Alberta-based Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF) has reached an agreement to sell its retail operation, Prairie Records, to Fire and Flower Inc., a subsidiary of FIKA, for $3 million.
The agreement, which includes the transfer of six Prairie Records stores located in Alberta and Saskatchewan, is part of Decibel’s refocus on its core offerings, the company said.
“The sale of Prairie Records marks a strategic decision in our growth journey, enabling us to focus resources and drive innovation in our core branded product business,” Chief Revenue Officer Adam Coates said in a statement. “We are dedicated to expanding and diversifying our premium product brand portfolio in Canada and globally.”
The deal is expected to close by the end of the first quarter of 2024, subject to customary closing conditions.
Decibel also announced that its CEO, Paul Wilson, plans to retire. The company’s board said it is working on a plan to find a new replacement soon.
The post Decibel to sell Prairie Records for $3M, CEO to retire appeared first on Green Market Report.
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