Decibel takes $6M Q4 loss, operates under 'going concern' basis
Decibel Cannabis Company, a Calgary-based licensed producer and retailer, said its fourth-quarter revenue came to $1.47 million while it booked a $5.98 million loss. Decibel, which was previously knows as Westleaf, is also operating under a "going concern" basis, the company disclosed in its latest security filings. The company also operates the Qwest brand, a premium offering that has generating one of the highest gross prices per gram in the Canadian recreational market at $11.44.
Manitoba to allow anyone to apply for cannabis retail licence
Manitoba plans to open up the province's cannabis retail market to anyone who wishes to open a pot shop there. The province's crown services minister said in a statement late Friday that Manitoba will open the province's cannabis retail application process to all prospective owners. Retailers will be limited to owning no more than 15 per cent of stand-alone stores in Manitoba. The province has 30 licensed cannabis retail stores, which sold a total of $6.9 million pot in March, up 7 per cent from February.
How MedMen's lofty ambitions came suddenly crashing back down to reality
U.S. cannabis retailer MedMen was at the centre of a wide-ranging feature report by Politico, which detailed the company's sudden fall from grace after being touted as one of the hottest startups in the pot world. The long-read published over the weekend by Politico describes MedMen as being the "WeWork of weed," saying that after a series of lavish parties and valuations that climbed near $2 billion, the retailer is now left with several unpaid bills and unsettled legal allegations. One creditor is even eyeing former CEO Adam Bierman's waterfront mansion to settle the company's debts.
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