Phyto Extractions Inc. (formerly, Adastra Labs Holdings Ltd.) (CSE:XTRX) (Frankfurt:D2EP) ("Phyto Extractions™" or the "Company) is pleased to announce that it is now producing cannabis shatter products for the Canadian market after wholly-owned subsidiary Adastra Labs Inc.'s commissioning of new hydrocarbon extraction equipment ahead of schedule
With the arrival of the ExtractionTek Solutions MeP XT70 system, a high-performance hydrocarbon extractor, the team at Phyto Extractions can now process over 400 KG per day of cannabis biomass into a variety of hydrocarbon cannabis concentrate products. Focused on shatter production currently, this translates into over 50kg of high-quality product output per day.
Phyto Extractions™ has launched three new shatter cannabis products: Pink Kush, Blue Gorilla OG, and D. Bubba that will serve the over 9 million Canadians currently in the cannabis market with its one-gram offerings. The Company's increasing market share in the disposable vape, vape cartridge, and live resin markets, strengthens the brand's launch of its new flagship 'shatter' product line.
With relatively few players in the niche of shatter product space in Canada, this market expansion represents a significant opportunity given the forecasted growth of the Cannabis extract market.
Shatter video: https://youtu.be/Bo4VWLSAT7o
Phyto Extractions™ growth in cannabis market shares
The current cannabis extract market has seen a huge boom in sales from the past year, in which demands for cannabis extracts are rising steadily. Canadian cannabis extract sales observed an exponential 315% growth rate for the past two years, from 320,201 non-medical sales in Oct. 2019 to 1,328,769 sales in Oct. 2020, and over 200% sales growth rate including all medical and non-medical sales. Rising demand for cannabis extract products requires reasonable supplies from producers for cannabis enthusiasts.
As a leading producer of cannabis extracts, Phyto Extractions™ continues to innovate and adopt trusted extraction methods, like hydrocarbon, to bring Canadians quality cannabis products.
Hydrocarbon extraction is the most popular cannabis extraction method used to extract tetrahydrocannabinol (THC) from cannabis plants. Usage of hydrocarbons like propane or butane is heavily involved in the extraction process. One of the popular hydrocarbon extractors that uses this method is the ExtractionTek Solutions MeP XT70 system, which is the current system in use at the Company.
About Phyto Extractions™
Phyto Extractions Inc. is a Langley, BC-based cannabis company with a co-located Health Canada Licensed Standard Processing Facility and Analytical Testing Laboratory. Pioneering in cannabis products like shatter and extracts, Phyto Extractions™ adopts strict in-process quality tests for cannabis extraction methods, like hydrocarbon and cryo-ethanol extractions to ensure high-quality extracts are enjoyed by cannabis enthusiasts. The Company offers a range of products from vape cartridges to pure cannabis extracts that can be incorporated into daily usage.
ON BEHALF OF THE BOARD
PHYTO EXTRACTIONS INC. (CSE:XTRX)
J. Scott Munro, President, CEO & Director (Chairman)
Phone: (778) 715-5011
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 of the proposed name change, proposed consolidation, the closing of the private placement and the use of proceeds thereof. 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) inability to close the private placement for any reason, or in the amounts expected by the Company; 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.
The CSE has not reviewed or approved of any contents of this news release.
SOURCE: Phyto Extractions Inc.
View source version on accesswire.com: