Halo Collective Inc. reports financial and operational results Q4 2021 & Full year 2021

Halo Collective Inc. reports financial and operational results Q4 2021 & Full year 2021 - RICH TV LIVE - April 3, 2022 - #halocollective #news #richtvlive #stocks #trading #finance
Halo Collective Inc. ("Halo" or the "Company") (NEO: HALO) (OTCQB: HCANF) (Germany: A9KN) today announced its financial and operational results for the fourth quarter ("Q4 2021") and full year ended December 31, 2021 ("FYE 2021").

Fourth Quarter 2021 Financial Highlights:
Revenue of $8.4 million , up $3.2 million , or 63%, compared to $5.1 million in Q4 2020.
Sales of nearly 13 million grams of cannabis products principally to dispensaries in Oregon and California , a 345% year-over-year increase compared to Q4 2020.
Adjusted gross margin 1 was $0.8 million , or 9.6% gross margin, compared to $0.5 million , or 10.5% gross margin, in Q4 2020.
Adjusted EBITDA 1 loss of $7.1 million compared to a loss of $3.7 million in Q4 2020.
Full Year 2021 Financial Highlights:
Revenue of $36.2 million , up $14.5 million , or 67%, compared to $21.6 million in 2020.
Sales of over 32 million grams of cannabis products principally to dispensaries in Oregon and California , a 381% year-over-year increase compared to 2020.
Adjusted gross profit 1 was $7.3 million , or 20.1% gross margin, compared to gross profit of $5.2 million , or 24.0% gross margin, in 2020.
Adjusted EBITDA 1 loss of $23.6 million compared to a loss of $6.9 million in 2020.
"Halo's team is actively building significant shareholder value, even while the operating conditions remain difficult in the California and Oregon markets and pressuring our near-term financial performance," said CEO Kiran Sidhu . "In our growing wholesale businesses, volumes are trending upward due to higher sales velocity and expanded market penetration, offsetting much of the downward pressure on prices and positioning us well for when pricing stabilizes. In our retail business, we've opened our first Budega™ dispensary in North Hollywood, California , and are seeing solid preliminary results in the first weeks of operation. Meanwhile, we have taken the necessary steps to rationalize the business to accelerate our path to profitability."

Added Sidhu, "What's less apparent in the financials is the significant value that we are creating through our incubation efforts within our collective of assets. Take Akanda Corp. as an example. In 2020 we purchased two disparate international cannabis assets, Bophelo Bioscience & Wellness and CanMart and, after completing a reorganization of these assets and putting in place a team, strategy and structure, Halo is now the largest shareholder in this rapidly scaling international medical cannabis company with a stake worth over $100 million based on Akanda's current market capitalization. We are now assessing other opportunities with respect to Halo's investments in cannabis businesses ancillary to our West Coast operations, including our investments in CBD and functional beverages, two of the fastest-growing categories in the consumer space that can be widely distributed."

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