Chalice Brands Ltd. Applauds the Passing of Oregon Senate Bill 408 Cannabis Omnibus Bill

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PORTLAND, Ore., July 15, 2021 (GLOBE NEWSWIRE) — Chalice Brands Ltd., formerly Golden Leaf Holdings Ltd. (CSE:CHAL) (OTCQB:CHALF) (“Chalice” or the “Company”), a premier consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, today celebrates the passing of the SB408 Cannabis Omnibus Bill, a bill that represents a major step toward modernizing Oregon’s cannabis regulations to create a better business environment for the industry.

“Oregon continues to be a bellwether for the cannabis industry with the passing of SB408 to overhaul its limiting cannabis regulations dating back to 2015. Similar to how SB582 opened the door to new interstate commerce opportunities, this bill further aligns Oregon’s cannabis regulations with the reality of the industry today,” said Jeff Yapp, Chief Executive Officer and President. “We applaud the coalition of cannabis associations and the OLCC for engaging in this critical process to support businesses and protect public health and safety.”

On June 29th, 2021, Governor Kate Brown signed into law SB408 Cannabis Omnibus Bill, positioning Oregon’s cannabis regulations to the current state of the industry and the priorities of Oregonians. Although progress is still to be made, we believe the bill’s passing demonstrates a growth-orientated approach to the potential of the industry.

“The collaborative effort on this bill demonstrates the much-needed common sense legislative updates to elevate the industry and further cements Oregon as the cannabis market leader,” says Yapp. SB408 Cannabis Omnibus Bill is set to go into effect on January 1st, 2022.

“Chalice is motivated by the passing of SB408 and will look to leverage what we believe to be a significant growth catalyst for many cannabis businesses operators in Oregon,” says Yapp. In addition, Chalice Brands is a supporter of The Cannabis Administration and Opportunity Act discussion draft proposed on July 14th, 2021. The bill aims to de-schedule cannabis from the Controlled Substances Act, maintains the authority of states to implement their own cannabis laws, and more importantly provides restorative measures to improve the lives of people and communities who were unfairly targeted in the War on Drugs.

“The legacy of the War on Drugs has unfairly impacted minorities, even as states legalize cannabis, it is long overdue for the federal government to undo decades of failed drug policy. We believe the proposed bill is a clear testament to a better path forward to begin righting these wrongdoings,” says Yapp.

About Chalice Brands Ltd., formerly Golden Leaf Holdings Ltd. Chalice Brands is a premier consumer-driven cannabis company specializing in production, processing, wholesale, distribution and retail, with twelve dispensaries in Portland, Oregon. The Company is committed to developing a dynamic portfolio built around the recognized brands of Chalice Farms, 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.

Investor Relations:

John Varghese Executive Chairman Chalice Brands Ltd. 971-371-2685 ir@chalicebrandsltd.com

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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