brands.
Westwood has experienced rapid growth over the past six months, with monthly revenues nearly doubling and peaking in sales in October of last year. Sales in the third quarter increased by 94% compared to the second quarter, and the company anticipates fourth quarter sales in Westwood to be based on October's sales figures. The pharmacy is conveniently located between Westwood and Beverly Hills, adjacent to Santa Monica Boulevard in a high-traffic area. Westwood is also the nearest pharmacy to the tourist areas of Beverly Hills and Century City.
Budega, a retail brand in the California cannabis industry, has established its presence as a prominent player. Following positive initial evaluations, the company is continuing its expansion plans in the region next year. Budega Hollywood, the largest of its three stores, has made significant progress and is projected to generate $15 million in revenue by 2023. The company has hired a renowned contractor to oversee the store's expansion and design, and has approved renderings to move forward with the development.
Regarding Halo Collective
Halo is a company that focuses on the west coast of the United States and vertically integrates its business, covering the entire value chain from seed to sale. The company grows, extracts, manufactures, and distributes high-quality cannabis flowers, pre-rolls, vape carts, edibles, and concentrates. These products are sold under a range of brands, including Hush™, Winberry Farms™, their retail brand Budega™, as well as through a licensing agreement with FlowerShop*. Additionally, Halo has opened two dispensaries under the Budega™ brand in North Hollywood and Hollywood, with plans to open another in Hollywood in 2022.
In the non-THC space, Halo is expanding into the health and wellness categories, including CBD and functional supplements such as brain-boosting nutrition products and non-psychedelic mushrooms. Through a series of acquisitions, Halo offers products in the form of beverages (H2C Beverages), dissolvable strips (Dissolve Medical), capsules (Hushrooms™), and topical supplements (Hatshe), and plans to distribute nationally through a strategic agreement with SWAY Energy.
Halo has successfully acquired and integrated multiple companies, subsequently restructuring to create Akanda Corp. (NASDAQ stock code: AKAN), an international medical cannabis and health company in which Halo is the largest shareholder. Halo has also acquired a series of software development assets including CannPOS, Cannalift, CannaFeels, and discrete sublingual delivery technology Accudab. Halo intends to restructure these entities (including their intellectual property and patent applications) into a subsidiary named Halo Tek Inc. and complete the distribution of Halo Tek Inc. shares to registered shareholders on a date to be determined.
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