Halo Signs Definitive Agreement to Acquire Cannafeels
Halo Labs Inc. (“Halo” or the “Company”) (NEO: HALO, OTCQX: AGEEF, Germany: A9KN) has entered into a definitive share exchange agreement, dated effective September 22, 2020 (the “Share Exchange Agreement”), with 1265292 B.C. Ltd., doing business as Cannafeels (“Cannafeels”), and the shareholders of Cannafeels (the “Shareholders”), pursuant to which the Company will acquire all the issued and outstanding shares of Cannafeels in exchange for common shares of Halo (the “Acquisition”).
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Cannafeels Infographic (Graphic: Business Wire)
Cannafeels is a software company developing an online application (the “App”) to provide consumers with relevant, web-sourced and curated information about cannabis strains. The App is currently being developed for both the North American recreational market, as well as the UK and select EU medical cannabis markets.
In all markets, Halo plans to use the App to feature content that can support patients and consumers as they research cannabis strains on their computers, tablets, and smartphones. Through the App, patients and consumers will be able to access this strain-related content before, during or after visits to clinics and dispensaries, helping them understand how different strains address a range of health issues, as well as beneficial psychological and bodily effects that recreational users may seek.
Drawing upon the clinical evidence base for medical cannabis, Halo anticipates that the completed App versions for the UK and select EU medical markets will include specific strain recommendations for different ailments, such as chronic pain, nausea, anxiety/depression, sleeplessness or other medical conditions, and information about product preparations, such as plant materials, oils, tinctures, edibles and capsules, as well as suggested dosing.
Andreas Met, Halo’s Co-Founder and COO, who is scheduled to lead the Company’s international operations, explains the rationale behind the Acquisition from an international perspective:
“Halo looks forward to supplying select European cannabis markets, beginning in Malta and the UK. With our Bophelo operation in Lesotho, we expect to meet the demand from those patients looking to obtain medicine on the private market, and those waiting to receive it from the National Health Service in the UK. Educating patients through Cannafeels, we can supplement the knowledge of medical specialists, demystifying the plant.”