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Halo Collective Inc. (OTCMKTS: HCANF) has announced that Bophelo Biosciences & Wellness Ltd, its wholly-owned subsidiary, has secured and EU Good Agricultural and Collections Practice compliance. The compliance is for marijuana grown at the subsidiary’s initial 14-hectares cultivation site, situated in T’sakholo, Mafeteng, scalable up to 200 hectares, forming part of the first Special Economic Zone in Lesotho.
EU medicinal market could hit $37 billion by 2027
Bophelo can now export medical marijuana to international markets, including the European Union, thanks to EU GACP accreditation. ACCORDING TO PROHIBITION PARTNERS, the EU medicinal cannabis market is expected to be worth almost $37 billion by 2027, a prominent market intelligence company that provides strategic consultancy services, insights, and statistics on the worldwide cannabis sector.
Akanda Corp is anticipated to include Bophelo as one of its core international medicinal cannabis holdings. Halo announced in June 2021 that it would reorganize its non-US medical operations under Akanda, which Tej Virk would oversee, established marijuana and corporate banking and finance industry executive, and Louisa Mojela, a distinguished female entrepreneur in Africa. Akanda is intended to have a distribution and market route via Halo’s UK-based fully approved pharmaceutical importer and distributor, CanMart Ltd. (“CanMart”), which supplies clinics and pharmacies in the UK.
EU GACP compliance to enable Bophelo to access international markets
Halo CEO and co-founder Kiran Sidhu said, “EU GACP certification is a hard-won accomplishment that enables Bophelo to participate in the large, rapidly growing market in the EU for medicinal cannabis. With this approval, Bophelo can begin commercializing its California and Oregon west coast style cannabis for the EU immediately. In addition, Bophelo is actively working to secure distributors for its premium flower lines. Many thanks to Tej and his team for putting in the hard work to get GACP across the line.”
Pharmaconsulta Ltd., a Malta-based independent consulting company, specializing in pharmaceutical regulatory issues, awarded Bophelo the EU GACP certification.