Decibel Acquires AgMedica, Announces Private Placement And Third Quarter Guidance
Decibel Cannabis Company Inc. (TSXV:DB) (OTCQB:DBCCF) confirmed Monday it has closed the acquisition of AgMedica Bioscience Ltd. The acquisition, arranged through an agreement with Callisto Capital Corp. on October 28, 2024, was made in exchange for a $6.3 million unsecured convertible debenture.
Under the agreement, the convertible debenture can be converted into Decibel’s shares once the company obtains final approval from the TSX Venture Exchange for the acquisition and if necessary approval from disinterested shareholders. If shareholder approval is required, it will be sought at Decibel’s upcoming annual and special meeting on December 10, 2024.
“I am excited to announce the acquisition of AgMedica,” stated CEO Benjamin Sze. “An euGMP certification is an international standard that Decibel has been contemplating for quite some time, this acquisition accelerates that timeline. The AgMedica facility becomes the cornerstone of our international strategy as it allows us to extend our products and brand to the rest of the world. Furthermore, this marks the first step of Decibel’s new strategy as we execute on profitable growth opportunities enhanced by synergistic and accretive transactions”
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