Adastra Holdings provides product update and insider open-market stock purchases
by CM Staff
The Company continues to pursue its mission to be a leader in the development and manufacture of pharma-quality cannabis and derivative products.
LANGLEY —Adastra Holdings Ltd. announced operational and financial developments as the Company continues to pursue its mission to be a leader in the development and manufacture of pharma-quality, cannabis API and derivative products. These developments include shipments in September, product portfolio expansion, and continued progress with Health Canada regarding its Controlled Substances Dealers License application.
Adastra shipped 68,272 consumer-packaged units and 20,000g of bulk extract in September compared to 41,571 units in September 2020, a 64 per cent increase year over year.
The company received a request for additional information from Health Canada as part of the agency’s formal review of the Company’s application for a Controlled Drugs and Substances Dealer’s License, which was submitted and accepted in late August 2021. Management expects Health Canada to finish reviewing Adastra’s application by March 2022.
Adastra is moving to expand its Phyto Extraction branded products portfolio to take full advantage of the shift in Canadian consumer preference for derivative hydrocarbon extract products.
The company has commenced production of a THCA diamond concentrate that it intends to introduce to the market under the Phyto Extractions brand label in December 2021.
Adastra is also introducing a 1g version of White Widow Shatter. This hybrid strain is a cross between a Brazilian sativa landrace and a resin-heavy South Indian indica that is expected to be available across Canada in December 2021.
As for Vapes, Adastra is introducing a 1g Black Cherry Distillate vape cartridge.
The company is also hiring to scale up and meet increasing order demand by increasing capacity across two shifts—Monday through Friday— and by adding a weekend shift primarily for packaging. They are also actively hiring staff across two shifts to meet increasing order demand for Phyto Extraction products. In addition, they have also added a weekend shift to meet the growing demand for packaged goods.
The Company’s Chief Executive Officer and Chief Operating Officer have recently purchased shares of the Company on the open market, the details of which will be set out in their respective SEDI reports.
Michael Forbes, Chief Executive Officer of Adastra, said, “With the downturn in industry stock prices recently, this was an opportunity to show investors that Adastra management is committed to creating long-term shareholder value. We believe the current share price does not reflect the true value of Adastra and the incredible growth we have coming in the near future,” Forbes said in a company statement.
