Halo Collective Inc. (NEO: HALO) (OTCQX: HCANF) (Germany: A9KN) promoted Katharyn (“Katie”) Field, Halo’s President, to the position of Chief Executive Officer. Ms. Field, a proven cannabis industry professional with significant management expertise, succeeds Kiran Sidhu, who resigned as Chief Executive Officer and as a director on the Company’s Board of Directors (the “Board”), with immediate effect. Halo has also appointed experienced cannabis professional Cassidy McCord as a director on the Board.
“The Board believes the time is right for not only a change in leadership, but a change in strategy, and Katie has the right experience and capabilities to leverage the Company’s valuable assets to create tangible and sustainable shareholder value,” commented Ryan Kunkel, Chair of the Board. “We have proven our ability to generate profits in California and are successfully launching our Los Angeles retail strategy. Our focus now is to build on this success, de-emphasizing initiatives in less attractive markets and more effectively harnessing the capabilities we have developed to achieve profitability. We thank Kiran for his contributions and wish him well in his future endeavors.”
Ms. Field takes the helm at Halo with nearly a decade of direct cannabis experience spanning all facets of the business, including strategy, retail, corporate development, business development, HR & organization, legal & regulatory, and investor relations. She has been a key member of the Halo executive team since joining the company in April 2019, serving initially as Chief Strategy Officer, President since February 2020, and Board member since July 2021. She first entered the cannabis industry in 2014 at Costa Farms, where she led the procurement, build-out, and sale of one of five original vertically integrated companies in Florida; and subsequently operated a strategy consulting practice focused on cannabis and also worked at MariMed as EVP of Corporate Development. Ms. Field’s resume includes positions at The Brookings Institution and Bain & Company. She holds an MBA from Columbia Business School and a BA with honors from Stanford University.
“Halo is very well-positioned in the US West Coast cannabis space with a strong consumer brand portfolio and a loyal customer base. In particular, we have developed a valuable portfolio of California assets including wholesale and white label manufacturing as well as retail assets in Los Angeles,” added Ms. Field. “My initial focus will be on streamlining the organization to establish a rationalized, focused business comprised of assets that create the most value and hold the most promise. While sales are down in California year over year, our business is up. Furthermore, our manufacturing business is profitable, and the Budega stores are trending well. I’m confident that by prioritizing near-term profitability and bolstering our growing retail presence, Halo will be able to scale from a position of strength, which is the best path to generate shareholder value.”
Mr. Sidhu’s departure was the result of a mutual agreement between the Board of Halo and Mr. Sidhu, reflecting the Board’s view that the Company and Akanda (NASDAQ: AKAN), of which Halo owns approximately 40%, needs to prioritize near-term profitability.
Cassidy McCord has been appointed to the Board as a non-executive director. Ms. McCord is a seasoned capital markets professional and businesswoman who has amassed a multitude of operational and capital markets experience throughout her career. Ms. McCord has extensive experience and a valuable network, primarily in the cannabis sector. She has invaluable experience in working for a Canadian licensed cannabis producer in addition to operational and management experience at a Canadian cannabis clinic. She has been instrumental in developing and succeeding various start-up companies and restructuring pre-existing operational companies, with specialties including corporation reorganization, business development, retail, and sales. She most recently managed and held C-level positions for several public entities that are leaders in the plant-based industry. Ms. McCord has held progressively senior roles throughout her career and has held multiple board positions for public companies in the cannabis, food, and mining sectors.
Mr. Sidhu will provide consulting services to the Company for six months to facilitate a smooth leadership transition.