Halo Labs has provided an update to ongoing business operations involving the Bophelo Biosciences & Wellness in Lesotho, Africa. In addition the first expansion phase was launched: this includes a 1.2 hectare build, including 8 hoop houses and 1 Cravo greenhouse
Bophelo Update
Halo Chief Operating Officer, Andreas Met, is currently overseeing the project in Lesotho, Africa. Working closely with Bophelo’s Chairman and Founder Louisa Mojela on site, Met is handling all developments revolving around site infrastructure and horticulture. "Nearing maturity, the initial harvest of 350 plants is estimated to start in 10 days and be completed by the end of February."
Bophelo and Halo have also launched the Phase 1 expansion comprising 8 hoop houses and 1 Cravo greenhouse to grow multiple strains of potential medicinal cannabis exports from Lesotho. Halo expects to complete the 1.2 hectare build by the end March and anticipates harvesting half an acre of canopy from it in 2020. At full utilization, Phase 1 houses 3 acres of total canopy or approximately 120,000 square feet. The Company plans to put additional infrastructure into production to expand the canopy by year end.
Met comments from Lesotho on the project, “We have started to roll out infrastructure that will enable us to deliver flower and biomass for oil production to international markets by July 1, 2020. Presently, we are sourcing materials required for the build out and readying the site for the Cravo Greenhouse including site prep, IT infrastructure, and more. We are building an experienced team to execute on Bophelo and Halo’s plan to export medicinal cannabis from Lesotho.”
Met’s team onsite includes Roderick Teague, a seasoned agricultural project manager from the blueberry and tobacco industries. Teague has overseen largescale agriculture projects of up to 120 hectares that produced several metric tons of yield in countries such as Zimbabwe, Zambia, Mozambique and South Africa. Additionally, the team is comprised of professionals from the coffee industry with experience in international agricultural business.
Recently, Halo announced commencement for formal European Union Good Agricultural and Collection Practices (“EU GACP”) certification for growing medical cannabis in Lesotho that can be distributed to the United Kingdom. Utilizing Pharmaconsulta, Halo will meet all regulation standards to receive EU GACP certificates for Bophelo operations for medicinal plants as published by the European Medicines Agency and World Health Organization. Pharmaconsulta will also provide full audits on the agricultural and cultivation sites, implement a quality control system compliant with EU GACP standards while also providing full training to staff.
Upon receipt of the EU GACP certification, Halo anticipates utilizing Canmart Limited (“Canmart”), a holder of wholesale distribution and special cannabis licenses in the United Kingdom, to import Cannabis Based Products for Medicinal use (“CBPMs”) into the UK. There are over 1.4 million people using CBPMs in the UK with a market expected to surpass $3 billion by 2024. Halo is in the process of acquiring Canmart to gain a foothold in the UK. The UK is expected to be the start of Halo’s plan to gain more distribution channels into European markets. Currently, the Company is reviewing opportunities in Malta, Israel and beyond.
Halo anticipates garnering statutory central bank approvals in Lesotho and South Africa imminently and following the final closing of the Bophelo acquisition. Additionally, Louisa Mojela the Founder and Chairman of Wiphold Finance, a $250 million private equity fund, is leading active discussions with multiple commercial banks throughout the African region. This institutional and non-dilutive financing would be among the first of its kind in cannabis and would be used for further construction and buildout as well as provide working capital for the Company.
Kiran Sidhu, Halo CEO and Co-Founder, comments, “We are excited to be finalizing the acquisition of Bophelo. Since initially announcing the partnership in December of 2018, our position has evolved to the anticipated acquisition of the company. The promise that the Kingdom of Lesotho offers in the cannabis industry and appointing Louisa Mojela to Halo Chairman places the Company in a strong position for global expansion.”
For more information:
Halo Labs
halocanna.com
For more information:
Richard Vollebregt
President
Cravo Equipment Ltd
Phone: +(1) 519 759 8226 x 215
richardv@cravo.com
www.cravo.com