A Chatham-based medicinal marijuana company is under new ownership.
AgMedica has been acquired by Decibel, a market leader in premium cannabis and extract manufactured products in a deal worth $6.3 million.
AgMedica was granted a medicinal license in 2017 and was given the go-ahead from Health Canada to expand in August 2019, but then filed for creditor protection four months later.
Officials with Decibel say the AgMedica facility in Chatham will become the cornerstone of the company’s international strategy, allowing it to expand its products and brand to the rest of the world.
“An euGMP certification is an international standard that Decibel has been contemplating for quite some time, this acquisition accelerates that timeline,” said CEO Benjamin Sze in a news release. “Furthermore, this marks the first step of Decibel’s new strategy as we execute on profitable growth opportunities enhanced by synergistic and accretive transactions.”
The acquisition still needs approval from Decibel’s shareholders, with a meeting set to take place in December.