Halo Labs Provides July Sales Update
Halo Labs Inc. ("Halo" or the "Company") (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) is pleased to announce that retail sales of the Company’s Hush branded products continue to grow in the states of California and Oregon. In July, aggregate unaudited total revenues were approximately $2.18 million. Unaudited revenues from sales to dispensaries were $1.94 million, the largest monthly figure in the Company’s history. Unaudited revenues of $0.24 million from sales of California bulk distillate from Coastal Harvest make up the balance.
According to BDS Analytics (“BDS”), statewide legal cannabis sales in June 2020 reached $291.5 million across state-licensed retailers and delivery services--flat from the trailing month, and (up) +17.2% percent compared to June 2019. Concentrate sales were $89.6 million, (down) -0.5% from June 2019, but (up) +2.1% from the prior month. Hush vape cartridge sales constitute a majority of Halo product sales in California, and have been growing as distribution expands and consumers adopt the product. The Company’s California unaudited monthly revenues in July 2020 were approximately $0.8 million, a +45.3% increase over the previous month.
The Company anticipates that sales of Hush branded products will continue to grow as the California menu expands and the recently amplified sales force onboards new dispensary customers. Halo’s Hush branded products are now in 104 of approximately six-hundred dispensaries statewide. Halo is on track to launch one-, ten-, and twenty-piece gummy varieties with multiple flavors, and infused pre-rolls by the end of third quarter of 2020.
According to BDS, in June 2020, Cannabis sales in Oregon in adult-use dispensaries were $88.0 million, down 4.2% from the trailing month, and up +41.5% year-over-year in June.
According to BDS, retail sales of Hush branded concentrates in June 2020 grew at +261.6% year-over-year, compared to June 2019. In addition, retail sales of Hush branded edibles increased, growing at +532% year-over-year, when compared to June 2019. The Hush brand ranks #3 in Oregon’s concentrate category market share, and #7 in Oregon’s edible category market share. The Company believes the BDS figures may understate market share by not including sales of Halo’s Exhale and Mojave branded concentrates, as well as sales of the Company’s white label concentrates, edibles, pre-rolls and flower. The Company’s Oregon unaudited monthly revenues in July 2020 were approximately $1.38 million, a +3.3% increase over the previous month.