Chalice Brands has signed definitive agreements and services agreements to acquire two retail stores located in Bend and Corvallis, Ore., from Miracle Greens, Inc and two outdoor cultivation assets in Grants Pass, Ore., from Totem Farms for total consideration of US$2.63 million. The closing of the transaction is subject to approval by the Oregon Liquor and Cannabis Commission (OLCC) 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,” said Jeff Yapp, president and chief executive officer of Chalice Brands.
The cultivation assets located in Grants Pass, Ore., will expand the quantities and varieties of flower available to the existing Chalice footprint and more than doubles their 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.
“I am thrilled to have Totem Farms become part of Chalice Brands. Totem gives us our first two premier outdoor grows in Southern Oregon, one of the best locations for growing in the country,” commented Meghan Miller, chief operating officer of Chalice Brands.
“We are pleased to have completed the accretive transaction of Totem Farms and Miracle Greens to expand Chalice’s retail presence and cultivation capacity to bolster our market share in the Oregon cannabis market. Our growth strategy through opportunistic consolidation will provide accelerated revenue contribution and improve margins to drive shareholder value. The company will remain disciplined with our capital allocation strategy to support our long-term vision as a premier multi-state operator,” noted John Varghese, executive chairman of Chalice Brands.
For more information: