Decibel Announces Stock Option Grant
CALGARY, AB, June 23, 2020 – Decibel Cannabis Company Inc. (the “Company” or “Decibel”) (TSX-V: DB) (OTCQB: DBCCF) today announced that it will grant, effective June 24, 2020, an aggregate of 16,752,103 stock options (each, an “Option”) to certain directors, officers and employees of the Company in accordance with the Company’s shareholder approved stock option plan. Each Option is exercisable into one common share in the capital of the Company (each, a “Share”) at a price of $0.09 per Share, being the closing price of the Shares on the TSX Venture Exchange on June 23, 2020. This is a normal-course grant that comprises part of the long-term compensation and employee retention incentives provided by the Company. The Options will vest in equal installments on January 1, 2021, January 1, 2022 and January 1, 2023 and will expire on January 1, 2024. The Options represent the first long-term compensation incentive grant to Decibel’s directors, officers and employees following the integration of We Grow B.C. Ltd. (“We Grow”) and Westleaf Inc. (“Westleaf”) in December of 2019.
Benjamin Sze, CEO of Decibel noted “this represents an important final step in the integration of We Grow and Westleaf and aligns our team for the future success of Decibel.”
Following the issuance of the Options, the Company’s basic and fully diluted share balances now total 347,979,373 and 420,981,279 respectively.
Decibel is uncompromising in the process and craftsmanship needed to deliver the highest quality cannabis products and retail experiences. Decibel has three production houses operating or under development along with its wholly owned retail business, Prairie Records. The Qwest Estate in Creston, BC is a licensed and operating 26,000 square foot cultivation space which produces the widely championed, rare cultivar-focused brands Qwest and Qwest Reserve, which are sold in six provinces across Canada. Thunderchild Cultivation, an 80,000 square foot indoor cultivation facility in Battleford, SK is scheduled to be completed and licensed in 2020. The Plant, Decibel’s extraction facility, in Calgary, AB has 15,000 square feet of Health Canada licensed extraction and product development space. This production house will fuel the growth of our brands Qwest, Qwest Reserve, and Blendcraft, into new and innovative product formats like concentrates, vapes, edibles and beyond.