HALO COLLECTIVE INC. Halo Collective Inc. announced it is launching new premium cannabis strains and plans to commence growing the launch harvest next week at its Pistil Point facility. The launch will include three new strains: Gelato Biscotti, Sherbet and Strawberry Sherbet as an initial lineup for their new dessert line. The Company continues to expand its product portfolio and innovate new strains maintaining its premium standard for Cannabis manufacturing and cultivation in Oregon and California.
After successful partnership with one of the top dispensary chains in Oregon with over 30+ locations across the state, the sales team has launched an aggressive expansion plan targeting high volume dispensaries and wholesalers. Having evaluated efficiencies and production capabilities amongst its various facilities in Oregon, the company is positioned well to supply large scale wholesale outlets. Sales numbers and volumes have been proven earlier this year and maintains a strong market for cannabis consumption volumes.
Cannabis Business Times reports: Adult-use sales totals jumped to $83.7 million in April (2022). In addition to the $83.7 million in adult-use sales for April, Oregon's licensed cannabis retailers also sold nearly $6.1 million in medical cannabis productsÂ$89.8 million combined for the month of April. Cannabis flower represented 50.5% of the combined product market share in April, while concentrates and extracts represented 24.3% of the market, and edibles and tinctures represented 13.6% of the market.1 While 2022 overall exhibited lackluster sales, Statista forecasts an estimated marijuana sales value of approximately 1.04 billion U.S. dollars in Oregon in 2025.
Some experts say this is partially due to Oregon state's proposed legislation to tamp down the traditional market. AP News reports that parts of Oregon have seen record seizures, with retail street value of the marijuana in Oregon estimated to be $76 million, this poses opportunity for growth in the legal cannabis market. The launch of Halo's new dessert strains: Gelato Biscotti, Sherbet and Strawberry Sherbet will offer new additions to the current portfolio and will be advanced through the current sales and distribution channels.
The initial production will commence next week, with the expected harvest and cultivation to complete in late first quarter. Once the initial grow of the new strains has been produced and launched to market, the company will review and assess the feedback and demand for these new strains. The new dessert strains will primarily be sold in flower form, with a portion of production being converted to pre-rolls.
The Company expects a sell-out of the crop based on initial conversations with its customer base. Upon the second growth cycle in March 2023, the Company plans to utilize the new dessert strains for extracts and vape cartridges in addition to flower and pre-rolls.
