New superstore at start of Q2 2022, 17 stores in totalWhile basher RebeccaG is focused on where the shares were in 2016, and how far the shares have fallen since then, the business fundamentals have improved dramatically over the past six years. Fundamentals have improved while the share price sank, and at some point, the shares go from overvalued six years ago to ridiculously cheap today. I agree with the opportunity presented by RebeccaG's bashing efforts.
From the December 2021 Form 7, filed on Jan 7 2022 with the Canadian Securities Exchange :
"Management has been active in the integration and optimization of its newly acquired Homegrown Oregon stores with a focus on increasing traffic and average ticket size as well as sell through of all Chalice branded products within the stores.
For the three months ended September 30, 2021, the Company reported record revenues from continuing operations of $8.0 million, a 29% year-over-year increase compared to $6.2 million for the same period in 2020, in part driven by a full quarter of revenues from the Company’s Homegrown Oregon stores.
For the nine months ended September 30, 2021, the Company reported record revenue of $20.4 million, an increase of 25% compared to $16.4 million for the same period in 2020 and almost matching total revenue for fiscal 2020 of $21.9 million.
The Company reported gross profit of $3.6 million or 45% gross margin compared to $2.2 million or 36% gross margin for the same period in 2020. This growth of 63.7% are due to an increased share of our vertical product growth and retail sales of the Company’s Bald Peak flower.
For additional information, please refer to the Interim Condensed Consolidated Financial Statements and Management’s Discussion and Analysis (MD&A) for the three and nine months ended September 30, 2021 and 2020 filed on the SEDAR website at www.sedar.com.
In December the Company has successfully completed an agreement (the “Agreement”) to lease a retail property located in Portland, Oregon from Aventine Property Group, Inc. (“Aventine”).
Under the terms of the Agreement, Chalice will lease a Portland, Oregon property located at 5341 SE McLoughlin Blvd from Aventine for a competitive market rate, inclusive of tenant improvements amortized over a ten-year period from the date of store opening.
The property plans to be branded as the Company’s flagship superstore and is expected to be the largest store amongst all current owned and operated Chalice locations, by all metrics. The property includes 10,000 square feet of retail store space, ample parking, 301 feet of frontage on McLoughlin Blvd, landmark pylon signage, and is situated on a high-traffic street with approximately 51,000 vehicles passing by daily.
Chalice’s retail portfolio increases to seventeen stores, strengthening the Company’s footprint in Central Oregon, making this over a 140% increase in the current fiscal year.
The flagship superstore is expected to be equipped with an event and community space, an educational training center, delivery hub, and a product hub. The new flagship superstore is expected to provide considerable showcasing for Chalice partners and promote the advancement of the cannabis community as a whole. Additionally, the facility will allow the Company to provide a safe and efficient takeout option for customers to accommodate challenges stemming from the pandemic.
The Chalice Farms flagship superstore is expected to be operational at the start of Q2 2022."