Decibel Cannabis sold its brick-and-mortar retail cannabis operations, operating under the brand of Prairie Records, to Fire and Flower Inc., a wholly-owned subsidiary of FIKA, for approximately $3 million. Prairie Records has three cannabis stores in Alberta and three in Saskatchewan.
“Decibel remains committed to our core mission of delivering exceptional cannabis brands and products in Canada and around the world,” says Adam Coates, Chief Revenue Officer. “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. We are dedicated to expanding and diversifying our premium product brand portfolio in Canada and globally. Prairie Records continues to hold its place as one of the most unique and beloved cannabis retail brands in Canada. We are proud of Prairie Records’ legacy, the team that helped make it a success and believe that FIKA is a great fit to continue serving Prairie Records customers now and into the future.”
The deal is expected to close before the end of Q1 2024.
FIKA Cannabis won the auction to purchase all Fire & Flower assets in September 2023, after that company and its subsidiaries filed for creditor protection in June 2023.
Decibel CEO Retires
In other Decibel news, Paul Wilson, the Company’s Chief Executive Officer informed the Board of Directors of his intention to retire from Decibel. The Board intends to name a new CEO in the coming weeks.
Photo courtesy of Prairie Records