Halo Collective (HALO.E) and Red Light Holland (TRIP.C) filed articles of incorporation with the Oregon Secretary of State to form a 50/50 joint venture called Red Light Oregon today, according to a press release.
Each company will throw $50,000 into the pot for the JV, and the initial directors will consist of Todd Shapiro, Red Light Holland’s CEO and director, Sarah Hashkes, TRIP’s chief technology and innovation officer, as well as Kiran Sidhu, Halo’s director and CEO and Katie Field, Halo’s president. At this stage, the JV will keep an eye on regulatory updates from Oregon’s Measure 109, put a management team together and develop a roadmap to commercialization.
“We are delighted to take this next step with Halo. We now have the entity and team in place to begin laying the groundwork for potential future participation in the Oregon Psychedelic Magic Mushroom market. Kiran and his team have extensive experience working with Oregon regulators and we could not be more excited to have them as a partner! We also plan on continually monitoring other future markets opening in the USA as the movement, both socially and from a therapeutic/medicinal level promoting the acceptance of psilocybin via legal, policy and regulatory measures rapidly progresses,” said Todd Shapiro, CEO and director of Red Light Holland.
Red Light Holland is based in Ontario and they’re involved in the production, growth and sale of magic truffles through Smart Shops retailers and e-commerce in the legal market in the Netherlands.
In contrast, Halo is a vertically integrated cannabis company with a proven track record, including over nine million grams of oil and concentrates sold since inception. This is part of the company’s natural evolutionary course—partnering with a company that expects them to help bring top-tier products to market. Their present growth expansion includes key U.S. markets, the United Kingdom and Africa, and they intend on expanding into Canada when the option becomes available.
It’s been six months since Oregon became the first state in the United States to legalize psilocybin for medical use in November 2020. There’s still a two year period where the government irons out the regulatory details.
“We have been diligently studying the anticipated market growth for psychedelic products and the potential benefits for consumers. Now that Governor Brown appointed a board to oversee Oregon’s roll out of psylocibin, Halo and Red Light decide to take the next step towards implementing our joint venture. Todd is a visionary and we are thrilled to be working with him and his team to make our dream of manufacturing and serving consumers with these new therapies a reality. The addition of Sarah, Red Light’s CTO, to the Board will enable us to stay ahead of the curve utilizing her background in cognitive neuroscience research, immersive technology to develop psychedelic products and consumer offerings. Stay tuned for more updates,” said Shapiro.
Here’s a short video on the topic:
Source: stockwatch.com
Halo is down half a cent and presently trading at $0.09.
Source: stockwatch.com
TRIP is down $0.025 and presently trading at $0.35.
—Joseph Morton
