Decibel Cannabis Company Inc. (OTCMKTS: DBCCF) has offered an update about its latest Canadian recreational market share.
Decibel growing market share in various categories in Canada
Chief Executive Officer of Decibel, Paul Wilson, said, “With our debt refinancing now in place, we remain on the offense, growing revenue and closing 2021 with record market share driven through our core focus to elevate our consumer experience through quality combined with new, unique and innovative products. With a strong foundation established through efforts in 2021, and impactful 2022 catalysts, we are well positioned to continue our strong revenue and market share growth.”
In December, the company reported a 4.2% market share in the recreational market, up from 3.3% at the beginning of 2021. In addition, the company ranked first in the premium flower sales category with a market share of 10.3%, and it was second in the concentrate category and vapes category with a market share of 10.1% and 13.1%, respectively.
In 2021 the Canadian recreational market grew from around $270 million to $370 million. Over the same period, Decibel’s market share grew to 3.4% from 2.6%. In addition, the company ranked third in premium flower sales with a market share of 8.6%, and in the vapes and concentrates categories, and the company ranked second with a market share of 12.9% and 8.1%, respectively.
The company tripled between January 2021 and December in Ontario, with a record 3.1% for December. Premium flower sales were ranked the second top brand in Ontario with a market share of 9%, while in concentrate and vape sales, the company ranked fifth and second respectively with a market share of 5.8% and 10.8%.
Decibel announces $54 million debt financing with connectFirst Credit Union
The company recently announced the amendment and restatement of a commitment letter with connectFirst Credit Union Ltd regarding the $54 million of debt capital for an initial five-year term. The committed amount comprises $40.5M of term debt, a $6 million authorized overdraft taken against government receivables, and a $7.5 million accordion line. The company expects proceeds and contributions from operations to offer adequate liquidity to repay its convertible debentures after they mature.
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