Adastra Labs Holdings Ltd. announces the completion of a $3.9 million renovation on its Cannabis Standard Processing and Analytical testing facility.
Adastra Labs Holdings Ltd. (“Adastra” or the “Company”) (CSE:XTRX) announces the completion of a $3.9 million renovation on its Cannabis Standard Processing and Analytical testing facility in the Township of Langley, BC (the “Facility”).
.In July 2019, the Company commenced a complete renovation of its 13,035 square foot former food-processing Facility. The renovation was designed with a view to optimize material handling, production efficiency, strict sanitation and compatibility with security protocols required by Health Canada and international regulators. As renovated, the Facility now features 2,600 cubic feet of concrete, over 200 gallons of epoxy, 176 LED lights, 621 panels of FRP, 49 security cameras, 8 new roof top HVAC units and 2 air handling units. The Facility is also flexible by design, permitting rapid expansion of production capacity as necessary to accommodate Company growth.
The Company submitted its Site-Evidence Package which was received by Health Canada on December 4th, 2019. “The submission of the site-evidence package represented a significant licensing milestone for the Company,” said Andrew Hale, CEO “we are confident that Health Canada will be pleased with our application.” In anticipation of Health Canada’s approval of Adastra’s application, extraction equipment has started arriving at the Facility.
The issuance of a Standard Processing Licence from Health Canada would add to its already licensed analytical testing lab and permit Adastra to execute its plan to produce cannabis extract products and formulations. Adastra plans to create high-value cannabis extracts by supercritical CO2 extraction and secondary distillation. These extracts can be incorporated into a variety of value-added products such as, edibles, beverages, topicals, tinctures and vape cartridges to serve the rapidly growing Canadian market once Adastra has received its license.
For further information, please contact:
Andy Hale, CEO
About Adastra Labs Holdings Ltd.
In Canada, Adastra (through its wholly owned subsidiaries, Adastra Labs Inc. and Chemia Analytics Inc.) is in the application process to become a Standard Processor and is licensed as an Analytical Testing Laboratory under the Cannabis Act administered by Health Canada, with licences to produce cannabis extracts and provide third party analytical testing services. These licences will further enable Adastra and its subsidiaries to produce, package, sell (wholesale), and export medically focused and recreational cannabis extract and concentrate products in Canada to other licensed entities and internationally in jurisdictions where medical cannabis extraction products are legal.
The Company’s operations include a facility in British Columbia, Canada. The Company has developed its 13,035 square feet facility to be fully devoted to standard processing and laboratory testing by early 2020, from which it expects to produce significant amounts of cannabis oil and/or hemp oil for the Canadian wholesale medical and recreational markets.
The Company will offer a suite of unique products under several existing consumer-focused brands, including tinctures, medicinal oils, concentrates, and when legalized, gel capsules and vaporizer pens. Through careful development of its brands, Adastra will be positioned to be a leader in branded, commercialized products in both the medical and adult-use markets across North America and internationally.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: Adastra’s expectations concerning an increase in its production capacity. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Adastra assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. SOURCE: Adastra Labs Holdings Ltd.