Cannabis News

Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company"), a Health Canada Licensed cannabis company focused on processing, sales, organoleptic testing, and analytical testing, is pleased to announce the appointment of Smoke Wallin to the Company's board of directors.

Adastra Holdings brand ticker (CNW Group/Adastra Holdings Ltd.)

"We are extremely honoured and privileged to welcome Mr. Wallin to Adastra's board of directors," said Michael Forbes , CEO of Adastra. "Mr. Wallin is an accomplished leader and international business builder in the CPG, cannabis, health and wellness, food and beverage, distribution, hospitality and technology industries. Mr. Wallin is a seasoned executive and serial entrepreneur who has a wealth of knowledge in the cannabis industry. I am confident that he will be an important contributor to our Company's long term success."

Mr. Wallin added, "I'm excited to support Michael and the team at Adastra as they build on an already impressive set of production assets in the Canadian cannabis market, with an eye toward additional capabilities in some super innovative forward looking therapeutics including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD. I believe in their strategy and the team's ability to execute their growth plan profitably, something quite rare in this rapidly growing market."

Mr. Wallin is a highly accomplished CEO, entrepreneur, leader, board member and philanthropist with more than 25 years of success across the consumer products, beverage, cannabis, distribution and technology industries. He is a partner and Managing Director for STS Capital Partners; has frequently served as CEO for new and existing businesses; has been directly involved in $1.7 billion in mergers and acquisitions and financings; and has acquired, created, or sold 50+ brands and companies. He has been recognized with the Ernst & Young Entrepreneur of The Year award, and the Vanderbilt Business "Distinguished Alumni Award." He was also named one of the 100 most influential leaders in the cannabis industry by High Times Magazine. Smoke earned an MBA from Vanderbilt University and a B.S. degree in Agricultural Economics from Cornell University's Dyson School of Applied Economics at the Cornell SC Johnson College of Business.

About Adastra Holdings Ltd.

Founded in 2018 and formerly known as Phyto Extractions Inc., Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use and medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada . Adastra is known for its popular line of Phyto Extractions branded cannabis concentrate products available on shelves at over 1,400 adult-use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural-scale Health Canada licensed facility located in Langley, BC , focused on extraction, distillation, and manufacturing of cannabis-derived products. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD by applying for a Controlled Substances Dealer's Licence, which is under review by Health Canada. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, with the recent acquisition of 1225140 B .C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary centre for medical cannabis and psychedelic therapies, working alongside doctors and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients. For more information, visit: www.adastraholdings.ca.

Forward-Looking Information

This news release includes forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking information in this news release includes statements with respect to: (i) the Company's long-term success; (ii) the Company building on production assets in the Canadian cannabis market and additional therapeutic areas including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD; and (iii) the Company's execution of its growth plan. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the cannabis extraction sector in general; (iii) changes in regulations surrounding cannabis as a controlled substance; and (iv) other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

SOURCE Adastra Holdings Ltd.

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Adastra Holdings Reports First Quarter Results

Adastra Holdings Reports First Quarter Results

  • Generated record gross revenues of $2,286,721 in Q1 2022, representing 288% growth compared to Q1 2021
  • Maintained a strong capital position in Q1 2022 with $28,176,801 in assets, and $6,712,176 in liabilities

Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company") is pleased to announce that it has filed its consolidated financial statements and related management discussion and analysis for the three months ended March 31, 2022 both of which are available at www.sedar.com.

Adastra Holdings brand ticker (CNW Group/Adastra Holdings Ltd.)

Michael Forbes , Chief Executive Officer of Adastra, commented, "The year is off to a record-breaking start with strong momentum for the year ahead. We have achieved record revenues and gross profit, while maintaining a strong capital position."

"Our team has made significant progress on many fronts, including bringing new brands to market, adding to our co-manufacturing portfolio and increasing production capacity and output. Our focus remains on implementing production rollout, generating multiple revenue streams and creating market expansion strategies. We have made proactive advances in all of these areas, which has ultimately resulted in a strong foundation for further continued growth of our business. We recently commissioned automated pre-roll hardware for infused pre-roll production to meet the demand for this product category."

"To augment our revenue stream, we launched the Endgame Extracts brand, with four initial SKUs, at the British Columbia Liquor Distribution Branch, which sold out within 48 hours of product launch," added Mr. Forbes. "We submitted applications for our Medical Sales Licence and Controlled Substances Dealer's Licence, in line with our market expansion strategy. Our objective is to strategically position ourselves for further growth into in-demand cannabis product categories and in the emerging regulated psychedelics market."

"We look forward to building on our reputation as a leader in the cannabis and patient-focused psychedelics space in order to deliver on our commitment to create long-term value for our customers, partners and shareholders."

Key Q1 2022 Financial Highlights
  • Achieved record revenues of approximately $2.3 million in Q1 2022, compared to approximately $0.6 million in Q1 2021 – representing an increase of 288%, demonstrating significant demand for Adastra's in-demand cannabis concentrate brands and products.
  • Achieved gross profit of $827,713 in Q1 2022, compared to $105,411 in Q1 2021 – representing an increase of 685%.
  • Operating expenses for Q1 2022 increased to $1,695,682 when compared to $467,771 during Q1 2021 – representing an increase of 263%.
Key Q1 2022 Corporate and Business Highlights
  • Launched Endgame Extracts SKUs in British Columbia , which was 100% sold out within 48 hours.
  • Submitted applications for a Medical Sales Licence and a Controlled Substances Dealer's Licence.
  • Commissioned automated pre-roll equipment for infused pre-roll production.
  • Shatter production increased to 106.6 kg in Q1 2022 compared to 20.7 kg in Q1 2021.
  • Commercialized additional full spectrum extract SKUs for in-house brands and co-manufacturing partners, ex: THCA Diamonds, Sugar Wax, Shatter, Full Spectrum vaporizer cartridges.
About Adastra Holdings Ltd.

Founded in 2018 and formerly known as Phyto Extractions Inc., Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use and medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada . Adastra is known for its popular line of Phyto Extractions branded cannabis concentrate products available on shelves at over 1,400 adult-use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural-scale Health Canada licensed facility located in Langley, BC , focused on extraction, distillation, and manufacturing of cannabis-derived products. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD by applying for a Controlled Substances Dealer's Licence, which is under review by Health Canada. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, with the recent acquisition of 1225140 B .C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary centre for medical cannabis and psychedelic therapies, working alongside doctors and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients. For more information, visit: www.adastraholdings.ca.

Forward-Looking Information

This news release contains forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward looking information in this news release includes statements regarding, but not limited to: the Company's goals of implementing production rollout, generating multiple revenue streams, and creating market expansion strategies; further continued growth of the Company's business; the Company's ability to meet the demand for infused pre-roll production; the Company's objective to position itself for further growth into in-demand cannabis product categories and in the emerging regulated psychedelics market; and the Company's goal of building on its reputation in the cannabis and patient-focused psychedelics space in order to create long-term value for customers, partners and shareholders. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Important factors that could cause actual results to differ materially from those expressed in the forward-looking information include: the availability of a qualified workforce; changes in regulations or licensing affecting the Company's business; reduced demand for cannabis and cannabis related products; reductions in the Company's retail space and store locations; and other factors beyond the control of the Company. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

SOURCE Adastra Holdings Ltd.

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Adastra Holdings Announces 2021 Annual Financial Results and Corporate Update

Adastra Holdings Announces 2021 Annual Financial Results and Corporate Update

  • Generated record gross revenues of $5.6 million in 2021, representing 124% growth YOY
  • Maintained a strong capital position with $28.8 million of assets, and $6.4 million of liabilities

Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company") is pleased to announce that it has filed its consolidated financial statements and related management discussion and analysis for the year ended December 31, 2021 both of which are available at www.sedar.com .

Adastra Holdings Announces 2021 Annual Financial Results and Corporate Update (CNW Group/Adastra Holdings Ltd.)

Michael Forbes , Chief Executive Officer of Adastra, commented, "2021 was a transformative year for Adastra. Having joined in May of 2021, I have seen considerable progress being made on many fronts – we acquired Phyto Extractions and PerceiveMD to vertically integrate our product reach; introduced several new, innovative cannabis products; entered new domestic markets; and created marketing and sales initiatives that have raised brand awareness among consumers and retailers. The team has worked diligently in restructuring and reducing costs giving us a solid foundation as we move forward."

"Strategically, our focus remains on the following growth areas: medical product development and formulation; premium branded extraction products; dried flower products; drug formulation; sales force expansion; and global opportunities. One of the fastest growing cannabis product categories in both Canada and the U.S. is infused pre-rolls. We are excited to be launching these types of pre-rolls shortly. As we are succeeding with shatter SKU expansion, we plan to leverage our shelf space to sell to the provincial distributors and anticipate this category being a big contributor to our success."

"Combined, our production rollout and market expansion strategies give us optimism for 2022 and beyond," added Mr. Forbes. "We believe we have established a platform for profitable growth, with multiple revenue streams and differentiation in the marketplace. We look to leverage this momentum over the coming months to create sustainable value for our customers, partners and shareholders."

Key 2021 Annual and Q4 Financial Highlights
  • Achieved record revenues of approximately $5.6 million in 2021, compared to approximately $2.5 million in 2020 - an increase of 124%, demonstrating significant demand for Adastra's in-demand cannabis concentrate brands and products.
  • Achieved revenues of approximately $2.0 million in Q4 2021, compared to approximately $1.2 million in Q4 2020 - an increase of 67%.
  • Achieved gross profit of approximately $1.9 million during the year ended December 31, 2021 , compared to approximately $0.8 million during the year ended December 31, 2020 - an increase of 138%, noting that the current year included approximately $0.4 million of inventory write-downs.
  • Reduced operating expenses to approximately $4.3 million during the year ended December 31, 2021 from approximately $7.9 million during the year ended December 31, 2020 due to a reduction in non-cash share based payment expenses, advertising and promotional costs and professional fees.
Key 2021 Annual and Q4 Corporate and Business Highlights
  • Completed a full corporate rebrand of "Phyto Extractions Inc." to "Adastra Holdings Ltd." to better align the Company's name and image as a comprehensive leader in cannabis extraction, distillation and product manufacturing.
  • Acquired PerceiveMD, which opened the door for Phyto and Adastra to break new ground as providers of cannabis and psychedelic therapies to Canadians and people around the world.
  • Launched Phyto Extractions Full Spectrum Vape Cartridge Line.
  • Completed the acquisition of Phyto Extractions to drive accelerated growth and profitability through a comprehensive strategy of product innovation and enhanced retail engagement.
  • Entered the market with the creation of THC-Free 99% Pure CBD Isolate.
  • Expanded Phyto Extractions product line distribution into Yukon and Northwest Territories .
  • Received licensing by Health Canada that will enable the Company to sell dried cannabis flower products provincially and territorially in Canada through authorized distributors and retailers.
  • Refinancing of mortgage facility to provide incremental $1.0 million of liquidity allowing Adastra to expand production capabilities for future growth.
  • Distillate production increased by 134 kg, or 90% in Q4 2021 from Q4 2020.
  • Distillate production increased from 150kg in Q4 2020 to 284kg in Q4 2021.
  • Shatter production increased to 50 kg in Q4 2021 – no shatter was produced in Q4 2020.
Results of Operations

For the three months and years ended December 31, 2021 and 2020


Q4 2021

Q4 2020

YTD 2021

YTD 2020

Revenue

$

$

$

$

Cost of sales

1,989,604

1,245,097

5,628,616

2,499,355

Gross profit

(1,712,154)

(625,053)

(3,684,925)

(1,713,77)

Operating expenses

277,450

620,044

1,943,691

785,581

Net income (loss) and comprehensive income (loss)

(2,292,255)

(426,180)

(4,335,429)

(7,950,595)


(1,668,673)

90,473

(2,749,939)

(7,615,864)

As of December 31, 2021 and 2020




2021

2020




$

$




28,775,450

13,736,950




1,041,467

60,000

The above number have been subject to audit and reflect the consolidated results of the Company.

Share Cancellation and Return to Treasury

The Company is also pleased to announce that it has cancelled 10 million shares that were voluntarily returned to treasury for no valuable consideration by certain founders of the Company. The share cancellation was effective April 29, 2022 .

As a select number of founders voluntarily surrendered the shares for no valuable consideration, the share cancellation did not constitute an "issuer bid" or an "offer to acquire" as defined in National Instrument 62‐104 – Take‐Over Bids and Issuer Bids . The total number of the issued and outstanding common shares of Adastra has been reduced from 65,970,547 to 55,970,547, or a decrease of approximately 15%.

About Adastra Holdings Ltd.

Founded in 2018 and formerly known as Phyto Extractions Inc., Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use and medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada . Adastra is known for its popular line of Phyto Extractions branded cannabis concentrate products available on shelves at over 1,400 adult-use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural-scale Health Canada licensed facility located in Langley, BC , focused on extraction, distillation, and manufacturing of cannabis-derived products. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD by applying for a Controlled Substances Dealer's Licence, which is under review by Health Canada. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, with the recent acquisition of 1225140 B .C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary centre for medical cannabis and psychedelic therapies, working alongside doctors and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients. For more information, visit: www.adastraholdings.ca.

Forward-Looking Information

This news release contains forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward looking information because the Company can give no assurance that they will prove to be correct. Forward looking information in this news release includes statements regarding, but not limited to: the Company's plans to grow in the following areas: medical product development and formulation, premium branded extraction products, dried flower products, drug formulation, sales force expansion and global opportunities; the expected benefits of the Company's plan to leverage its shelf space to sell its pre-rolls to the provincial distributors and any expected revenue growth therefrom; and other general statements regarding the Company's platform for profitable growth and creation of sustainable value for customers, partners and shareholders. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward looking information. Important factors that could cause actual results to differ materially from those expressed in the forward-looking information include: the availability of a qualified workforce; changes in

regulations or licensing affecting the Company's business; reduced demand for cannabis and cannabis related products; reductions in the Company's retail space and store locations; and other factors beyond the control of the Company. These and all subsequent written and oral forward looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward looking statements.

SOURCE Adastra Holdings Ltd.

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Adastra Announces Submission of Medical Sales License Application and Engagement of IR Labs Inc. to Provide Investor Relations Services

Adastra Announces Submission of Medical Sales License Application and Engagement of IR Labs Inc. to Provide Investor Relations Services

Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company"), a Health Canada Licensed cannabis company focused on processing, sales, organoleptic testing, and analytical testing, is pleased to announce the submission of its Medical Sales License application to Health Canada on April 1, 2022 .

Adastra Announces Submission of Medical Sales License Application (CNW Group/Adastra Holdings Ltd.)

A Medical Sales License would permit Adastra to perform the following activities:

  • Sell cannabis extracts to medical cannabis patients and licensed health practitioners;
  • Develop products classified as cannabis extracts:
    • Inhaled (vaporizer cartridge and shatter),
    • Ingested (tincture, oil, capsule, soft gel and oral spray),
    • Other (suppository);
  • Sell dried cannabis

On August 31, 2021 , Adastra announced its acquisition of 1225140 B .C. Ltd., doing business as PerceiveMD , a lean digital patient care platform providing complimentary assessments for alternative treatments of medical cannabis and other breakthrough therapies, such as psychedelics.

"I am particularly excited about the future of cannabinoid-based medical treatments, especially the pharmaceutical distribution of these remedies," said Michael Forbes , Chief Executive Officer, Corporate Secretary and Director of Adastra. "Having strong ties to the medical community, I am confident that CBD, CBN and CBG specifically will play a significant role in the Canadian medical market in the near future. Adastra's ability to sell to the growing and established medical market positions the Company to leverage its existing clinics for direct-to-patient sales and pharmacy sales soon. We are also uniquely positioned to tap into my pharmacy retail network in order to provide Adastra's medical cannabinoid products to patients across Canada ."

Engagement with irlabs

Adastra is also pleased to announce that it has entered into an engagement letter dated effective April 8, 2022 (the "Agreement") with IR Labs Inc. ("irlabs"), whereby irlabs has agreed to provide the Company with certain investor relations services (the "Services") in the areas of: (i) capital markets advisory, including strategic advisory and introductions to investors and investment bankers; and (ii) the development and management of an investor relations and communications program, including public relations/media, social media and stakeholder relations.

Either party may terminate the Agreement at any time by providing the other party with 30 days' prior written notice of termination. In consideration for the Services, the Company has agreed to pay irlabs a monthly fee of $10,000 in cash, plus applicable taxes (the "Monthly Fee"), due and payable on the last day of each month. The first payment will be $15,000 in cash, plus applicable taxes, due and payable on April 30, 2022 . The Company has also agreed to reimburse irlabs for all reasonable out-of-pocket expenses incurred in connection with irlabs performing the Services. In addition, irlabs will bill a monthly charge totalling 3% of the Monthly Fee to cover subscription fees for market intelligence platforms, media monitoring, certain information retrieval services, and other ordinary course items that will not be billed to the Company on an itemized basis. irlabs has agreed not to incur any aggregate disbursements greater than $500 a month without the Company's approval. irlabs' contact person, address, email and telephone number are as follows: Alyssa Barry (Principal and Co-Founder), 400 - 22 E 5th Ave, Vancouver, BC V5T 1G8, alyssa@irlabs.ca , 604-997-0965.

irlabs is a dynamic investor relations firm that applies innovative strategies to create visibility, drive investor engagement and make an impact. Headquartered in Vancouver, BC with team members located across North America , irlabs is industry and sector agnostic and supports both private and public companies with their investor relations programs, corporate communications and corporate governance. For more information visit www.irlabs.ca .

About Adastra Holdings Ltd.

Founded in 2018 and formerly known as Phyto Extractions Inc., Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use and medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada . Adastra is known for its popular line of Phyto Extractions branded cannabis concentrate products available on shelves at over 1,400 adult-use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural-scale Health Canada licensed facility located in Langley, BC , focused on extraction, distillation, and manufacturing of cannabis-derived products. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD by applying for a Controlled Substances Dealer's Licence, which is under review by Health Canada. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, with the recent acquisition of 1225140 B .C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary centre for medical cannabis and psychedelic therapies, working alongside doctors and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients. For more information, visit: www.adastraholdings.ca .

About PerceiveMD

PerceiveMD has created the first of its kind, research-based, multidisciplinary centre for medical cannabis and other forward-thinking therapies such as psychedelics. It offers a holistic, team-based approach that focuses on the patient. Its team of nurses, pharmacists, physicians, practitioners, specialists, and educators will all work together to ensure that you are properly assessed, informed, and prescribed where appropriate. For more information, visit: www.perceivemd.ca .

Forward-Looking Information

This news release includes forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking information in this news release includes statements with respect to: (i) the anticipated grant of the Medical Sales License by Health Canada; (ii) the activities that the Company could conduct with a Medical Sales License; (iii) the effect of CBD, CBN and CBG on the Canadian medical market in the near future; (iv) the ability of the Company to leverage its existing clinics for direct-to-patient and pharmacy sales through its ability to sell to the growing and established medical market; (v) the Company's ability to benefit from a pharmacy retail network to provide Adastra's medical cannabinoid products to patients Canada -wide; and (vi) the Agreement with irlabs including the Services irlabs has agreed to provide to the Company. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the cannabis extraction sector in general; (iii) changes in regulations surrounding cannabis as a controlled substance; and (iv) other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.

SOURCE Adastra Holdings Ltd.

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Adastra Announces Successful Soft Launch of Endgame Brand in BC

Adastra Announces Successful Soft Launch of Endgame Brand in BC

Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company"), a Health Canada Licensed cannabis company focused on processing, sales, organoleptic and analytical testing, is excited to announce that its newly developed brand, Endgame, which was soft-launched last week, sold out in less than 24 hours of delivery to the British Columbia Liquor Distribution Branch ("BCLDB"). Endgame's initial SKU delivery included two varieties of vaporizer cartridges: Mosa x Blood Orange and White Rhino x Raspberry Lemon.

"We are thrilled to bring Endgame, our first exclusive in-house brand, to market," said Michael Forbes , Chief Executive Officer, Corporate Secretary and Director of Adastra. "Selling out on day one of launch demonstrates consumer appetite for a lower cost vaporizer that delivers on quality, flavour and convenience. With added production capacity, new orders are quickly being shipped to supply our customers."

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Adastra Announces a Record Production Month and Management Changes

Adastra Announces a Record Production Month and Management Changes

 Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company"), a Health Canada Licensed cannabis company focused on processing, sales, organoleptic and analytical testing, is pleased to report that its wholly owned subsidiary Adastra Labs Inc. achieved a record month of production volume in February, more than doubling outputs.

Adastra Announces a Record Production Month and Management Changes (CNW Group/Adastra Holdings Ltd.)

Hydrocarbon Extraction Output Increased by 24%

Since February, hydrocarbon extraction and processing run times more than doubled, increasing from an average of 2.5 runs per day to 6 runs per day, which equates to 48 kilograms of cannabis biomass extracted each day. In February, a total of 570.9 kilograms of cannabis biomass was extracted. 710.4 kilograms of cannabis biomass has been extracted in March, accounting for a 24% increase in production; this is representative of just one of Adastra's active processing lines.

The significant growth in cannabis biomass extraction was achieved by adding shifts and extending hours during the week. There has been an increase in demand for hydrocarbon-extracted shatter products for Adastra's 100% owned brand, Phyto Extractions, and fulfillments for the Company's co-manufacturing brands, along with the preparation for the launch of a highly-anticipated brand next month. The increased demand has led to seven hydrocarbon production runs per day, or approximately 56 kilograms of cannabis extracted daily. This does not account for Adastra's cryo-ethanol production line, and brings Adastra closer to achieving its goal of $5 million per month in sales by Summer 2022.

Filling and Packaging Increased by 75%

In February, the production team filled and packaged 100,511 vaporizer cartridges and finished products. In March, 75,875 cartridges were filled in two weeks, with an anticipated total of 118,346 cartridges to be filled and packaged by the end of this month.

Filling increased from 6,000 cartridges to 10,500 cartridges per day, accounting for a 75% increase in one month.

"I am extremely proud of our team's commitment and performance which has enabled us to achieve another record production month," said Michael Forbes , Chief Executive Officer and Director, Adastra. "With more SKUs launching and co-manufacturing brands coming to market this Spring and Summer, Adastra intends to invest in more processing equipment, along with automation hardware and software to drive costs down and increase production outputs."

Corporate Update

Adastra announces a recent update to its leadership structure with the departure of Chief Operating Officer, Corporate Secretary and Director, Donald Dinsmore , and the appointment of Michael Forbes as Corporate Secretary.

Donald Dinsmore commented, "After nearly four years of proudly working to build the Adastra team, I am parting ways to pursue other business endeavours. I look forward to what the future has to offer for both myself and the growth of Adastra."

"On behalf of the Board of Directors and the Company, I want to thank Donald for his guidance and support in growing Adastra," said Michael Forbes . "We wish him all the best in his next venture."

About Adastra Holdings Ltd.

Founded in 2018 and formerly known as Phyto Extractions Inc., Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use and medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada . Adastra is known for its popular line of Phyto Extractions branded cannabis concentrate products available on shelves at over 1,400 adult-use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural-scale Health Canada licensed facility located in Langley, BC , focused on extraction, distillation, and manufacturing of cannabis-derived products. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD by applying for a Controlled Substances Dealer's Licence, which is under review by Health Canada. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, with the recent acquisition of 1225140 B .C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary centre for medical cannabis and psychedelic therapies, working alongside doctors and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients.

Forward-Looking Information

This news release contains forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward‐looking information is based are reasonable, undue reliance should not be placed on the forward‐looking information because the Company can give no assurance that they will prove to be correct. Forward‐looking information in this news release includes statements with respect to: increased production volume; addition of processing, filling and packaging shifts; investment in equipment and automation hardware and software to drive costs down and increase production; anticipated new products, and the adoption thereof; goal of achieving $5 million a month in sales by Summer 2022; an anticipated total of 118,346 cartridges to be filled and packaged by the end of this month; and the timelines set out herein. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward‐looking information. Important factors that could cause actual results to differ materially from those expressed in the forward-looking information include: the availability of a qualified workforce; changes in regulations or licensing affecting the Company's business; reduced demand for cannabis and cannabis related products; reductions in the Company's retail space and store locations; and other factors beyond the control of the Company. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward‐looking statements.

This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the Company's expected goal of achieving $5 million a month in sales by Summer 2022 and anticipated total of 118,346 cartridges to be filled and packaged by the end of this month, which is subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of the Company may vary from the amounts set out herein and such variation may be material. The Company and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about the Company's anticipated future business operations. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.

Adastra Announces a Record Production Month and Management Changes (CNW Group/Adastra Holdings Ltd.)

SOURCE Adastra Holdings Ltd.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2022/29/c3149.html

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