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Adastra Labs Holdings Ltd
Symbol XTRX
Shares Issued 108,686,822
Close 2020-04-22 C$ 0.37
Market Cap C$ 40,214,124
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Adastra finishes comissioning of pot extract facility

2020-04-23 08:39 ET - News Release

Mr. Andrew Hale reports


Adastra Labs Holdings Ltd. has completed commissioning and commenced operations.

"We are pleased to announce the completion of an extensive and rigorous commissioning program that has proven our processes and culminated in the commencement of initial processing operations. We have been taking every precaution possible to safeguard our employees, partners and customers during the COVID-19 pandemic. Adastra diligently adhered to provincial and federal guidance to ensure we implemented all necessary protocols to maintain our schedule for initial equipment commissioning and operational commencement. We remain committed to our first priority -- the health and safety of our employees and community," said Andy Hale, chief executive officer.

The Adastra commissioning program required extensive retooling due to COVID-19 travel restrictions and utilized remote video conferencing coupled with on-site subject matter expert consultants to ensure the best possible start to initial operations. Adastra is extremely pleased with the successful demonstration of all facets of its process from biomass intake through to the production of high-quality cannabis distillate.

Adastra was issued a standard processing licence from Health Canada on March 13, 2020. Under the terms of Adastra's standard processing licence, Adastra will be able to possess and produce cannabis, by means other than cultivating it, and will 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 extracts and formulated products. Adastra is initially capable of processing approximately 10,000 grams of dried cannabis every hour into cannabis extract. Adastra's process will create high-value cannabis extracts by supercritical carbon dioxide extraction and secondary distillation, which 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 medical and adult-use cannabis markets.

About Adastra Labs Holdings Ltd.

Adastra Labs Holdings is a cannabis company and through its wholly owned subsidiaries, Adastra Labs Inc. and Chemia Analytics Inc., is a licensed standard processor and licensed 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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