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Wednesday, May 25, 2022

A Spark just Surged through Halo Labs Inc (OTCMKTS:AGEEF)

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Another stock that has caught some eyes this week in the cannabis space is Halo Labs Inc (OTCMKTS:AGEEF). Shares have powered higher in the past 3 sessions, with Monday’s move representing a clear acceleration on a strong jump in volume, so it should be noted by traders. To further flesh out the story, the company just announced it has entered into a two-part agreement with Cannus Partners Inc. for procurement of biomass and supply bulk extract.

According to the release, “Under the terms of the agreement Cannus will provide Halo with 1,500 pounds of cannabis product (biomass) per week and in return Halo shall manufacture and supply Cannus 50,000 grams of high-grade distillate per week with an estimated wholesale value at over $250,000/week. The first delivery of bulk extracts is anticipated for March subject to Cannus obtaining all appropriate California state and local licensing in place. The parties agree to share equally in the gross profit.”

Halo Labs Inc (OTCMKTS:AGEEF) trumpets itself as a company that manufactures and sells cannabis oil and concentrates in the United States. It serves licensed retailers and wholesalers. The company was founded in 2016 and is based in Toronto, Canada.

Halo frames itself broadly as a week stock that works to provide cannabis oils and concentrates to end markets from its hub in Oregon. The company contends to have strong in-house resources and knowledge capital across the board in terms of cannabis-related product manufacturing, with a presence in both Nevada and California.

According to company materials, “Halo is a cannabis extraction company that develops and manufactures quality cannabis oils and concentrates, which are the fastest growing segments in the cannabis industry. Halo has expertise in all major cannabis manufacturing processes, leveraging proprietary processes and products, and has produced over three million grams of oils and concentrates since inception. The forward-thinking company is led by a strong management team with deep industry knowledge and blue-chip experience. The Company is currently operating in California, Nevada and Oregon as well as Lesotho Africa through a strategic partnership. With a consumer-centric focus, Halo will continue to market innovative branded and private label products across multiple product categories.”

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As noted above, AGEEF just announced it has entered into a two-part agreement with Cannus Partners Inc. for procurement of biomass and supply bulk extract.

We’ve witnessed 53% during the past month in terms of shareholder gains in the listing. Moreover, the listing has seen a growing influx of trading interest, with the stock’s recent average trading volume running approaching 890% above its longer-run average levels.

Kiran Sidhu, CEO of Halo Labs said, “We are delighted to partner with Cannus Partners, a vertically integrated cannabis company. Cannus has developed an expertise in cultivation along with an extensive distribution platform and retail operations and is an ideal partner for Halo. We look forward to growing our partnership as both companies continue to scale and grow in California and beyond.”

Earning a current market cap value of $86.63M, AGEEF has a significant war chest ($13.2M) of cash on the books, which is balanced by about $12.8M in total current liabilities. One should also note that debt has been growing over recent quarters. The company is pre-revenue at this point. We will update the story again soon as further details emerge. Sign-up for continuing coverage on shares of $AGEEF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $AGEEF, either long or short, and we have not been compensated for this article.

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