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Adastra Labs Holdings Ltd
Symbol XTRX
Shares Issued 108,686,822
Close 2020-03-13 C$ 0.50
Market Cap C$ 54,343,411
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Adastra receives cannabis processing licence

2020-03-16 06:33 ET - News Release

Mr. Andy Hale reports


Adastra Labs Holdings Ltd.'s subsidiary, Adastra Labs Inc., has been issued a standard processing licence under the cannabis regulations by Health Canada. The standard processing licence received by Adastra will be valid for three years and authorizes Adastra to conduct cannabis processing activities at the company's newly renovated GMP-compliant (good manufacturing practices) 13,000-square-foot facility located in Langley, B.C., which is shared by subsidiary Chemia Analytics Inc., a Health Canada-licensed analytical testing laboratory.

"I am very proud of the Adastra team for achieving this critical milestone in our business plan. We are eager to get started in refining and optimizing our cannabis processing operations as soon as possible," stated chief executive officer Andy Hale.

Under the terms of Adastra's standard processing licence Adastra will be able to possess cannabis, produce cannabis, by means other than cultivating it and to sell cannabis in accordance with the Cannabis regulations. The issuance of a standard processor licence will permit Adastra to execute its business plan and produce cannabis extract products and formulations. Upon the commencement of formal operations Adastra will be initially capable of processing approximately 10,000 grams of dried cannabis every hour into cannabis extracts. Adastra's process will create high-value cannabis extracts by supercritical carbon dioxide extraction and secondary distillation that will be easily incorporated into a variety of value-added products such as edibles, beverages, topicals, tinctures and vape cartridges that will serve the Canadian recreational and medicinal cannabis markets.

About Adastra Labs Holdings Ltd.

In Canada, Adastra Labs Holdings is a British Columbia-based publicly traded cannabis company and, through its wholly owned subsidiaries, Adastra Labs Inc. and Chemia Analytics Inc., is in the application process to become a standard processor. The company is licensed as an analytical testing laboratory under the Cannabis Act administered by Health Canada, with licences to produce cannabis extracts and provide third party analytical testing services.

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