Halo Collective Inc. (“Halo” or the “Company”) (NEO: HALO) (OTCQB: HCANF) (Germany: A9KN) reports highest selling quarter and continues planned expansion for the Budega retail locations after successful opening of the first two locations and significant progress in opening of the third superstore location. The Company is actively looking to secure additional retail space and licenses for up to 7 locations within the US by end of 2023 after review of the current operations. The retail stores act as a valuable data resource for sales and consumer habits as they are vertically integrated with the Company offering edibles, pre-rolls, vapes, flower, tinctures, creams, and various other cannabis related products.
The company has successfully secured three locations within the California area, including Westwood, NoHo, and now Hollywood, with plans to open 7 additional stores within the following year. The NoHo location has seen continued growth with a steady increase in revenues since opening in March earlier this year, offering unique promotions to drive consumer traffic while maintaining a loyal and consistent customer base. This past October, the Company implemented innovative changes to increase the net revenue for the store. All retail locations promote the in-house products, including the Budega and Hush flower brands, which have consistently been among the top-selling SKUs.
Westwood has seen quick growth opening just over 6 months ago and nearly doubling its revenues each month, with its highest sales this past October. Q3 sales increased 94% from Q2, and the Company projects strong Q4 sales for Westwood based on October sales. The dispensary is strategically located between Westwood and Beverly Hills, right off Santa Monica Boulevard, within a high foot traffic area. Westwood is also the closest dispensary to the tourist district of Beverly Hills and Century City.
The Budega stores have now proven as an established name in retail cannabis within California. After assessing the initial launches, the Company moves forward with its plans to continue expansion in the California area into this upcoming year. The Company has been making significant progress with Budega Hollywood, which will the largest of the three, having expected revenues of up to $15M for 2023. The company has secured a well-renowned contractor to complete the store’s build-out and design and has approved renderings to move forward with the development.