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Decibel Cannabis Company Inc. (TSXV:DB) (OTCQB:DBCCF), a premium cannabis producer, announced its third-quarter financial results on Tuesday for the three and nine-month periods ending September 30, 2022.
"Our third quarter results coupled with another record market share month to start the fourth quarter continue to demonstrate our focus on achieving our 2022 operational outlook", said Paul Wilson, CEO of Decibel.
“The increase was driven by investments made during the summer, including operational efficiencies, automation equipment commissioned, and sourcing of more cost-effective components related to the manufacturing of cannabis products," says a company press release.
Operating Highlights: The Company launched or expanded the distribution of the following products in the 3Q: 2 General Admission vape flavors in distillate and live resin formats, and 3 General Admission and Qwest-infused pre-rolls.
"With highly successful recent product launches, the demand we are experiencing has been tremendous and provides an opportunity for material growth for Decibel. The continued progress by our productivity initiatives alongside another period of record gross profit positions us well to deliver on this demand and drive further profitability, as we track towards a strong fourth quarter to end 2022,” Wilson said.
Hybrid Financial Engagement: The Company also retained Hybrid Financial Ltd. ("Hybrid") to provide marketing services to the Company. "Hybrid has been engaged to heighten market and brand awareness for Decibel and to broaden the Company's reach within the investment community," reads the press release.
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