Toronto-based Halo Collective, a publicly traded cannabis company, received final approvals from the Los Angeles Department of Cannabis Regulation and California Department of Cannabis Control to commence adult-use sales at its Budega branded retail dispensary in the Arts District of North Hollywood.
Halo can now transition to readying the location to open through receiving product orders from vendors, merchandizing the store and implementing California’s required track and trace system. The system enables a product’s status to be captured throughout a supply chain.
The NoHo Budega is 1,200 square feet and located at the northwest corner of Lankershim Boulevard and Hesby Avenue. Halo expects it to generate up to $10 million of annual retail sales at maturity.
“It has been a lengthy, complicated process to get to this pivotal and exciting moment for the Halo team. Despite the ongoing challenges COVID and external forces have presented us, we have persevered and our first Budega store in NoHo is on the verge of opening,” Katie Field, Halo’s president, said in a statement.
Halo is licensed for delivery, a service it expects to increase top-line sales and help capture overall market share. Budega’s delivery service area will encompass Studio City, North Hollywood, Hollywood, Burbank, and the Eastern San Fernando Valley.
Budega will offer a product assortment of more than 1,000 stock units, which will include the debut of a Budega branded product lineup and Halo’s Hush branded cartridges, gummies and pre-rolls.
“Not only will the opening of NoHo significantly increase our topline net revenue but, furthermore, the company expects to increase profit before tax margins by stocking up to 20 percent of Budega’s shelf space with Halo brands,” Field added in a statement.