Canada’s Halo Labs acquires fellow cannabis company Bophelo Bioscience & Wellness of Lesotho
The Toronto, Canada based cannabis company Halo Labs has announced it intends to acquire Lesotho’s Bophelo Bioscience & Wellness.
Lesotho is the first African country to grant medical marijuana licenses, and as such Halo Labs has identified the country as a potential export hub. In its 17 June press release, the company said that the acquisition would help it to grow at scale and meet the quality standards necessary to distribute to European cannabis markets, as well as the consumer market in Africa itself.
Kiran Sidhu, CEO of Halo Labs, said: “The high-altitude, low-humidity climate and access to water, as well as low cost utility, tax, and labor rates mean cannabis in Lesotho can be cultivated naturally at a very competitive cost. While most of the licenses issued to date restrict cultivation to 2-3 hectares and indoor or greenhouse growing, Bophelo operates one of the largest sites in Lesotho at 5 hectares. The state has also given Bophelo preliminary approval to expand up to 200 hectares and has indicated they would consider granting permission for outdoor growing from 2019 onwards, following consultation with the INCB (International Narcotics Control Board). Bophelo has secured this site with a 20-year lease and option to renew for an additional 30 years.”
Halo Labs said it had entered into a letter of intent to acquire all of Bophelo’s 40,786,667 shares for a sum of approximately $18.4mn. The company said it had the potential to produce some 4.6mn grams of high quality EU Good Manufacturing Practices (GMP) cannabis concentrate a year.
“We anticipate EU GMP cannabis concentrate would be exported to the European market at an estimated price of USD $10 per gram while our FOB Lesotho all-in cost ready for export would not exceed USD $2 per gram,” said Sidhu. “We expect the initial planting to occur in November and to complete our first harvest by the second quarter of 2019.”
G7 Summit guide: What it is and what leaders hope to achieve
Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration.
Who are the G7?
The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like.
The merry band comprises:
- The United Kingdom
- The United States
Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.
Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda.
When was the ‘G’ formed?
Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s.
Why does the G7 exist?
At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted.
The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability.
It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations.
Where is the 2021 G7 summit?
This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall.
What will be discussed this year?
After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”
The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values.
According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.”