CALGARY,
AB, Dec. 12, 2022 /CNW/ - Decibel Cannabis
Company Inc. (the "Company" or "Decibel") (TSXV: DB) (OTCQB:
DBCCF), a premium cannabis producer, is pleased to announce the
results of its annual general meeting of shareholders held on
December 9, 2022 (the
"Meeting").
Results of the Meeting
Decibel's shareholders approved all matters submitted by the
Company for consideration at the Meeting.
At the Meeting, Decibel's shareholders:
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(i)
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fixed the number of
directors of the Company to be elected at the Meeting at five (5)
directors;
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(ii)
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elected each of Shawn
Dym, Manjit Minhas, Nadia Vattovaz, Jakob Ripshtein, and Paul
Wilson to serve as directors of the Company; and
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(iii)
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appointed KPMG LLP,
Chartered Professional Accountants, as the Company's auditors and
authorized their remuneration, as such, be fixed by the board of
directors.
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Subsequent to the Meeting, Mr. Dym has been appointed and agreed
to serve as the Company's Chairman, and each of Nadia Vattovaz and Jakob Ripshtein have been
appointed and agreed to serve, respectively, as chair of the
Company's Audit Committee and of its Governance, Compensation and
Nominating Committee.
Message from Chairman &
CEO
Decibel shareholders have elected a new board of directors to
steward our next phase of growth. The experience, proven skillset
and pedigree of the new board is tailored for Decibel and the
internal and external feedback has been exceptionally
positive. Their success in the cannabis industry, consumer
packaged goods and capital markets, now applied to Decibel, will
help the business achieve its objective of becoming a leading
Canadian LP - this is a very exciting moment for all of us.
Already, Decibel's operating and commercial accomplishments have
been remarkable, generating revenue growth of 39% over the first
three quarters of 2022. Equally impressive has been Decibel's
ability to grow its market share from 3.3% in November 2021 to 5.9% in 2022, making Decibel the
fifth largest LP ranked by market share.1 We expect that
this growth will continue as Decibel remains focused on its proven
planning, execution and dedication to our products and
consumers.
Despite our strong operating performance, we do not believe
these results have been reflected in our share price. The cannabis
sector, including Decibel, has had a difficult time attracting
interest and generating value in the capital markets. While we have
fared better than most other Canadian LPs, we recognize that
creating shareholder value is a top priority and our new board will
bring added focus to that accountability.
We believe the cannabis capital markets will shift away from
valuing LPs based on the size of capacity and supply, and instead
assign appropriate value to demonstrated demand for products,
profitable market share and operating profit. Decibel's performance
in these areas make it a leading Canadian LP.
Ultimately, winning in the consumer market will drive strong
operational results which will, in turn, lead to winning in the
capital markets. Decibel believes this will attract the recognition
and market value that winners are awarded.
We thank our shareholders for their confidence and patience. We
also wish to extend our gratitude to the past directors while
welcoming the new board of directors with enthusiasm and excitement
about Decibel's bright future.
Paul Wilson, CEO
Shawn Dym, Chairman
1
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HiFyre Retail
Analytics. Licensed Producer Sales over Time Nationally.
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About Decibel
Decibel is uncompromising in the process and craftsmanship
needed to deliver the highest quality cannabis products and retail
experiences. Decibel has three operating production houses along
with its wholly owned retail business, Prairie Records. The Qwest
Estate in Creston, BC is a
licensed and operating 26,000 square foot cultivation, processing
and distribution space which produces the widely championed, rare
cultivar-focused brands Qwest and Qwest Reserve, which are sold in
six provinces across Canada. The
Thunderchild Cultivation Facility, is a licensed and operating
80,000 square foot indoor cultivation facility in Battleford, SK. The Plant, Decibel's
extraction, processing and manufacturing facility, in Calgary, AB has 15,000 square feet of Health
Canada licensed extraction and product development space. This
production house will fuel the growth of our brands Qwest, Qwest
Reserve, and Blendcraft, into new and innovative product formats
like concentrates, vapes, edibles and beyond.
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
Information
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, Decibel's 2022 operational outlook;
expectations as to Decibel's continued growth and expected
earnings; Decibel's expectations in regards to cannabis capital
markets; Decibel's business strategy and the expected results from
the same; the Company's ability to grow Qwest, Qwest Reserve and
Blendcraft brands into new and innovative product formats,
variations and its other business plans and expectations.
Forward-looking statements and FOFI (as defined herein) 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: risks relating to delays;
regulatory changes and impacts; capital requirements; construction
impacts; displacement requirements and unforeseen requirements
resulting from the COVID-19 pandemic; the ability to obtain and
maintain licences to retail cannabis products; review of the
Company's production facilities by Health Canada and maintenance of
licences (including any amendments thereto) from Health Canada in
respect thereof; future legislative and regulatory developments
involving cannabis; 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; timing and completion of construction and expansion
of the Company's production facilities and retail locations; the
risk that the Company may not remain in compliance with all of its
financial covenants for the remainder of its twelve-month forecast
period; and the delay or failure to receive board, regulatory or
other approvals, including any approvals of the TSXV, as
applicable. Many of these risks and uncertainties and additional
risk factors are described in the Company's Annual Information Form
and Management's Discussion and Analysis for the year ended
December 31, 2021, which are
available at www.sedar.com.
With respect to forward-looking statements and FOFI contained
in this press release, Decibel has made assumptions regarding, but
not limited to: Decibel's ability to enter new markets and industry
verticals; Decibel's ability to attract, develop and retain key
personnel; Decibel's ability to raise additional capital and to
execute on its expansion plans; the timelines for new product
launches, Decibel's ability to continue investing in infrastructure
and implement scalable controls, systems and processes to support
its growth; the impact of competition; the changes and trends in
Decibel's industry or the global economy; the Company's ability to
generate sufficient cash flow from operations and obtain financing,
if needed, on acceptable terms or at all; the general economic,
financial market, regulatory and political conditions in which the
Company operates; the ability of the Company to ship its products
and maintain supply chain stability; consumer interest in the
Company's products; anticipated and unanticipated costs; government
regulation of the Company's activities and products; the timely
receipt of any required regulatory approvals; the Company's ability
to conduct operations in a safe, efficient and effective manner;
the Company's construction plans and timeframe for completion of
such plans; and the changes in laws, rules, regulations, and global
standards.
Any financial outlook or future oriented financial
information (in each case "FOFI") contained in this news release
regarding prospective financial position, including, but not
limited to: that the Company's anticipated results and earnings, is
based on reasonable assumptions about future events, including
those described above, based on an assessment by management of the
relevant information that is currently available. The actual
results will likely vary from the amounts set forth herein and such
variations may be material.
Readers are cautioned that the foregoing list of assumptions
and risk factors is not exhaustive. The forward-looking statements
and FOFI contained herein are expressly qualified in their entirety
by this cautionary statement. The forward-looking statements and
FOFI included in this news release are made as of the date hereof
and Decibel does not undertake any obligation to publicly update
such forward-looking statements or FOFI to reflect new information,
subsequent events or otherwise unless so required by applicable
securities laws. The forward-looking statements and FOFI are made
as of the date of this press release and the Company disclaims any
intent or obligation to update any forward-looking statements or
FOFI, 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.