In yesterday’s close, stock of premier consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, Chalice Brands Ltd. (OTCQB: GLDFF) appreciated by 2237% to $1.0984.
There were 3.91M shares of Chalice stock traded against its Average Weekly Volume of 801.98K shares. Following the release of its results for the first quarter of 2021, GLDFF stock trended upward.
In the reported quarter, how did the GLDFF perform?
Chalice Brands Ltd. was formerly known as Golden Leaf Holdings Ltd. With seven dispensaries in Portland, Oregon, Chalice is a premier consumer-driven cannabis company focused on production, processing, wholesale, distribution, and retail. With an emphasis on health and wellness, GLDFF is committed to building a dynamic portfolio built around Chalice Farms’ recognized brands. Through Fifth and Root, GLDFF operates across the nation and in Oregon and California.
Chalice released its financial and operating results for the first quarter of 2021 yesterday.
Q1 2021 Financial Highlights:
- GLDFF recorded quarterly revenues of $5.5 million represent an 18% increase year-over-year over last year’s $4.7 million.
- GLDFF posted a gross profit of $2.5 million in Q1 2021, or 45% gross margin, compared with $1.7 million or 37% gross margin in 2020.
- In addition to the higher gross margins, Chalice also saw an increase in retail sales of its own Bald Peak flower, contributing 6.5% to the increase.
- Approximately $370,000 or 70% of Oregon’s EBITDA was adjusted in Q4 2020, demonstrating that GLDFF was s able to cover its overhead costs.
Other things to know about GLDFF:
GLDFF recently signed a letter of intent for a transformational acquisition of five retail locations of Homegrown Oregon.
Through optimization and vertical integration, Homegrown’s annual revenues will grow 50% to $11 million and the Adjusted EBITDA will rise by over $2 million.
About 80% of the stake in Fifth & Root, an American CBD skincare franchise with more than 400 retail stores, was acquired by GLDFF on April 8, 2021.