Company News

Adastra Holdings Ltd. has today filed its consolidated financial statements and related management discussion and analysis for the three and nine months ended September 30, 2021 and 2020, both of which are available at . Q3 2021 Highlights Revenue of approximately $1.8 million compared to approximately $1.2 million in Q2 2021, representing a 46% sequential increase. On a year-to-date basis, revenue increased $2.4 ...

 Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company") has today filed its consolidated financial statements and related management discussion and analysis for the three and nine months ended September 30, 2021 and 2020, both of which are available at .

Q3 2021 Highlights

  • Revenue of approximately $1.8 million compared to approximately $1.2 million in Q2 2021, representing a 46% sequential increase. On a year-to-date basis, revenue increased $2.4 million , or 190%, versus last year.
  • Distillate production (grams) increased 275 kg, or 190%, year-to-date and 56 kg, or 86%, in Q3 2021 compared to last year.
  • Shatter production (grams) increased 124 kg year-to-date and 52 kg in Q3 compared to last year.
  • Gross profit of approximately $934,000 in Q3 2021 nearly doubled from approximately $546,000 in Q2 2021, with gross margins expanding to 52% from 44% over the same period.
  • Net loss and comprehensive loss narrowed to approximately $208,000 compared to approximately $510,000 in Q2 2021. This operating loss was driven by professional fees incurred in relation to the two acquisitions completed in the quarter and is expected to narrow further in Q4 2021.
  • Net increase in cash of approximately $62,000 in the first nine months of 2021, despite spending over $1 million on inventory.
  • Refinancing of mortgage facility to provide incremental $1.0 million of liquidity to the Company.

Michael Forbes, Chief Executive Officer of Adastra, commented, "I am very excited about the future of Adastra and how hard the team has worked in restructuring and reducing costs. We are hitting our stride in Q4, positioning us for rapid growth and positive cash flow in the upcoming quarter. We have a large national sales footprint that we are leveraging into new products, particularly infused pre-rolls, which we believe we can quickly turn newly introduced products into high revenue generators. I am confident that our sales will be brisk and help us achieve $5 million in monthly sales by the end of 2022."

"Our business is showing strong momentum sequentially from Q2 2021 to Q3 2021," added Forbes. "This is highlighted by an 18% increase in sales to provinces, including 107% growth in Ontario , and the entrance during the quarter into Yukon , our sixth province. In addition, after introducing a new line of shatter vaporizer cartridges over the summer, we have taken this category from no revenue in Q1 to over $400,000 in Q3 2021, growth we believe is due to our dominant shelf space across Canada ."

"Strategically, our focus remains on the following growth areas: medical extraction, premium branded extraction products, flower products, drug formulation, sales force expansion, and global. We are particularly excited about the upcoming launch of infused pre-rolls, one of the fastest growing categories of cannabis products in both Canada and the U.S. As we are doing with shatter, we plan to leverage our shelf space to sell into the provinces, and expect that this category to ultimately be a larger contributor."

"Combined, these efforts and financial results give us optimism as we approach 2022," concluded 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 platform over the coming months to create sustainable value for our customers, partners, and shareholders."

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 renowned throughout Canada 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 now successfully taken the first steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N–Dimethyltryptamine (DMT), 5– Meow–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.

Disclaimer for Forward–Looking Information

All statements, other than statements of historical fact, included herein are forward–looking statements  that are subject to risks and uncertainties. Forward–looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward–looking statements in this news release include statements regarding, but not limited to, the anticipated narrowing of operating loss in Q4 2021; how the combination of topline revenue growth via provincial sales and strategic acquisitions when coupled with reducing overhead costs may result in sustainable profitability for the Company; the expected benefits of the Company's plan to leverage its shelf space to sell its infused pre-rolls into the provinces and any expected revenue growth therefrom; and other general statements regarding the Company's platform for profitable growth. Forward–looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward– looking statements, including, without limitation, adverse market conditions, and such other factors beyond the control of the Company and which are more fully described in the Company's annual and quarterly management's discussion and analysis and other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at . The novel strain of coronavirus, COVID-19, also poses new risks that are currently indescribable and immeasurable. Forward–looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward–looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward–looking statements.

SOURCE Adastra Holdings Ltd.

View original content to download multimedia:

News Provided by Canada Newswire via QuoteMedia

Trulieve Announces Resale Registration Statement Filings

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the United States today announced that it publicly filed a resale registration on Form S-1 (the "Registration Statement") with the United States Securities and Exchange Commission ("SEC") on January 21, 2022 to register for resale Subordinate Voting Shares of the Company issued as consideration for previously announced 2021 acquisitions.

Keep reading... Show less
business person cutting a cost sign

Cannabis Weekly Round-Up: HEXO Plans Cost Savings to Improve Cash Generation

This week, a Canadian licensed cannabis producer shared its plan to cut on costs as it aims to reach a better cash flow line over the next two fiscal years.

Meanwhile, a planned acquisition from a US-based multi-state operator (MSO) has now been dismantled.

Keep reading to find out more cannabis highlights from the past five days.

Keep reading... Show less

Harvest and Trulieve Celebrate One Year Anniversary of Recreational Cannabis Sales in Arizona

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the United States today announced plans to celebrate the one year anniversary of recreational cannabis sales in Arizona through a series of in-store activations, product specials and celebrations. All Trulieve-affiliated Harvest locations will have doorbuster deals on January 21 - 22 and the company will host a rooftop event at The Clarendon Hotel on Saturday, January 22 .

Keep reading... Show less
Little Green Pharma logo

LGP Signs Exclusive Distribution Agreement With Pharmaserve Hellas

Greece added to rapidly expanding EU distribution portfolio. LGP now has distribution agreements in 5 EU territories including France, Denmark, Germany, Poland and Greece.

Little Green Pharma Ltd (ASX: LGP, “LGP” or the “Company”) is pleased to announce its entry into an exclusive agreement with PharmaServe Hellas SMSACI (“PharmaServe”) for the distribution of LGP-branded oil medicines and cannabis flower in Greece (“Agreement”).

Keep reading... Show less
Numinus Wellness Inc. Reports Q1 2022 Results

Numinus Wellness Inc. Reports Q1 2022 Results

  • Ended quarter with strong cash position of $53.9 million
  • Revenues grew 245% year-over-year to $0.8 million for the quarter
  • Generated gross profit of $50,965 during the quarter, representing a 6.5% gross margin
  • Well-positioned to offer psychedelic-assisted psychotherapy services through Canada's newly expanded Special Access Program
  • Clinical trial application made to Health Canada to begin Phase 1 study for proprietary psilocybe extract
  • MAPS-sponsored MDMA-Assisted Therapy for PTSD study to begin shortly; approvals received from Health Canada and the Institutional Review Board

All financial results are reported in Canadian dollars unless otherwise stated.

Numinus Wellness Inc. ("Numinus" or the "Company") (TSX: NUMI) (OTC: NUMIF), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, today announced its fiscal first quarter results for the three months ended November 30, 2021 .

Keep reading... Show less


Ayurcann Holdings Corp. ( CSE: AYUR OTCQB: CDCLF FSE: 3ZQ0 ) (the " Company "), a leading Canadian cannabis extraction company specializing in the processing and co-manufacturing of pharma grade cannabis and hemp to produce various derivative cannabis 2.0 products in the medical and recreational market, is pleased to provide an update to its exponential growth throughout Canada.

Ayurcann Market segments

Keep reading... Show less

Latest Press Releases

Related News