HCANF - Halo Collective announces cost cuts sees $7.5M in annual savings

• Halo Collective ( OTCQB:HCANF ) said Monday it implemented cost cuts over the past 2 months, which are expected to provide annualized cash savings of ~$7.5M.
• HCANF already achieved $5.5M from streamlining staff at every level.
• The company is reducing corporate G&A costs to achieve savings of $2M.
• HCANF is revamping its sales organization and commission structure in Oregon to align with an aggressive sales goal while emphasizing collections and account management.
• The firm will pause costly capital projects or payback periods that are not near-term.
• HCANF completed real property sale of Ukiah Ventures in Jun. for $2.35M.
• A portion of the proceeds was used to reduce short-term debt by $1.5M and the rest for general working capital.
• HCANF continues to identify other areas to cut spending and increase efficiency.

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