Halo Collective Inc. (NEO:HALO) (OTCQB:HCANF) (Germany:A9KN) received all final approvals from the Los Angeles Department of Cannabis Regulation and California Department of Cannabis Control to commence adult-use sales at its Budega branded retail dispensary in the Arts District of North Hollywood, California. With the required license and permits in hand, the company's focus has transitioned from the regulatory approval process to further readying the location to open. This includes implementing the State's required "track and trace" system, receiving initial product orders from vendors, merchandising the store and preparing for its first customers in early March.
The 1,200 square foot retail facility is strategically located at the northwest corner of Lankershim Boulevard and Hesby Avenue in the NoHo Arts District, a vibrant and heavily trafficked section of metropolitan Los Angeles.
"It has been a lengthy, complicated process to get to this pivotal and exciting moment for the Halo team. Despite the ongoing challenges COVID and external forces have presented us, we have persevered and our first Budega store in NoHo is on the verge of opening. With the licenses in place the team can begin the final stages of preparing and stocking the store for its opening," stated Katie Field, president and director of Halo.
According to Halo management the NoHo location is expected to generate up to $10 million of annual retail sales at maturity. The company is also licensed for delivery, and its delivery service area will include Studio City, North Hollywood, Hollywood Burbank, and the Eastern San Fernando Valley.
Budega will offer a product assortment exceeding 1,000 SKUs, including many top-tier California brands and the debut of the Budega branded product lineup. The Budega dispensaries will also stock Halo's Hush branded cartridges, gummies and pre-rolls.
