Decibel Cannabis Company announced the results of its annual general meeting of shareholders held on December 9, 2022.
Results of the meeting
Decibel's shareholders approved all matters submitted by the Company for consideration at the meeting.
At the Meeting, Decibel's shareholders:
(i) fixed the number of directors of the Company to be elected at the meeting at five (5) directors;
(ii) elected each of Shawn Dym, Manjit Minhas, Nadia Vattovaz, Jakob Ripshtein, and Paul Wilson to serve as directors of the Company; and
(iii) appointed KPMG LLP, Chartered Professional Accountants, as the Company's auditors and authorized their remuneration, as such, be fixed by the board of directors.
Subsequent to the Meeting, Mr. Dym has been appointed and agreed to serve as the Company's Chairman, and each of Nadia Vattovaz and Jakob Ripshtein has been appointed and agreed to serve, respectively, as chair of the Company's Audit Committee and of its Governance, Compensation and Nominating Committee.
Message from Chairman & CEO
"Decibel shareholders have elected a new board of directors to steward our next phase of growth. The experience, proven skillset, and pedigree of the new board is tailored for Decibel, and the internal and external feedback has been exceptionally positive. Their success in the cannabis industry, consumer packaged goods, and capital markets, now applied to Decibel, will help the business achieve its objective of becoming a leading Canadian LP - this is a very exciting moment for all of us," say Paul Wilson, CEO, and Shawn Dym, Chairman.
"Already, Decibel's operating and commercial accomplishments have been remarkable, generating revenue growth of 39% over the first three quarters of 2022. Equally impressive has been Decibel's ability to grow its market share from 3.3% in November 2021 to 5.9% in 2022, making Decibel the fifth-largest LP ranked by market share.1 We expect that this growth will continue as Decibel remains focused on its proven planning, execution, and dedication to our products and consumers."
"Despite our strong operating performance, we do not believe these results have been reflected in our share price. The cannabis sector, including Decibel, has had a difficult time attracting interest and generating value in the capital markets. While we have fared better than most other Canadian LPs, we recognize that creating shareholder value is a top priority, and our new board will bring added focus to that accountability."
"We believe the cannabis capital markets will shift away from valuing LPs based on the size of capacity and supply and instead assign appropriate value to demonstrated demand for products, profitable market share, and operating profit. Decibel's performance in these areas make it a leading Canadian LP."
"Ultimately, winning in the consumer market will drive strong operational results, which will, in turn, lead to winning in the capital markets. Decibel believes this will attract the recognition and market value that winners are awarded."
"We thank our shareholders for their confidence and patience. We also wish to extend our gratitude to the past directors while welcoming the new board of directors with enthusiasm and excitement about Decibel's bright future."
For more information:
Decibel Cannabis Company
info@decibelcc.com
decibelcc.com