Chalice Brands Ltd. Announces Change of Auditor

PORTLAND, Ore., Aug. 10, 2022 (GLOBE NEWSWIRE) -- 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, today announces that it has changed its auditor to M&K CPAS, PLLC ("Successor Auditor") from Baker Tilly US, LLP ("Former Auditor") due to the delays in completing the Company’s 2021 fiscal audit. The Company has requested that the Former Auditor resign as the auditor of the Company effective August 10, 2022. The Board of Directors of the Company appointed the Successor Auditor as the Company’s auditor effective August 10, 2022, to be effective until the next Annual General Meeting of the Company.

In accordance with National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102"), the Company will file a Change of Auditor Notice (the “Notice”) on SEDAR, together with letters from both the Former Auditor and Successor Auditor, with each letter confirming agreement with the statements contained in the Notice, as applicable.

The Former Auditor had not issued any audit report to date and therefore there were no reservations in the Former Auditor's reports on any of the Company's audited financial statements. There are no reportable events between the Company and the Former Auditor.

M&K CPAS, PLLC is a Houston based professional accounting Limited Liability Partnership specializing in public company audits. The firm provides comprehensive incorporation, accounting, tax and consulting services to businesses of all sizes with their financial compliance and advisory needs.

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 6 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.