Business
Chalice Brands Ltd. Announces Flagship Superstore and Relationship with Aventine Property Group
Chalice Brands Ltd. Announces Flagship Superstore and Relationship with Aventine Property Group.
About this update from Chalice Brands Ltd.
[{"type":"text","content":"\n PORTLAND, Ore., Dec. 08, 2021 (GLOBE NEWSWIRE) -- Chalice Brands Ltd. (CSE:CHAL) (OTCQB:CHALF) (“Chalice” or the “Company”), a premier consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, is pleased to announce it has successfully completed an agreement (the “Agreement”) to lease a retail property located in Portland, Oregon from Aventine Property Group, Inc. (“Aventine”). “We have been working diligently to identify the ideal location for Chalice’s new, state-of-the-art flagship superstore. Establishing a centralized consumer headquarters in Portland will allow for better synergy of product awareness and delivery while presenting a meaningful draw for our customers. The Chalice team is excited to open the doors to this flagship location, allowing us to showcase our award-winning brands and fantastic dispensary experiences to the entire Oregon cannabis market,\" said Jeff Yapp, President & Chief Executive Officer of Chalice. “We are thrilled to collaborate with Aventine on this significant step forward and look forward to our continued partnership as we improve our ability to accelerate expansion.” “We are excited to launch a meaningful relationship with Chalice to facilitate their new flagship superstore facility in Central Portland and cement their leadership position in the market. I look forward to working with Chalice to further execute their long-term West Coast retail growth strategy,” commented Raymond J. Lewis, President and Chief Executive Officer of Aventine Property Group, Inc. Transaction Highlights: 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 dail...