Halo Labs Inc. (OTCMKTS:AGEEF) announced the completion of the acquisition of 66.67% of controlling membership interest in LKJ11 and 100% outstanding membership interest in its retail management form Crimson &Black LLC.
Similarly, on July 1, the Los Angeles City Council approved the urgency ordinance requiring the implementation of a streamlined approval process by DCR. This is to enable winning applicants to acquire permission to operate. The ordinance will become effective after assent by the city’s Mayor.
Halo acquires LKJ11 and C&B
According to the acquisition agreement for LKJ11, Halo will acquire 66.67% interest in exchange for 42.88 million of Halo common stock at $0.2332 per share. This represents around $10 million of the total $11.5 million that Halo is to pay for the acquisition of LKJ11 and Crimson& Black. To implement the transaction, LKJ11’S majority member merged into, and with Halo’s MFT11 Merger Sub Inc., the majority member was the only remaining entity that will be wholly-owned by PSG Coastal Holdings and indirectly owned as a subsidiary of Halo.
For Crimson & Black, the company acquired a 100% interest in exchange for 6.432 million Halo Shares at $0.2332 per share with a total of $1.5 million. According to terms of the deal, C&B will Merge into and with Halo’s C&B Merger Sub Inc., and it will be the surviving entity wholly-owned by PSG.
Acquisition to help Halo expand in California
Halo Co-founder and CEO Kiran Sidhu indicated that they were delighted to close the acquisition of Crimson & Black and LKJ11. As a result of the acquisition, Sidhu indicated that North Hollywood pot consumers will now have access to a full collection of curated sector-leading Halo products and amazing dispensary experience.
Crimson & Black’s David Cho stated that they were delighted to close the transactions to start with the planning and execution of a marketing model in North Hollywood. Cho added that the amalgamation of the team, retail footprint, and location help the NOHO dispensary opening, which will be a huge step in “Seed to sale” in California.
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