- 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.
For further details see:
Halo Collective announces cost cuts, sees $7.5M in annual savings