REPEAT/Bophelo Partners with DNA Genetics in Lesotho
Halo Labs Inc. (“Halo” or the “Company”) (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) is pleased to announce that Bophelo Bioscience & Wellness (“Bophelo”) has signed a strategic alliance and seed purchase agreement with OG DNA Genetics Inc. (“DNA Genetics” or “DNA”), to give the Bophelo exclusive rights to develop new and existing DNA Genetics’ strains of medical cannabis in Lesotho (the “Strategic Alliance”) for worldwide exportation.
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Halo signed a definitive agreement to acquire Bophelo on November 27th, 2019. The acquisition of Bophelo by Halo is expected to close within the next 30 days.
DNA is one of the world’s leading creators of high-quality cannabis seeds, whose strains consistently contain high cannabinoid and terpene concentrations. DNA’s cannabis strains already command premium market prices in Canada, the United States and Europe and are some of the most sought-after strains and seeds in the world.
Under the terms of the Strategic Alliance, Bophelo is the only company in Lesotho that has the right to grow and develop DNA’s strains of cannabis through breeding, cultivation, phenotyping and prompt regulatory certification.
Louisa Maliako Mojela, Chairman of Bophelo, commented, “Bophelo’s strategic alliance with DNA Genetics in Lesotho gives us a significant competitive edge, as we strive to become one of the world’s leading exporters of medical cannabis and related products.
Our vision is to create the largest medical cannabis cultivation zone on the planet at Bophelo. This is fast becoming a reality. The maiden harvest of 1,000 plants is on course for early Q2 2020, the first phase of greenhouse construction nearing completion and we are securing international GACP certification for our site. The alliance with DNA is even further validation of how rapidly our Lesotho operations have developed and the unlimited potential of this opportunity.
Now, with the introduction of DNA’s award-winning world-class cannabis strains, we can accelerate our breeding program to grow medical-grade cannabis in very large quantities at Bophelo, which will command premium export prices.”
Strategic Alliance Highlights
- Bophelo granted exclusive rights of use in Lesotho to all existing cannabis strains developed by DNA Genetics
- DNA’s cannabis strains are known worldwide and command premium pricing
- Initial 5-year term of Strategic Alliance, with successive 5-year renewals
- Bophelo to have right of first refusal in Lesotho to all new cannabis strains developed by DNA
- DNA to supply cannabis seeds to Bophelo in Lesotho at discounted wholesale prices, through exclusive seed purchase agreement
- DNA has in place all necessary permits to commence export of cannabis seeds to Lesotho immediately
- Strategic Alliance expected to deliver substantial near-term enhancement of Bophelo’s growing capabilities at the 205-hectare cannabis cultivation zone
- Introduction of DNA cannabis strains to strengthen Bophelo’s local genetic pool, increasing cannabinoid and terpene concentrations
- Future strain breeding program to be discussed in 12 months to optimize outdoor growing at Bophelo
The Strategic Alliance