02:04 PM EDT, 10/28/2024 (MT Newswires) -- Decibel Cannabis ( DBCCF ) on Monday acquired cannabis producer AgMedica Bioscience from Callisto Capital for $6.3-million of unsecured convertible debenture.

The debenture can be converted into Decibel shares priced at $0.055 when certain conditions are met, including TSX Venture Exchange and shareholder approval.

Decibel also intends to complete a non-brokered private placement financing of between $3 million to $3.5 million. Terms will be determined in the context of the market.

The AgMedia transaction is expected to expand Decibel's international footprint with EU GMP certification that enables export of flower and a variety of extract products to seven countries.

The company said it expects net revenue of between $23 million to $25 million, for its third quarter.

Decibel was last seen down $0.01 to $0.04 on the TSX Venture Exchange.

Price: 0.04, Change: -0.01, Percent Change: -20.00