Decibel Cannabis Company Inc. (NYSE:DB) (OTC:DBCCF) has provided an operational update with respect to its capital projects and announced its fourth consecutive month of record market share in February.
"With our capital projects having achieved key milestones, it is a testament to our commitment to quality products, which continue to drive strong growth in market share," Paul Wilson, CEO of Decibel, said. "As these strategic investments come online, we anticipate operational efficiency gains that will enhance gross margins and drive growth in our bottom line."
Market Share In Decibel's Major Markets
Record 4.6% recreational market share in Decibel's major markets in February (as per HiFyre retail analytics)
- #1 brand in premium flower & pre-roll sales with a 9.3% market share2
- #5 LP in pre-roll sales with a 6.2% market share
- #3 LP in Alberta with a 9.8% market share, where the Company is furthest developed with its infused pre-roll product launches
- #4 brand in concentrate sales with a 7.3% market share
- #2 brand in vape sales with a 12.5% market share
National Market Share
Record 3.8% recreational National market share in February (as per HiFyre retail analytics)
- #1 brand in premium flower & pre-roll sales with a 7.6% market share2
- #7 LP in pre-roll sales with a 4.9% market share
- #4 brand in concentrate sales with a 5.8% market share
- #2 brand in vape sales with a 12.4% market share
Ontario Market Share
Record 3.3% recreational Ontario market share in February (as per HiFyre retail analytics)
- #2 brand in premium flower & pre-roll sales with a 6.6% market share2
- #9 brand in concentrate sales with a 3.5% market share
- #2 brand in vape sales with a 11.7% market share
Operational Update
The company said that it has completed construction of Phase 1 of its processing hub expansion at the Plant, as well as submitted a Health Canada amendment for the Phase 1 area and has initiated permitting for Phase 2 construction to complete the remainder of the capital project.
In early March, the company completed the final grow room upgrade at the Creston facility, as a part of its staged infrastructure optimization project.
The company is accelerating the implementation of the staged infrastructure optimization at its Thunderchild Cultivation Facility which is expected to be complete by end of April. The upgrade is expected to further enhance product quality and contribute to higher yields, to better meeting growing demand for Decibel products.
Photo: Courtesy of Towfiqu barbhuiya on Unsplash
