Halo Collective Inc (OTCMKTS:HCANF) Reports 74% Jump in Revenue in Q2

Leading vertically integrated cannabis company engaged in cultivating, extracting, and distributing quality oils and concentrates, Halo Collective Inc (OTCMKTS:HCANF) on August 16, 2021, announced operational and financial results for three months ending June 30, 2021.

The firm had revenues of $9.1 million, up to $3.9 million, a surge of almost 74% as compared to 2020.

CEO and Co-Founder Kiran Sidhu said that the company delivered the highest gross profit since 2019 on account of robust revenue growth as well as revenue optimization efforts for diving higher quality sales. Sidhu added that the firm would continue to generate robust inorganic as well as organic growth on account of the popularity of its premium products as well as enhanced operational efficiency.

Sidhu said that the firm’s operational expenses are slightly higher as it will support Halo Tek and Akanda operations over the next few months but it will go down by year-end.

The CEO also said that the spin-off of Halo Tek, as well as the reorganization of its international assets into Akanda, will be key in sharpening focus as a leading U.S. multi-state operator concentrating in California and Oregon.

Philip Van Den Berg, CFO, and Co-Founder said that the second-quarter results show that the company is on track for achieving profitability. Berg added that it should have dispensaries online in the next 120 days and is also reducing revenue guidance from $75 million to $65 million.