Halo Labs Improves Transparency with Move to OTCQX -- CFN Media
Seattle, Washington--(Newsfile Corp. - May 8, 2019) - CFN Media Group ("CFN Media"), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article discussing Halo Labs Inc. (NEO: HALO) (OTCQX: AGEEF) (FSE: A9KN). The company recently announced that it has qualified to trade on the OTCQX® Best Market, which represents an uplisting from its prior position on the OTCQB® Venture Market under the ticker symbol "AGEFF". The stock began trading on the OTCQX® under the symbol "AGEEF" on April 30, and investors can already access all of its financial disclosures and real-time level two quotes.
Many Canadian cannabis companies trade on the OTC Markets rather than a national exchange due to restrictive U.S. cannabis regulations and higher costs. While many U.S. investors have access to OTC-listed securities, there is a wide range of transparency levels that can impact investment decisions and liquidity. The OTCQX® is the highest tier of the OTC Markets exchange and represents the utmost transparency from issuers.
Focus on Transparency
Halo Labs listed on Canada's NEO Exchange in October of last year, which is a relatively new senior stock exchange that takes a disclosure-based approach to listing companies in the U.S. cannabis sector. The exchange improves the investor experience by eliminating predatory market behavior like high-frequency trading, implementing a unique market making program to ensure liquidity, and offering free real-time market data for everyone.
The move to the OTCQX® represents a similar commitment to transparency and reflects the company's strong financial position, operating track record, asset base and commitment to disclosure. The OTCQX® requires that companies have minimum levels of assets, revenue, net income, and/or market capitalization, as well as meet certain penny stock exemptions. Companies must also meet certain disclosure requirements that ensure investors remain informed through customary channels.
"I am excited to see Halo upgrading to the OTCQX Market, the highest tier market that the OTC offers," said Kiran Sidhu, CEO of Halo Labs. "This is a major milestone for Halo and reflects our long operating track record, significant operations and commitment to disclosure to investors. We are excited for this up listing as it opens up the Company to a wider pool of investors throughout the U.S."
The move could open the door to a greater pool of investors, which could in turn increase liquidity and make the stock more appealing to larger investors.
Numerous Catalysts Ahead
The move to the OTCQX® comes as Halo Labs continues to build out its cannabis concentrates and oil business in the United States. In March, the company reported record revenue of approximately US$2.8 million driven by expansion into California which has become the driving force of the company. Recently the Company recruited two executives to bolster its California leadership team. Chad Kanner and Gurpreet Sahani will both help expand the company's California-based operations by leaning on their extensive experience and relationships.
In the meantime, the company continues to build up its Oregon business and expand into other states. The company operates under two licenses for manufacturing and cultivation in Nevada with a pending license for distribution. The team is selling one private label and two in-house brands across 18 dispensaries with its 8,000 sq. ft. licensed processing facility near the Las Vegas airport-and the state could become a major source of revenue in the future.
In addition to the U.S., the company has established an international partnership in Africa. The partnerships include a 14-hectare land package off-take agreement, a 20 percent equity stake and a $0.50 to $2.00 royalty on a signed letter of intent in Lesotho Africa.
Halo Labs Inc. (NEO: HALO) (OTCQX: AGEEF) (FSE: A9KN) uplisting to the OTCQX® comes as it continues its expansion throughout the United States. By increasing transparency and investor access, the company's stock could see greater liquidity and attract larger investors over time. In the meantime, investors may want to keep an eye on the stock as it continues to expand its footprint and generate shareholder value.
For more information, visit the company's website at www.halocanna.com.
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