- Company executed record quarter by focusing on profitable operations, accretive acquisition of Homegrown Oregon
- Chalice posts record quarterly revenue, gross profit numbers
- Homegrown chain of five stores joined the Chalice brand earlier this year
Chalice Brands (CSE: CHAL) (OTCQB: CHALF) has released its 2021 second-quarter unaudited financial, noting highest-ever quarterly revenues, along with other promising numbers (https://ibn.fm/JETHJ). The company is a premier consumer-driven company specializing in the retail, production, processing, wholesale and distribution of cannabis.
“We are immensely proud to execute another record quarter by focusing on profitable operations and the accretive acquisition of Homegrown Oregon,” stated Chalice CEO and president Jeff Yapp “The integration of Homegrown and the adoption of our vertical products within the new stores is ahead of schedule. The staff are highly engaged and motivated to be part of the Chalice family. The whole team is energized and focused on growth as we showcase our brand portfolio nationally and remain dedicated to our ‘crawl-walk-run’ strategy.”
In the release, Chalice reported quarterly revenues from continuing operations of $6.8 million, a record high for the company and a 23% year-over-year increase compared to $5.5 million for the same period in 2020. Other impressive numbers for the quarter included an 82% increase in estimated gross profit. For Q2 2021, the company totaled $3.1 million, which represents a 46% gross profit margin compared to $1.7 million, or 37% gross profit margin rate in 2020. The company attributed the gross margin improvements to increased sales of vertical, in-house products manufactured by Chalice and increased third-party processing revenues.
“We will seek to continue our growth both organically and through any opportunistic and accretive transactions we may be able to execute upon,” said Chalice executive chairman John Varghese.
In May 2021, the company finalized its 100% ownership of SMS Ventures LLC, known as Homegrown Oregon, a chain of five retail dispensaries located in Portland, Salem and Albany, Oregon (https://ibn.fm/aIJiA). “The completion of this transaction increases our retail store footprint to 12 locations in the state of Oregon, supported by our own award-winning cultivation operations, our production facilities in Portland and our internal wholesale team covering the state,” said Yapp. “Chalice has set a target to achieve 5% market share in Oregon while we grow in other markets. Homegrown helps us progress toward that goal.”
Chalice Brands is a premier consumer-driven cannabis company specializing in production, processing, wholesale, distribution and retail, with twelve 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, visit the company’s website at www.ChaliceBrandsLtd.com.
NOTE TO INVESTORS: The latest news and updates relating to CHALF are available in the company’s newsroom at https://ibn.fm/CHALF
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