PORTLAND, Oregon, October 6, 2021 (GLOBE NEWSWIRE) – Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF) (âChaliceâ or the âCompanyâ), a leading consumer-focused cannabis company specializing in retail, production, processing, wholesale and distribution, announces today hui its financial and operating results for the third quarter of 2021. All amounts shown are in US dollars, unless otherwise indicated.
Third Quarter Preliminary Unaudited Financial Highlights:
Record quarterly revenues of $ 8.0 million, a 31% year-over-year increase from $ 6.1 million for the same period in 2020. This total reflects a full quarter of revenue from The company’s Homegrown Oregon stores, but only $ 0.1 million in Cannabliss-related revenue.
Estimated gross profit margin for the second quarter of 2021 of $ 3.7M or 46% gross margin compared to $ 2.1M or 34% in 2020. The improvement in gross margin is due to continued sales growth vertical products manufactured by Chalice and increased third party processing revenues.
âI am proud of the performance of our team as we continue to grow our revenues year over year in the third quarter,â said Jeff Yapp, CEO and President. âBy maintaining our focus on profitable operations and the accretive acquisition of Homegrown Oregon, the company immediately impacted the vertical contribution in new stores ahead of schedule. The Chalice team is energized by our strategic mission to capitalize on untapped opportunities in Oregon and other states with significant leverage for consolidation, synergies and vertical leverage.
The Company will provide its full third quarter financial report in the next earnings call, which will be announced at a later date.
About Chalice Brands Ltd.
Chalice Brands is a leading consumer-focused cannabis company specializing in production, processing, wholesaling, distribution and retailing, with twelve dispensaries owned and four dispensaries under management in Oregon. The Company is committed to developing a dynamic portfolio built around the recognized brands of Chalice Farms, with a focus on health and wellness. Chalice operates nationwide through Fifth & Root and has operations in Oregon and California.
Visit investors.chalicebrandsltd.com for regular updates.
Chalice Brands Ltd.
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Disclaimer: This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information includes, without limitation, statements regarding the future business activities of the Company, including the proceeds of the offering, the use of the proceeds of the offering, the opinions or beliefs of management and future business goals. Generally, forward-looking information can be identified by the use of forward-looking terms such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “expected”. , “Estimates”, “” expects “,” intends “,” anticipates “or” does not anticipate “, or” believes “, or variations of these words and expressions or declares that certain actions, events or results âmayâ, âcouldâ, âwouldâ, âcouldâ or âwill be takenâ, âoccurâ or âbe achievedâ. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by this forward-looking information. These risks include, but are not limited to, business, economic and competitive uncertainties, regulatory risks, market risks, risks inherent in manufacturing and retail operations such as unforeseen costs and production stoppages, difficulties in maintaining brand loyalty and other risks in the cannabis industry. Although the Company has attempted to identify important factors which could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated or planned. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking information. Forward-looking information is provided herein for the purpose of presenting information about management’s current expectations for the future and readers are cautioned that such information may not be appropriate for other purposes. The Company does not undertake to update forward-looking information, except in accordance with applicable securities laws. This press release does not constitute an offer to sell any securities in the United States, and such securities may not be offered or sold in the United States absent registration or an exemption from registration or authorization. exemption from registration.