Adastra Labs Holdings Ltd. (CSE:XTRX)(FRANKFURT:D2EP) (“Adastra”) a Health Canada Licensed cannabis processing and analytical testing services Company, is pleased to announce the fulfillment of its purchase order for bulk distillate and an order for 30,000 vaporizing cartridges from CannMart Inc. (“CannMart”) a majority owned subsidiary of Namaste Technologies Inc. (“Namaste”) (N) (M5BQ) (NXTTF
Adastra’s CO2 extraction process line was used to fulfill this bulk distillate order that will be used in CannMart’s licensed formulations for vaporizing cartridges, disposable vaporizers and vaporizing kits for its concentrate SKUs. This CO2 extraction line has a capacity of over 90 KGs of high-grade distillate a week, representing a 0.5 gram vaporizing cartridge capacity of 180,000. This CO2 production line will be soon repurposed to manufacture other higher margin, niche CO2-derived extract products (e.g. High Terpene Full Spectrum Extracts/Terp sauce) when an additional higher-capacity cryo-ethanol extraction line is installed and commissioned , which is expected to be completed within a month .
Figure 1 – High-grade Cannabis Distillate Produced by Adastra
Adastra validated its formulating and filling procedures while honing its quality and process control measures to ensure the highest quality products for its client CannMart. These two vape cartridge formulation runs formed the basis of Adastra’s Health Canada sales licence submission package earlier this month. Currently, Adastra can provide B2B client white labeling services for multiple distillate-related products including bulk distillate, tinctures, vape, beverage and edible formulations.
Figure 2 – Adastra filled vaporizing cartridges and shipment to client
“We are pleased to announce the fulfilment of CannMart’s purchase order. Additionally, we have completed fulfillment our first large vape cartridge order with a client. This run of two new flavours for the CannMart licensed Phyto Extractions vape cart line will add to their offerings across Canada. These along with other purchase orders will help Adastra support CannMart’s line of branded concentrate products that are selling throughout most Canadian provinces.” – Andy Hale, CEO
About Adastra Labs Holdings Ltd.
Adastra Labs Holdings Ltd. is a Langley, BC-based cannabis company with a co-located Health Canada Licensed Standard Processing Facility and Analytical Testing Laboratory. Adastra can produce cannabis extract through supercritical CO2 extraction and secondary distillation as well as conduct in-process quality testing. Such extracts can easily be incorporated into edibles, beverages, topicals, tinctures, vape cartridges and other products that will serve the Canadian medical and adult-use cannabis markets.
About Namaste Technologies Inc.
With headquarters in Toronto, ON, and offices in both B.C. and around the globe, Namaste Technologies is a leading online platform for cannabis products, accessories, and responsible education. The company’s ‘everything cannabis store’, CannMart.com, provides customers with a diverse selection of hand-picked products from a multitude of federally licensed cultivators, all on one convenient site. Namaste’s global technology and continuous innovation address local needs in a burgeoning cannabis industry requiring smart solutions. Information on the Company and its many products can be accessed through the links below:
Address: 5451 275th Street, Langley, BC V4W 3X8
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law including statements relating to repurposing production lines, acquisition of equipment, expected product quality and margins, capabilities to provide white label products. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE and Health Canada, economic, business, competitive, political and social uncertainties, failure to acquire and commission equipment, unexpected contamination of products, saturation of the market for the Company’s current and proposed future product offerings, termination of expected supply agreements and loss of key personnel. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for the Company as described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.
SOURCE: Adastra Labs Holdings Ltd.
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CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.