US-based cannabis company Halo Collective Inc. (NEO: HALO) announced this morning that its board has approved reorganizing its non-US assets, Bophelo Bioscience & Wellness and Canmart, to form Akanda Corp. The company plans to position Akanda as a player in the African cannabis industry.
Akanda will take advantage of Lesotho-based Bophelo’s production capabilities, including a 200-hectare canopy capacity, and UK-based distributor Canmart’s route-to-market infrastructure. Bophelo’s campus is in Kingdom of Lesotho’s Mafeteng region, located in an economic zone that the country dedicated to the cannabis industry.
This move delineates Halo to focus as a multi-state operator in the US, focusing on recreational cannabis while Akanda will focus on supplying medical cannabis products to international markets.
“Akanda…will be positioned to be the low-cost supplier of high quality and ethically sourced medical cannabis products to the fast-growing African, UK, European, and other international markets,” Halo CEO Kiran Sidhu said in a statement.
The newly-formed company will be headed by CEO Tej Virk. Virk was a former president and managing director of Khiron Life Sciences’ (TSXV: KHRN) Europe division and managing director of Canopy Growth’s (TSX: WEED) Europe division.
Halo Collective Inc. last traded at $0.065 on the NEO.
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