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Decibel Cannabis Company Inc (OTCMKTS:DBCCF) reported an impressive growth of 645% YoY to $11.4 million in revenues in Q4 2020. It is on the backdrop of improved sales of Qwest dried flower and the introduction of concentrates and vape products.
Its full-year sales rose by 380% YoY to $30 million in revenues in 2020. Decibel’s profits are surged by a whopping 2,888% YoY to $11.7 million in 2020.
Decibel Cannabis closes debt refinancing of $30 million in Q4 2020. The company used the proceeds to repay outstanding debt of $26.8 million associated with its previous lender. Decibel Cannabis used $3.2 million of the proceeds for working capital needs. It also extended the maturity of the debt by additional 5 years.
Events after Q4 2020
Health Canada approved the packaging, cultivation, and processing facility of dB Thunderchild Cultivation LP, a subsidiary of Decibel Cannabis, on January 29, 2021.
Following the receipt of a license from Health Canada for its auxiliary, Decibel Cannabis improves its cultivation capacity (by over 4 times) to more than 9,000 Kg of premium cannabis. It helps the company to satisfy the growing demand for Qwest products.
Promotes Kris Newell
Decibel Cannabis promoted Kris Newell to the newly created post of CFO on April 20, 2021. Kris will play a vital role in managing the two licensed cannabis cultivation facilities of Decibel Cannabis and its cannabis processing facility.
Demonstrates leadership
Interim CEO of Decibel Cannabis, Cody Church, said Kris showed his capability to coordinate, identify, and implement positive changes across all of the company’s operations. He said the company is excited to benefit from the leadership of Kris because it plans to ramp up the operations at its Thunderchild Cultivation facility to improve the manufacture of pre-roll products, Qwest flower, and ultra-premium Qwest Reserve product line.
Grants stock options
Under the stock option plan, Decibel Cannabis issued stock options of 4.246 million to some of its employees and officers. The employees and officer can exercise their stock options each at $0.17.
Decibel Cannabis is committed to offering premium quality cannabis products through its three operating manufacturing houses together with Prairie Records, its wholly-owned retail business. Creston, BC-based Qwest Estate is licensed to operate a cultivation space of 26,000 sq. ft. to manufacture Qwest Reserve and Qwest products.