Halo Collective Inc has promoted its president Katharyn Field to the position of chief executive officer.
Kathryn Field has been appointed chief executive officer of Halo replacing current CEO Kiran Sidhu. Ms Field takes the helm at Halo with nearly a decade of direct cannabis experience, including strategy, retail, corporate development, legal & regulatory and investor relations.
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.
She subsequently operated a strategy consulting practise focused on cannabis and also worked at MariMed as EVP of Corporate Development. She joined the Halo executive team in April 2019, serving initially as chief strategy officer, before moving onto the role of president in February 2020. She became a board member in July 2021.
“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,” said Ms Field.
“My initial focus will be on streamlining the organisation to establish a rationalised, 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 prioritising 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, and “reflected the board’s view that the company and Akanda – of which Halo owns approximately 40 percent – need to prioritise near-term profitability”. Mr Sidhu will provide consulting services to the company for six months to facilitate a smooth leadership transition.
“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.