Canadian Manufacturing

Adastra Holdings awaits license to deal controlled substances

The licence will allow Adastra to test, extract and sell substances like Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine and LSD.

March 25, 2022   by CM Staff

Adastra Holdings Completed Submission of Controlled Substances Dealer’s License Application (CNW Group/Adastra Holdings Ltd.)

LANGLEY — Cannabis manufacturer Adastra Holdings Ltd. reports that it has completed its application for the controlled drugs and substances dealer’s license.

With this license in place, Adastra will be able to procure controlled substances through imports, synthesis, propagation, cultivation and the harvesting of psychedelic mushrooms for psilocybin extraction.

The licence will allow Adastra to test, extract and sell substances like Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine and LSD to other businesses by various means including export. The company announced it plans to carry out all of these processes from its facility in Langley, B.C. after the licensing process is completed. The entire process has taken more than six months to complete as the company initiated their application in September of 2021 and expects to obtain the license by April of 2022.

“We see the expansion of our capabilities as a significant opportunity for Adastra’s partners and shareholders,” said Michael Forbes, director and CEO, Adastra in a statement.

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“We are known in the cannabis industry as a reliable partner to many licensed producers and believe broadening the research, production and sale of more regulated products to emerging markets will strengthen our cash flow and profitability. We are excited for what the future holds at Adastra.”