Decibel Appoints Paul Wilson as CEO
Decibel Cannabis Company has appointed Paul Wilson as its new Chief Executive Officer, effective June 23, 2021. Wilson, who has a strong background in brand building with leadership roles at notable Canadian companies, aims to enhance Decibel's growth strategy. The board highlighted his experience and strategic vision as key factors in the selection process. Under Wilson's leadership, Decibel plans to strengthen its premium cannabis brands like Qwest and Qwest Reserve, tapping into the evolving cannabis market.
- Appointment of CEO Paul Wilson is expected to strengthen leadership and brand growth.
- Wilson has extensive experience in brand management from leading Canadian consumer firms.
- Concerns about continuity and experience gaps in the executive team following the management change.
CALGARY, AB, June 22, 2021 /PRNewswire/ - Decibel Cannabis Company Inc. (the "Company" or "Decibel") (TSXV: DB) (OTCQB: DBCCF), a premium cannabis producer, is pleased to announce the appointment of Paul Wilson as its Chief Executive Officer, effective Wednesday, June 23rd.
Emphasizing the Company's objective for brand growth, Mr. Wilson brings CEO and President level experience from some of Canada's top consumer brands and is currently a member of Decibel's board of directors. Mr. Wilson served as CEO, President, EVP, and Officer for consumer businesses, including leadership roles at Canadian Tire, Mark's, Princess Auto, Spence Diamonds and Alcanna Nova Cannabis. As an experienced brand builder, Mr. Wilson has a consistent winning record in sectors ranging from hard goods to apparel and in formats ranging from start-ups and small chains to department stores and national chains.
"We are excited to continue our momentum with this key appointment. We were intent on adding a CEO who would complement our existing strategy and excellent management team" said Cody Church Chairman and interim CEO of Decibel. "The appointment follows a long and intensive search process that considered exceptional internal and external candidates. The focus of the search reflected the priorities of Decibel and the characteristics needed to address them. With Paul, we have selected a strategic leader and brand builder, with Decibel experience at the Board level."
Paul Wilson commented "the Canadian cannabis industry is now coming together with the appropriate balance of resources to serve consumers. Decibel has done an exceptional job establishing premium brands like Qwest and Qwest Reserve, with production and supply capability to fulfill a significant segment of the rapidly evolving marketplace. I'm excited to be a part of this brand and this team, with a mandate to further strengthen and increase the value our shareholders have recognized."
"I'd also like to thank the board of directors for its confidence and more importantly acknowledge the existing management team at Decibel who have established and grown our portfolio of brands as market leaders", added Mr. Wilson.
About Decibel
Decibel is uncompromising in the process and craftsmanship needed to deliver the highest quality cannabis products and retail experiences. Decibel has three operating production houses 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, processing and distribution space which produces the widely championed, rare cultivar-focused brands Qwest and Qwest Reserve, which are sold in six provinces across Canada. The Thunderchild Cultivation Facility, is a licensed and operating 80,000 square foot indoor cultivation facility in Battleford, SK. The Plant, Decibel's extraction, processing and manufacturing 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements
Forward Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
In this news release, forward-looking statements relate to, among other things, the Company's expectations regarding its ability to bring a significant pipeline of new and innovative products to the market, the Company's ability to grow Qwest, Qwest Reserve and Blendcraft brands into new and innovative product formats, variations and its other business plans and expectations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: risks relating to delays, regulatory changes and impacts, capital requirements, construction impacts, displacement requirements and unforeseen requirements resulting from the COVID-19 pandemic, the ability to obtain and maintain licences to retail cannabis products; review of the Company's production facilities by Health Canada and maintenance of licences (including any amendments thereto) from Health Canada in respect thereof; future legislative and regulatory developments involving cannabis; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the labour market generally and the ability to access, hire and retain employees; general business, economic, competitive, political and social uncertainties; the satisfaction of conditions precedent under the Company's credit facilities; timing and completion of construction and expansion of the Company's production facilities and retail locations; and the delay or failure to receive board, regulatory or other approvals, including any approvals of the TSX Venture Exchange, as applicable. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
These forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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SOURCE Decibel Cannabis Company Inc.
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