Decibel Cannabis Company has entered into a binding agreement to sell its six-store Prairie Records recreational pot chain in Alberta and Saskatchewan to FIKA for about $3 million.

The stores are located in Calgary (two), Edmonton, Saskatoon (two) and Warman, Sask.

Toronto-based FIKA is acquiring the chain through wholly-owned subsidiary Fire and Flower.

Calgary-based Decibel announced the deal in a news release. The company said it remains committed to delivering other cannabis brands and products in Canada and around the world.

“The sale of Prairie Records marks a strategic decision in our growth journey, enabling us to focus resources and drive innovation in our core branded product business,” said Adam Coates, Decibel’s chief revenue officer. “We are dedicated to expanding and diversifying our premium product brand portfolio in Canada and globally.

“Prairie Records continues to hold its place as one of the most unique and beloved cannabis retail brands in Canada. We are proud of Prairie Records’ legacy, the team that helped make it a success and believe that FIKA is a great fit to continue serving Prairie Records customers now and into the future.”

Leading brands General Admission and Vox remain in Decibel’s portfolio. The operates a processing and manufacturing facility in Calgary and two cultivation facilities in Creston, B.C. and Battleford, Sask.

FIKA’s purchase will expand the company’s footprint beyond Ontario. According to its website, the company currently operates 19 stores in the province

Photo: CNW Group/Decibel