Halo Labs Inc., has recently announced that it has inked an agreement for acquiring Nasalbinoid Natural Devices’ entire common shares for about C$5.1 million in Halo common shares at a price of approximately C$0.15 per share, amounting to 34 million shares. The common shares that will be issued by Halo in line with the proposed acquisition will further be subject to particular sale restrictions.
Apparently, Nasalbinoid has been focusing on the development of a line of cannabidiol (CBD) oil infused refreshing and natural personal nasal inhalers. The company could formulate Tetrahydrocannabinol (THC) versions under the leadership of Halo. Nasal inhalation stands apart from vaporizing and smoking verticals and is the newest consumption method within the cannabis market.
The expanding COVID-19 pandemic has resulted in an increase in the demand for alternatives to vaping and smoking for the customers to mitigate their virus susceptibility. These nasal inhalers will be strengthening the established product portfolio of Halo, that is now set to reach out to newer customer segments as well as expand the dispensary penetration by providing a decent alternative to vaping and smoking.
According to reliable sources, the personal nasal inhalers by Nasalbinoid are usually mixed with natural scents to offer a refreshing dose of CBD aromatherapy. NND also has a line of about three different refillable inhalers with formulations such as Cinnamint, Tropical, and Berry. Halo has been planning to introduce CBD/THC combination formulations for nine separate offerings that will be launched this year.
Co-founder and CEO of Halo, Kiran Sidhu announced NND’s proposed acquisition as a different flagship product which will strengthen the total product portfolio of Halo. The latter has continued its way to improve the user experience by bringing in innovative products like the novel devices.
The company believes in the personal delivery of cannabinoids as they can be more consumer friendly on account of features like reducing any potential lung damage that is related with vaping or smoking.
Source Credit- https://business.financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/halo-announces-proposed-acquisition-of-nasalbinoid-natural-devices-and-concurrent-private-placement