PR Newswire
CALGARY, AB, April 22, 2022
CALGARY, AB, April 22, 2022 /PRNewswire/ - 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
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| | | | 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 | ||||||||||||||||||||
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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 | ||||||||||||||||||||
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Number of retail stores | | | 6 | 6 | 6 | 6 | ||||||||||||||||||
Retail revenue | | | | $2,520 | $3,654 | $11,902 | $14,232 | |||||||||||||||||
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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.
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