MASERU - The Central Bank of Lesotho (CBL) has given the green light to one of the leading global cannabis giants, Halo Labs to proceed with the acquisition of Bophelo Bioscience and Wellness. With approval from CBL in hand, Halo is moving towards closing the acquisition transaction and the deal is expected to be completed before the end of July.

The transaction is estimated to the tune of M262 million. Based in Mafeteng district, Bophelo Bioscience is one of a few holders of licenses issued in Lesotho for the production of medical cannabis products. Bophelo Bioscience holds a massive land package of over 200 hectares. As a major license holder in the country, Bophelo’s nine-year license allows it to cultivate, manufacture, import and export cannabis products. On Friday last week the United States based company, Halo Labs revealed progress towards the proposed acquisition.

The company is listed on the Toronto Stock Exchange in Canada. “Halo Labs is pleased to announce that it has obtained regulatory approval from the Central Bank of Lesotho to proceed with its proposed acquisition of Bophelo Bioscience and Wellness. “With approval from CBL in hand, Halo is moving towards closing the transaction and this is expected to be completed prior to the end of July 2020,” the U.S. based company said in a statement on Friday. Upon closing the transaction, Halo will have secured a fully licensed five hectares (12 acres)cultivation site, with preparation underway for the construction of a total of five 1-hectare state of the art forced air green houses.

Full production across the five hectares is expected early next year. Bophelo will also be home to 200 hectares (494 acres) of conditionally approved outdoor canopy for the mass cultivation of medical grade cannabis. “The company will have secured access to ample water, power and labor in a clean, dry and safe growing environment with an average of 200 days of sunlight a year as well as a fully licensed export business with potential access to European, Israeli and Australian cannabis markets,” the company further stated. The Founder and Chairman of Bophelo Biscience and Wellness, Louisa Mojela, has expressed his excitement over the latest developments, citing that the acquisition will bring much needed jobs and contribute to the economic development of Lesotho. “I am pleased and excited that finally the acquisition of Bophelo by Halo can be implemented following the approval by the CBL.