Halo Collective to Acquire European Wellness CBD Firm Phytocann.
MANews-(C)2009-2022
Canada-based cannabis company Halo Collective Inc (NEO: HALO) (OTCQB: â[euro]-HCANF) (Germany: A9KN) (France/Swiss ISIN: CA40638K5070) has signed a letter of intent and entered into exclusive negotiations to acquire European wellness CBD firms Phytocann Holdings SA, the company said.
The Planned acquisition would add substantial revenue, EBITDA, geographic diversification, and an impressive CBD-based product lineup to Halo when closed.
Halo is proposing to acquire Phytocann through a wholly owned subsidiary to be formed by Halo, in Ontario, Canada; Phytocann International Holdings.
PIH is the planned vehicle for all of Halo's remaining non-THC assets anchored by Phytocann. Alexandre-Henri LacarrÃ(c), the founder of Phytocann and a successful European entrepreneur, is expected to lead PIH as its CEO upon closing of Planned acquisition.
Phytocann's audited 2020 revenue and earnings before taxes, depreciation, and amortization were approximately EUR 5.3m and EUR 1.2m, respectively, for the twelve-month period ended December 31, 20201.
Phytocann is expected publish audited numbers for the period ended December 31, 2021 within the next 90 days.
After the Planned acquisition is completed, Phytocann's management projects net revenues and EBITDA of approximately EUR 17m and EUR 4.3m, respectively, for the first twelve-month period.
These projections are based solely on Phytocann's existing European business driven by traditional and e-commerce revenue, and do not include contributions from Halo's operations non-THC company portfolio, and the launch of Phytocann's brands and e-commerce platforms into the United States.
Phytocann was founded in 2017 by Alexandre-Henri LacarrÃ(c) and headquartered in Villeneuve, Switzerland.
The company is vertically integrated from seed to sale, serving multiple market segments with a range of brands including 260 products that are...
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