CALGARY,
AB, March 22, 2024 /CNW/ - Decibel
Cannabis Company Inc. (the "Company" or "Decibel")
(TSXV: DB) (OTCQB: DBCCF), a market leader in premium cannabis and
extract manufactured products, is pleased to announce that it has
entered into a binding agreement for the sale of the assets of its
brick-and-mortar retail cannabis operations ("Prairie
Records") to 2759054 Ontario Inc. d.b.a FIKA ("FIKA"),
for approximately $3.0 million (the
"Transaction"). Prairie Records is comprised of three
cannabis stores in Alberta and
three cannabis stores in Saskatchewan.
"Decibel remains committed to our core mission of delivering
exceptional cannabis brands and products in Canada and around the world. The sale of
Prairie Records marks a strategic decision in our growth journey,
enabling us to focus resources and drive innovation in our core
branded product business. We are dedicated to expanding and
diversifying our premium product brand portfolio in Canada and globally." said Adam Coates, Chief Revenue Officer. "Prairie
Records continues to hold its place as one of the most unique and
beloved cannabis retail brands in Canada. We are proud of Prairie Records'
legacy, the team that helped make it a success and believe that
FIKA is a great fit to continue serving Prairie Records customers
now and into the future."
The Transaction is subject to customary conditions of closing
for a transaction of this nature and is expected to close before
the end of Q1 2024.
About Decibel
Decibel is a consumer-focused cannabis company focused on
delivering products that delight customers through a commitment to
robust innovation and product quality. Leading brands General
Admission, Qwest, and Vox are among its portfolio sold both across
Canada and beginning to extend
towards new countries to create a global footprint. Decibel
operates a processing and manufacturing facility in Calgary, Alberta, and two cultivation
facilities in Creston, British
Columbia, and Battleford,
Saskatchewan.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking
Statements
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements.
In this news release, forward-looking statements relate to,
among other things, the terms of and anticipated closing of the
Transaction; the Company's ability to drive innovation in its core
branded product business; and the Company's ability to expand and
diversify it's premium product brand portfolio in Canada and globally.
Forward-looking statements are necessarily based upon a
number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: the ability of the parties to satisfy the conditions to
closing of the Transaction; the ability of the parties to complete
the Transaction on the terms currently contemplated or at all;
satisfaction of all international regulatory requirements,
including applicable product testing; risks relating to delays;
other regulatory changes and impacts; capital requirements;
construction impacts; displacement requirements; unforeseen
requirements resulting from the COVID-19 pandemic and other global
macro-economic events, conditions and factors; the ability to
obtain and maintain licenses to retail cannabis products; review of
the Company's production facilities by Health Canada and
maintenance of licenses (including any amendments thereto) from
Health Canada in respect thereof; future legislative and regulatory
developments involving cannabis, international export rules and
regulations; inability to access sufficient capital from internal
and external sources, and/or inability to access sufficient capital
on favourable terms; the labour market generally and the ability to
access, hire and retain employees; general business, economic,
competitive, political and social uncertainties; the satisfaction
of conditions precedent under the Company's credit facilities;
timing and completion of construction and expansion of the
Company's production facilities; and the delay or failure to
receive board, regulatory or other approvals, including any
approvals of the TSX Venture Exchange, as applicable.
There can be no assurance that such statements 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 the forward-looking
statements contained in this news release. Except as required by
law, the Company assumes no obligation to update the
forward-looking statements of beliefs, opinions, projections, or
other factors, should they change, except as required by
law.
These forward-looking statements are made as of the date of
this news release and the Company disclaims any intent or
obligation to update any forward-looking statements, whether as a
result of new information, future events or results or otherwise,
other than as required by applicable securities laws.
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SOURCE Decibel Cannabis Company Inc.