Canadian operator Decibel Cannabis Co. is selling its Prairie Records marijuana retail stores to retail operator Fika for roughly 3 million Canadian dollars ($2.2 million).
The six Prairie Records cannabis stores – three each in Alberta and Saskatchewan – will be sold to Fika subsidiary Fire & Flower Inc., Decibel announced late Friday.
Privately held Fika, based in Toronto, won an auction for Fire & Flower Holdings for CA$36 million in 2023.
Fire & Flower – once one of Canada’s largest publicly traded retail chains – had filed for creditor protection earlier that summer.
Calgary. Alberta-headquartered Decibel reported roughly CA$1.9 million in retail revenue for the quarter ended Sept. 30.
In a statement, Decibel Chief Revenue Officer Adam Coates said that selling Prairie Records “marks a strategic decision in our growth journey, enabling us to focus resources and drive innovation in our core branded product business. ”
Separately, Decibel announced Monday morning that CEO Paul Wilson intends to retire from the company.
“As a result of Mr. Wilson’s retirement, the board is preparing a transition plan, with the intention of a new chief executive officer being named in the coming weeks,” Decibel said in a statement.
Decibel shares trade as DB on the TSX Venture Exchange and DBCCF on over-the-counter markets.
