HALO LABS CEO KIRAN SIDHU (CSE: HALO) (OCTQX: AGEEF) RICH TV LIVE
Channel: RICH TV LIVE
Date: 2019-08-07

HALO LABS (CSE: HALO) (OCTQX: AGEEF) CEO KIRAN SIDHU | RICH TV LIVE - INTERVIEW with Halo Labs CEO Kiran Sidhu on RICH TV LIVE - Lesotho (pronounced "le-so-toe" or "le-sue-two") is a landlocked kingdom surrounded by South Africa. Most people probably never heard of it until recently, as in 2017 it was the first African country to legalize medical marijuana. Owing to the pioneering regulations, over 300 days of sunshine annually, low humidity, pristine water, educated workforce and more, the tiny nation has burst onto the scene as an optimal location for growing and exporting cannabis and a gateway to European markets.

Market Leaders Come Calling

These conditions underscored Canopy Growth Corp. spending CDN$28.8 million in stock to acquire Daddy Cann Lesotho PTY Ltd., or Highlands as it is known, in May 2018. The prize for Canopy Growth was Highlands' license to cultivate, manufacture, supply, hold, import, export and transport cannabis and its resin in Lesotho.

While Canopy scooped up Highlands, Halo Labs (OTCQX: AGEEF) (NEO: HALO) (FSE: A9KN), a cannabis extraction company that develops and manufactures cannabis oils and concentrates, was working with Bophelo Bioscience, the operator of one of the largest cannabis cultivation sites in Lesotho. Halo was operating the 5-hectare (~540,000 square feet) cultivation and production property and purchasing all the harvested crop in exchange for Bophelo taking a 20% stake in Halo and earning a royalty on cannabis sales.

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This month, Halo upped the ante on its commitment to Lesotho, inking a non-binding letter of intent to acquire 100% of Bophelo. The LOI lays out the terms for which Halo will pay CDN$24.7 million (US$18.4 million) for Bophelo through the issuance of about 40.8 million shares of its common stock.

Land…and A Lot of It

While Bophelo's 5-hectare plot is essentially double the size of other licensed facilities in Lesotho, it could widen exponentially in the future. As explained by Halo CEO Kiran Sidhu, the state has already given Bophelo preliminary approval to expand up to 200 hectares (21.5 million square feet) and has indicated they would consider granting permission for outdoor growing from 2019 onwards, following consultation with the International Narcotics Control Board.

Bophelo has the property locked in under a 20-year lease agreement with an option to renew for an additional 30 years.

Halo believes that on the 5-hectare plot they will be able to produce approximately 4.6 million grams of E.U. Good Manufacturing Practices (GMP)-grade cannabis concentrate per annum. Management estimates all-in production costs of no more than US$2 per gram for its concentrates, which it then expects to be able to market in Europe for US$10 per gram.

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