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Decibel Announces Year End 2019 Results, Amendment to Credit Facility and Extension of Interim Financial Filings
Decibel Announces Year End 2019 Results, Amendment to Credit Facility and Extension of Int...
About this update from Decibel Cannabis Company Inc
[{"type":"text","content":"\n\n\n\nDecibel Announces Year End 2019 Results, Amendment to Credit Facility and Extension of Interim Financial Filings\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 25, 2020\n\n\n\nCALGARY, May 25, 2020 /CNW/ - Decibel Cannabis Company Inc. (the \"Company\" or \"Decibel\") (TSX-V:DB) (OTCQB:DBCCF) announces its year-end and fourth quarter financial results for 2019 and provides an update to the anticipated filing date of its Q1 2020 results. The Company is also pleased to announce that it has entered into an agreement with its lender ATB Financial (\"ATB\") to amend its credit agreement.\n\n \n \n \n \n \n \n\n \nAs a result of the previously announced Arrangement (as defined herein) completed on December 20, 2019 (the \"Closing Date\"), the historical financial results of Decibel for the period ending December 31, 2019 relate solely to We Grow BC Ltd. (\"We Grow\") up to and including the Closing Date. Following the Closing Date the financial information of Decibel relates to that of the consolidated company. As a result, the 2019 financial results reflect eleven days of net revenue and operational activity from operating assets acquired from Westleaf Inc. (\"Westleaf\") in the Arrangement.\n2019 Financial Highlights and Subsequent Events \nNet revenue for the fourth quarter and year-end of $1.5 and $6.2 million, respectively, primarily relating to sales from the Company's Creston facility.Adjusted EBITDA loss for the fourth quarter and year-end of $1.6 and $1.8 million, respectively.Net loss for the fourth quarter and year-end of $6.0 and $6.5 million, respectively.Sold 177 kilograms of cannabis in the fourth quarter and 731 kilograms of cannabis during the fiscal year achieving gross price per gram of $11.44 for the period. Sales volumes in the fourth quarter of 2019 were impacted by a Health Canada quality assurance hold on 190 kilograms that was subsequently lifted on January 14, 2020 and sold in Q1 2020.On December 20, 2019, We Grow completed a plan of arrangement (the \"Arrangement\") which constituted a reverse takeover of...