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Halo Collective Provides Update on Triangle Canna

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Halo Collective Inc. (“Halo” or the “Company”) (NEO: HALO) (OTCQX: HCAND) (Germany: A9K0) today provided an update on Triangle Canna Corp. (“Triangle Canna” or “Triangle”). As previously announced in September 2020, the Company partnered with Green Matter Holding Inc. (“Green Matter”) to purchase 1,600 acres of farm property in Lake County, California (the “Farm”). The Farm is owned 50% by the Company’s wholly-owned indirect subsidiary, PSG Coastal Holdings LLC, and 50% by Green Matter. Triangle is the long-term leaseholder and planned licensed cannabis cultivator of the Farm. Halo and Green Matter each own 44% of the issued and outstanding shares of Triangle Canna, with additional 9% and 3% stakes held by Europa Group USA, LLC and Anil Beri, respectively.

“We are thrilled to be launching Triangle Canna after all the hard work our team has poured into this project over the past 17 months to turn our dream of a large-scale, quality focused farm in Northern California into a reality. We believe in this plant. It has been my life’s work. We aim to show the world that our genetics and growing techniques, which we have honed over 20 years, are the best in the world and can compete with any other cannabis company out there,” said Triangle Founder & CEO Jedediah Morris, “We know how to grow high-quality, retail-grade flower, and we know how to do it at a competitve cost.”

Continued Mr. Morris, “By harvest time for Trianglenext year, we expect the current oversupply in California should be diminished. Regardless, we expect the quality of our harvest will be strong and command premium pricing for flower at that time, subject to market and performance uncertainties. We are leveraging Q4 2021 and Q1 2022 to prepare for next year’s growing season, including forging bulk sourcing contracts on raw materials and aligning off take agreements with significant industry distribution partners.”

State and Local Licensing
As of today, Triangle Canna has in hand  271 provisional licenses from the California Department of Cannabis Control, the state regulator. Each license allows up to 10,000 square feet of canopy and implies state entitlements for 62.22 acres of canopy. Triangle is beginning the process of converting these to annual state licenses. Four additional licenses are in the process of being considered for annual licensure already, with a total of 275 licenses more to be converted. Additionally, the Farm has submitted an application to Lake County, California, for a local Major Use Permit to cultivate on the state approved acreage.

The local application contemplates two phases for build-out:

Phase 1

  • 63 A-Type 3 Medium Outdoor Cultivation Licenses (62.2 acres)
  • 1 A-Type 13 Self Distribution License

Phase 2 (Full Build-out):

  • 43 A-Type 3 Medium Outdoor Cultivation Licenses (42.7 acres)
  • 34 A-Type 3B Medium Mixed Light (Greenhouse) Cultivation Licenses (17 acres)
  • 1 Cannabis Processing License for a new 60,000 square foot facility

$75 Million Reg-A+ Financing
Now that Triangle Canna’s Form 1-A Offering Statement has been qualified by the U.S. Securities and Exchange Commission1, Triangle intends to complete a financing of up to $75 million at a $165 million pre-money valuation under Regulation A+ (the “Triangle Offering”). Currently, Triangle may offer its securities in 39 states and, by year end, plans to offer securities in at least 49 states. After the Triangle Offering is completed, Triangle also intends to pursue a listing of its class A common stock on a recognized North American stock. Halo has invested approximately $2 million to date pursuant to its initial equity investment of $44,000 and loans to Triangle, including under lines of credit with Halo with a maximum withdrawl of $2.1 million.

Learn more at: https://investintriangle.com

Board of Directors
Triangle has appointed Ryan Kunkel Halo’s Chairman of the Board and the Chief Executive Officer and Founder of Have a Heart to its board of directors. Mr. Kunkel is a leading industry expert and entrepreneur in cannabis, influencing its legal, regulatory, and operational development since the legalization of recreational marijuana use in Washington State in 2011. He was instrumental in the raise of $50 million for Have a Heart in two private offerings, which enabled him to expand the Have a Heart footprint by creating an organizational infrastructure to maintain the dispensary storefronts at a rapid pace. With a focus on operations, fundraising, and application development, Kunkel quickly expanded the brand to 13 operational stores in six different states with a total of 26 winning applications. Under his stewardship, the Have a Heart business grew to more than 500 active employees. His expertise in the industry enabled him to identify and capture the leading market share in Washington State, one of the most saturated cannabis markets in the U.S.

Mr. Kunkel’s professional accolades include being named to Marijuana Venture’s 40 under 40 in 2018, where he was recognized for his success and promise in the cannabis industry with Have a Heart’s track record and performance. He continued to build on this opening delivery and retail operations in five jurisdictions across California.

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