Decibel Announces Record First Quarter Results, With Sequential Strong Net Revenue Growth and Adjusted EBITDA of $2MM
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CALGARY, AB, May 27, 2021 /PRNewswire/ - Decibel Cannabis Company Inc. (the Company or Decibel ) (TSXV: DB) (OTCQB: DBCCF), a premium cannabis producer, is pleased to announce its first quarter financial results for the three month period ending March 31, 2021.
Record Market Share Across BC, AB, SK, ON in Q1 2021
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#1 brand in concentrate sales with a 21.9% market share
#3 brand in vape sales with a 10.0% market share These exceptional first quarter results are a testament to the strength of our brands, industry-leading product quality and ability to develop and execute an innovative product portfolio that meets the needs of today s cannabis consumer , said Cody Church, Interim CEO of Decibel. Despite significant industry headwinds in the quarter, we delivered on our commitment of sustainable an
Continues to remain supply constrained in key markets
Thunderchild operations are on track with Decibel s execution timeline to reach full run rate production. The facility is integral to Decibel s rotational strategy to deliver consumers more choice of quality grown, rare cultivars in the dried flower and pre-roll product categories.
The Thunderchild Facility achieved first revenue out of the facility ahead of guidance in March 2021, with first product testing between 23.5 – 26% THC
Completed fourth harvest since commencement of operations
Six grow rooms planted and at various stages (30% of total facility planted)
East wing vegetation rooms now online to service second half of facility
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Flower Figures
During the fourth quarter of 2020, the cannabis producer supported advancements of various tools to boost yields in its Creston, British Columbia-based cultivation facility. Thanks to that, the company saw a 61% improvement in total harvested sellable cannabis flower, reaching 483 kilograms in the quarter.
In the first quarter, across several markets, including Alberta, Ontario, British Columbia, and Saskatchewan, Decibel was the number one brand in premium flower sales, holding 8.4% of the market share. We are expanding our market share in the high growth premium flower, concentrate, and vape categories, through our commitment to quality, innovation, and creating choice for customers. Cody Church, Interim CEO of Decibel said in a statement. We continue to execute on our strategic plan with two significant inflection points coming – the launch of ou