Chalice Brands (CSE:CHAL) (OTCQB:GLDFF)
, formerly Golden Leaf Holdings Ltd. and a premier consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, has reported its financial and operating results for first quarter 2021. Report highlights included Record quarterly revenues from continuing operations reaching $5.5 million, a 18% year-over-year increase compared to the same period in 2020, which totaled $4.7 million; gross profit of $2.5 million for the quarter, or 45% gross margin, compared to $1.7 million or 37% gross margin in 2020; and adjusted EBITDA of approximately 7%, or $370,000. In the report, the company noted that its gross margin improvements are based on increased sales of vertical products manufactured by Chalice and the adjusted EDITDA continues the trend from Q4 2020. Company highlights include a letter of intent signed for the acquisition of five retails stores known as Homegrown Oregon; that acquisition is anticipated to add $11 million in annual revenues and over $2 million in adjusted EBITDA to Chalice numbers, a 50% growth from fiscal 2020 revenues, the company pointed out. The company also noted a strengthened balance sheet and the completion of two private placement transactions resulting in total gross proceeds for the company of $10.5 million. “Continued profitable operations and accretive acquisitions should set us up for a record breaking second half of 2021,” said Chalice Brands CEO Jeff Yapp in the press release. “We continue to look forward to favorable federal regulation changes while we grow Fifth & Root to showcase our brand portfolio nationally. Our team is energized and focused on growth as we remain disciplined in our allocation of capital.”
To view the full press release, visit https://ibn.fm/nNKmf
About Chalice Brands Ltd.
Chalice Brands is a premiere, consumer-driven cannabis company specializing in production, processing, wholesale, distribution and retail, with seven dispensaries in Portland, 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 nationally through Fifth and Root and has operations in Oregon and California. For more information about this company, visit www.ChaliceFarms.com
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The latest news and updates relating to GLDFF are available in the company’s newsroom at https://ibn.fm/GLDFF
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