Adastra Holdings CEO provides a corporate update
by CM Staff
Adastra plan to offer dried cannabis targeted at the cost-conscious and the premium craft markets.
Adastra is pleased to provide the Company’s shareholders with a corporate update from Michael Forbes, Director and Chief Executive Officer of Adastra. (CNW Group/Adastra Holdings Ltd.)
LANGLEY — Adastra Holdings Ltd. (formerly Phyto Extractions Inc.), a company involved in ethnobotanical and cannabis science products, provided a corporate update from Michael Forbes, Director and Chief Executive Officer of Adastra.
“We have restructured Adastra’s operations to be leaner and far more cost-efficient, allowing Adastra to reduce its monthly expenses by $70,000 in Q2 2021 compared to Q4 2020 whilst simultaneously increasing production output. Having done so, Adastra can now focus more on the following key growth sectors, which we anticipate will create far more value for our shareholders.”
Adastra’s focus will be on the following:
1. Medical Extraction
Adastra believes that medical extraction is poised to be a growing sector as big pharmacies, retailers, and various demographics use cannabis as an alternative to mainstream pain rubs, anxiety medications, sleeping aids, and pain relievers. In addition, with support from medical doctors, Adastra intends to develop topical body creams, cosmetic creams, capsules, and tinctures to address a growing international market segment.
2. Premium Branded Extraction Products
The Company intends to release Phyto Platinum and Gold Vape Pens in the near future. Premium, full-spectrum craft biomass will be extracted using hydrocarbons to create our vape product and marketed to upmarket consumers.
3. Flower Products
To leverage Phyto Extractions’ brand recognition and retail footprint, Adastra plan to offer dried cannabis targeted at the cost-conscious and the premium craft markets. This will include pre-rolls and dried flower offerings.
4. Drug Formulation
On the production front, Adastra has been accepted for review by Health Canada for a Dealer’s Licence to possess and conduct activities with controlled substances legally. Once approved, Adastra’s 13,500 sq. ft. lab will be permitted to assess and formulate MDMA, LSD, and Psilocybin into new proprietary delivery systems and formulations to address anticipated market demand. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this exciting new sector.
5. Strength of Sales
In July and Aug 2021, the Company generated over $990,000 in unaudited gross revenue, bolstering Adastra’s strongest sales quarter-to-date.
6. Global Strategy
Over the coming months, Adastra intends to aggressively pursue opportunities with carefully selected partners in strategic locations around the globe.
