Adastra Labs Holdings Ltd. (CSE:XTRX)(FRANKFURT:D2EP) (“Adastra”) a provider of same-site Health Canada Licensed cannabis processing and analytical testing services, is pleased to provide an update with respect to the impact of the COVID-19 pandemic on its current operations and announce the entry into an agreement to supply cannabis extract and concentrate products.

On March 18, 2020, the British Columbia government declared a provincial state of emergency, and on March 26, 2020, provided guidance concerning essential services during the COVID-19 pandemic.


Certain sectors of the economy including cannabis retail and wholesale operations, along with analytical laboratories, have been deemed essential services and are permitted to operate. Adastra’s wholly owned subsidiaries, Adastra Labs Inc. and Chemia Analytics Inc. (“Chemia”) are part of the Canadian cannabis supply chain and are committed to responsibly continuing operations to serve B2B customers. Where possible, employees are working from home while others are adhering to strict operating procedures, to safeguard the health and safety of staff to ensure operations remain unaffected. To date, there have been no known cases of COVID-19 at Adastra’s office or facility. Further, Chemia has notified Health Canada, at their request, of its initial testing capabilities to be made available to them during the COVID-19 pandemic.

“We are taking every precaution possible to safeguard our employees, partners and customers during the COVID-19 pandemic. Adastra is diligently adhering to Provincial and Federal guidance to ensure we are implementing all necessary protocols while endeavouring to maintain our schedule for initial equipment commissioning and operational commencement in the coming weeks. Although we are now an essential service provider, we acknowledge this is a sensitive time and will remain committed to our first priority – the health and safety of our employees and community.” – Andy Hale, CEO, Adastra Labs Holdings Ltd.

Adastra also announces that it has entered into an agreement with CannMart Labs Inc. (“CannMart”) a majority owned subsidiary of Namaste Technologies Inc. (“Namaste” or the “Company”) (N) (M5BQ) (NXTTF) to supply cannabis extract and concentrate products.

Under the terms of the agreement, Adastra will supply standard processing services to CannMart Labs for cannabis extract and concentrate products over a period of 12 months expected to begin on May 1, 2020. The agreement provides a consistent and cost competitive supply of cannabis extract and concentrate for Namaste’s family of products available through CannMart.com and Namaste’s network of government cannabis stores.

Adastra was issued a Standard Processing Licence from Health Canada on March 13, 2020. Under the terms of Adastra’s Standard Processing Licence, Adastra will be able to possess and produce cannabis, by means other than cultivating it, and will sell cannabis in accordance with the Cannabis Regulations. The issuance of a Standard Processor Licence will permit Adastra to execute its business plan and produce cannabis extracts and formulated products. Upon the commencement of formal operations, Adastra will be initially capable of processing approximately 10,000 grams of dried cannabis every hour into cannabis extract. Adastra’s process will create high-value cannabis extracts by supercritical CO2 extraction and secondary distillation, which will be easily incorporated into a variety of value-added products such as; edibles, beverages, topicals, tinctures and vape cartridges that will serve the Canadian medical and adult-use cannabis markets.

About Adastra Labs Holdings Ltd.

Adastra Labs Holdings Ltd. is a Langley, BC-based cannabis company and through its wholly owned subsidiaries, Adastra Labs Inc. and Chemia Analytics Inc., is a licensed Standard Processor and licensed 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 enable the Company’s 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.

www.adastralabs.ca

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:

NamasteTechnologies.com
NamasteMD.com

Cannmart.com
NamasteVapes.ca
Everyonedoesit.ca

Andrew Hale
Chief Executive Officer
Adastra Labs Holdings Ltd.
Phone: (778) 715-5011
Email: andy@adastralabs.ca

Stephen Brohman
Chief Financial Officer
Adastra Labs Holdings Ltd.
Phone: (778) 715-5011
Email: steve@adastralabs.ca

Website: http://www.adastralabs.ca/
Address: 5451 275th Street, Langley, BC V4W 3X8
Telephone: 778-715-5011
Fax: 844-874-9893

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 fulfilling its obligations under its agreements and receiving the economic benefits of such agreements. 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.

Click here to connect with Adastra Labs Holdings (CSE:XTRX) for an Investor Presentation.

Source

Lexaria Bioscience Corp. (NASDAQ:LEXX)(NASDAQ:LEXXW)(CSE:LXX) (the “Company” or “Lexaria”), a global innovator in drug delivery platforms, is pleased to announce the appointment of Mr. Al Reese, Jr., to its Board of Directors

Mr. Reese has over 40 years experience in public and private businesses including as CFO of a formerly Nasdaq-listed energy company where he arranged finance transactions totaling over $10 billion dollars during his 20-year tenure. Mr. Reese was a Director and Chairman of the Audit Committee of a community bank in Texas for ten years until such time as it was acquired by a larger banking group in 2018.

Keep reading... Show less

Mexico looks to be closer than ever to cannabis reform, with the country releasing its regulation plans to make the drug legal in medical settings.

Meanwhile, despite the financial hardships seen recently in the Canadian cannabis market, CEOs in the country are still receiving top dollar, as per a new study.

Keep reading... Show less

Not for Distribution to United States Newswire Services or for Dissemination in the United States

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today the pricing of its previously announced best efforts overnight marketed offering (the “Offering”) of subordinate voting shares (the “Offered Securities”) of the Company at a price of C$16.00 per share for a total gross proceeds of approximately US$125 Million. The issue price represents a 3.3% discount to the last close of the Company’s subordinate voting shares traded on the Canadian Securities Exchange as of January 14, 2021. 100% of the Offering is expected to be purchased by a total of seven new and existing institutional investors, including current shareholder, Wasatch Global Investors.

Keep reading... Show less

Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: Tilray, Inc. (NASDAQ: TLRY), Icanic Brands (OTC: ICNAF) (CSE: ICAN) Red Light Holland (OTC: TRUFF) (CSE: TRIP) and Aphria, Inc. (NASDAQ: APHA).

Investors are cheering new and expected legislation which is opening new market opportunities for both cannabis and psychedelics globally. Innovation in premium branding, growing technologies, manufacturing, with operational execution are key, in the drive towards profitability. Wall Street Reporter highlights the latest comments from industry thought leaders in cannabis and psychedelics:

Keep reading... Show less

Lexaria Bioscience Corp. (NASDAQ:LEXX)(NASDAQ:LEXXW)(CSE:LXX) (the “Company”) today announced the closing of its previously announced underwritten public offering (the “Offering”) of 1,828,571 units, each unit consisting of one share of common stock and one warrant to purchase one share of common stock at a public offering price of $5.25 per unit (all prices in US$). The warrants have an exercise price of $6.58 per share, are immediately exercisable and will expire five years following the date of issuance. In connection with the Offering, the underwriter exercised in full its option to purchase an additional 274,285 shares of common stock and additional warrants to purchase 274,285 shares of common stock. The gross proceeds from the Offering were approximately $11.04 million, before deducting underwriting discounts and estimated offering expenses. No securities were offered or sold in Canada, including through the CSE or any other trading market in Canada

H.C. Wainwright & Co. (“Wainwright”) acted as the sole book-running manager for the Offering and is a non-related party to the Company.

Keep reading... Show less