Portland, OR – May 3, 2022 -- Chalice Brands Ltd. (CSE: CHAL) (OTCQB: CHALF) (the “Company” or “Chalice Brands”), a premier consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, announced today that it was and is not in a position to file its annual audited financial statements for the year ended December 31, 2021 and its related management’s discussion and analysis and officer certifications (collectively, the “Required Filings”) by the prescribed filing deadline of May 2, 2022 (the “Filing Deadline”).
Despite its efforts, the Company has not been able to complete its year end audit process due to the change in auditors and related issues. Amongst other things, the new auditor’s internal staffing issues lead to extended timeframes for the audit close process, along with their internal quality control procedures that also has affected the ability to meet filing deadlines. The close process is ongoing. The work being conducted is assurance related and is not expected to materially impact financial results. Management does not expect the issues described above to impact the financial reporting for Q1 2022. The Company will submit the Required Filings as soon as possible and anticipates doing so not later than June 15, 2022.
The Company recognizes that this delay may result in the issuance of a failure to file cease trade order against the Company. In the event this occurs, the Company will issue further press release(s) with additional information.
About Chalice Brands Ltd.
Chalice Brands is a premier consumer-driven cannabis company specializing in production, processing, wholesale, distribution and retail, with 12 owned and six managed dispensaries in and around Portland, Oregon. The Company is committed to developing a dynamic portfolio built around the recognized brands of Chalice Brands, including Chalice Farms, Left Coast Connection, Homegrown Oregon and Cannabliss & Co., with a focus on health and wellness. Chalice operates nationally through Fifth & Root and has operations in Oregon and California. Visit investors.chalicebrandsltd.com/ for regular updates.