PORTLAND, Ore. — 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, is pleased to announce the appointment of Richard Lindsay to serve as Interim Chief Financial Officer (CFO), effective immediately, while the Company conducts a search for a permanent Chief Financial Officer. The appointment follows the resignation of Andrew Marchington who will leave the Company for personal reasons after a brief transition period. Mr. Marchington will serve in a consulting capacity to support a smooth transition.
“I am excited to welcome Richard as our Interim CFO, who will be an integral part of accelerating growth and opportunities for Chalice as we become a leading cannabis operator on the west coast,” said Jeff Yapp, President and Chief Executive Officer of Chalice Brands. “Richard’s financial expertise in a number of challenging leadership positions will be an invaluable addition to the Chalice team as we prepare for financial and business milestones this year and continuing on the path to profitability.”
Mr. Lindsay comes to Chalice Brands with over 25 years of executive financial management and advisory services experience in highly regulated consumer products and manufacturing businesses. He has an extensive background in turnaround management, strategic planning, mergers and acquisitions, and functions of the CFO office. Prior to joining Chalice Brands, Mr. Lindsay was an independent consultant providing interim CEO and CFO services to breweries, distilleries and cannabis businesses in the areas of mergers and acquisition, strategic planning, and business process redesign. He has held CEO and CFO roles, including serving as a publicly traded company CFO for the Boston Beer Company (SAM), StockerYale, Inc. (STKR), and Bentley Pharmaceuticals (BNT). Mr. Lindsay is a licensed CPA and began his accounting and finance career with KPMG in their manufacturing, retail and distribution practice. He received a B.S. in Accounting from the University of Massachusetts and a Master of Business Administration (MBA) from the Northeastern University. Mr. Lindsay is a US Navy Veteran serving two hitches aboard two nuclear submarines as a nuclear reactor operator and electronic technician.
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Mr. Lindsay will help lead Chalice Brands through the filing of its annual audited financial statements, and the search and selection of a permanent Chief Financial Officer.
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Jeff Yapp added, “On behalf of the Chalice Team, I would like to thank Andrew for his contributions as CFO of Chalice over the past few years. His experience and highly effective execution of many successful activities have been crucial to our long-term strategy, and we wish him and his family the very best.”
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.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer: This press release contains “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Generally, forward looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These risks include but are not limited to general business, economic and competitive uncertainties, regulatory risks, market risks, risks inherent in manufacturing and retail operations such as unforeseen costs and production shutdowns, difficulties in maintaining brand loyalty, and other risks of the cannabis industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. Forward-looking information is provided herein for the purpose of presenting information about management’s current expectations relating to the future and readers are cautioned that such information may not be appropriate for other purpose. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. This press release does not constitute an offer of securities for sale in the United States, and such securities may not be offered or sold in the United States absent registration or an exemption from registration or an exemption from registration.
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