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Chalice Brands (OTCQB:CHALF) confirmed Wednesday it has obtained all the necessary regulatory authorizations from the Oregon Liquor Control Commission and Clackamas County to finalize its Tozmoz, LLC acquisition. The consumer-driven cannabis company noted it has reached an agreement on final terms. Tozmos is a cannabis extractor in Oregon.
“We are happy to formally close the transaction with Tozmoz, a partner that has been instrumental in strengthening Chalice’s product portfolio, specifically for Elysium Fields and RXO,” Jeff Yapp president and CEO of Chalice stated. "While we awaited the necessary regulatory approvals, unexpected delays occurred because of the ongoing pandemic. As a result of the closing, Chalice will continue to benefit from the expertise and broad capabilities that Tozmoz provides to support our product-focused business strategy, with the opportunity to further expand our diverse portfolio of products. With a focus on serving the highest quality of cannabis products on the market, our combined organizations are poised to leverage our ability scale as we continue to cement our position as a leading West Coast operator.”
Under the deal, Chalice purchased substantially all the assets of Tozmoz, including the facility located in Clackamas County, which serves as the headquarters for multiple extraction options.
The consideration for the purchase amounted to a total of 1.27 million Chalice shares and a 48-month promissory note for $400,000 bearing 6% interest and forgiveness of $650,000 of promissory notes owed to Chalice.
Chalice has satisfied certain conditions by way of the previous consulting agreement with Tozmoz, resulting in zero cash due at closing.
More recent news from Chalice:
Chalice Brands Q3 Revenue Grows 29% YoY To $8M, Closes $4.49M Private Placement
Chalice Brands Pre-Announces Q3 Results With Record Revenue Of $8M
Price Action
Chalice Brands shares closed Wednesday market session 5.95% higher at 28 cents per share.
Photo: Courtesy of Jeff W on Unsplash
Posted In: CHALF
