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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Decibel Cannabis Company Inc | TSXV:DB | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.005 | 4.00% | 0.13 | 0.125 | 0.135 | 0.135 | 0.13 | 0.13 | 64,554 | 20:36:12 |
CALGARY, AB, April 22, 2022 /CNW/ - Decibel Cannabis Company Inc. (the "Company" or "Decibel") (TSXV: DB) (OTCQB: DBCCF), a premium cannabis producer, is pleased to announce its year-end audited financial results for the three and twelve month periods ending December 31, 2021.
"Decibel continues to execute on its strategy to accelerate revenue growth and deliver new, unique and innovative choices to cannabis consumers. The success achieved through 2021 with record market share demonstrates the strength we've created in our brands, and our dedication towards our customers", said Paul Wilson, CEO of Decibel. "Our momentum has accelerated into 2022, and we are gaining great traction across our products and brands, particularly with our recent infused product launches over late Q4 and first quarter of 2022."
The Company anticipates for the three-month period ending March 31, 2022:
Year End and Quarterly Financial Highlights
Three months ended | Year ended | ||||||
2021 | 2020 | 2021 | 2020 | ||||
(thousands of Canadian dollars) | |||||||
Gross wholesale revenue of flower | $5,500 | $3,856 | $18,720 | $12,360 | |||
Net wholesale revenue of flower | $4,605 | $3,243 | $15,804 | $10,386 | |||
Kilograms of flower sold | 808 | 378 | 2,181 | 1,160 | |||
Average wholesale flower gross pricing per gram | $6.80 | $10.21 | $8.58 | $10.17 | |||
Average wholesale flower net pricing per gram | $5.70 | $8.58 | $7.25 | $8.47 | |||
Kilograms of salable cannabis harvested | 1,059 | 327 | 2,808 | 1,140 | |||
Gross wholesale revenue of extracts | $11,722 | $6,078 | $37,270 | $7,043 | |||
Net wholesale revenue of extracts | $6,893 | $4,528 | $24,747 | $5,312 | |||
Number of retail stores | 6 | 6 | 6 | 6 | |||
Retail revenue | $2,520 | $3,654 | $11,902 | $14,232 | |||
Total | |||||||
Gross revenue | $19,742 | $13,588 | $67,892 | $33,635 | |||
Net revenue | $14,018 | $11,425 | $52,453 | $29,930 | |||
Gross profit before fair value adjustments | $3,689 | $4,519 | $17,863 | $11,683 | |||
Gross margin | 26% | 40% | 34% | 39% | |||
Adjusted EBITDA 1 | $1,450 | $1,102 | $7,417 | $1,527 | |||
Cash flow from operations | ($5,133) | $1,343 | ($17,160) | ($4,238) |
Link to Decibel's Investor Presentation
Decibel's audited financial statements for the year ending December 31, 2021 ("Financial Statements") and related Management's Discussion & Analysis ("MD&A") for the three and twelve months ending December 31, 2021, are available under the Company's profile at www.sedar.com. As of December 31, 2021, Decibel was in compliance with all of its financial covenants and expects to remain in compliance for the remainder of its twelve-month forecast period.
1 Adjusted EBITDA is a non-GAAP performance measure. Refer to "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" for further details. |
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 space which produces the widely championed, rare cultivar-focused brands Qwest and Qwest Reserve, which are sold in six provinces across Canada. Thunderchild Cultivation, is a licensed and operating 80,000 square foot indoor cultivation facility in Battleford, SK. The Plant, Decibel's extraction 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, Blendcraft, and General Admission, 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.
This news release contains the financial performance metric of Adjusted EBITDA, a measure that is not recognized or defined under IFRS (a "Non-GAAP Measure"). As a result, this data may not be comparable to data presented by other cannabis companies. For an explanation and reconciliation of Adjusted EBITDA to related comparable financial information presented in the Financial Statements prepared in accordance with IFRS, refer to the MD&A for the three and twelve months ended December 31, 2021. The Company believes that Adjusted EBITDA is a useful indicator of operational performance and is specifically used by management to assess the financial and operational performance of the Company.
The Company calculates Adjusted EBITDA as net loss and comprehensive loss excluding unrealized gain on changes in fair value of biological assets, change in fair value of biological assets realized through inventory sold, depreciation and amortization expense, share-based compensation, other income, finance costs, foreign exchange loss, non-cash production costs and severance payments. Non-cash production costs relate to amortization expense allocations included in production costs. Non-GAAP Measures should be considered together with other financial information prepared in accordance with IFRS to enable investors to evaluate the Decibel's operating results, underlying performance and prospects in a manner similar to Decibel's management.
Accordingly, this Non-GAAP Measure is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
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 Company's ability to meet consumer demand, that the additional capital will accelerate Decibel's sales growth through the Thunderchild facility and new vape and concentrate launch; 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 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; 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 retail locations; 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 and information 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 press 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.
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