Chalice Brands To Acquire Two Retail Stores And Two Cultivation Assets In Oregon

Chalice Brands Ltd. CHALF CHAL announced the signing of definitive agreements and services agreements to acquire two retail stores located in Bend and Corvallis, Oregon from Miracle Greens, Inc and two outdoor cultivation assets in Grants Pass, Oregon from Totem Farms, LLC for total consideration of $2.63 million. The closing of the transaction is subject to approval by the Oregon Liquor and Cannabis Commission and the satisfaction of other closing conditions.

“We are very excited to be able to serve the Bend and Corvallis communities as Chalice’s retail footprint expands to a total of 18 stores owned and managed in Oregon. This transaction is crucial to support our scale and strengthen our vertically integrated operations as we continue to elevate our brand presence on the west coast. Our team is energized to provide best-in-class product offerings and retail experiences as we execute on our collective vision of providing consumers with the next generation of plant-based medicines. We look forward to further capitalizing on significant expansion opportunities in the market as the pathway to full U.S. federal legalization gains momentum,” stated Jeff Yapp, president and CEO of Chalice Brands.

  • Under the terms of the agreements, Chalice will acquire 100% of the assets of two retail dispensaries from Miracle Greens located in Bend and Corvallis, Oregon and two outdoor cultivation assets from Totem Farms located in Grants Pass, Oregon for total consideration of $2.63 million. Totem Farms, LLC’s, assets are being purchased for $0.56 million and Miracle Greens Inc.’s assets are being purchased for $2.06 million

  • The purchase price will be paid fifty percent in cash due at closing, $1.31 million and the balance equally split between equity and a promissory note to be paid over fifty-four months at eight percent interest with each being prorated based on the purchase price of the entity’s assets.

  • Upon signing, Chalice contracts to operate the Miracle Greens retail stores including staffing, pricing, and procurement, and the Totem Farms cultivation assets pending regulatory approval.

  • Miracle Greens retail stores are expected to carry Chalice Brands products immediately upon commencement of services agreements, providing the opportunity to broaden the quantities and varieties of flower available to the existing footprint.

  • Cultivation assets located in Grants Pass, Oregon will expand the quantities and varieties of flower available to the existing Chalice footprint and more than doubles our capacity by adding approximately 3,000 lbs. of additional capacity to current greenhouse grow, located at Bald Peak, which has approximately 2,500 lbs. annual capacity.

  • Photo: Courtesy of Chalice Brands Ltd.

Related News

 

 

Posted In: Jeff YappMiracle GreensTotem FarmsCannabisNewsPenny StocksMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.