LANGLEY, BC , Dec. 20, 2021 /CNW/ - Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company") today announced that the Company's wholly-owned subsidiary Adastra Labs Inc. ("Adastra Labs") has received its flower sales license amendment from Health Canada effective December 17, 2021 (the "Flower Sales License"). The Flower Sales License will allow Adastra Labs to sell dried cannabis flower products provincially and territorially in Canada through authorized distributors and retailers.
"Receiving our flower sales license is a significant milestone and provides Adastra with an additional pathway to pursue higher-margin revenue growth within the Canadian cannabis market," said Donald Dinsmore , COO & Director. "With the ability to be a direct supplier, we are now even better positioned to leverage the strong awareness and existing shelf space of our popular Phyto Extractions brand, as well as our national inside sales force, by offering an expanded portfolio of other products targeted at the cost-conscious and the premium craft consumers that will include pre-rolls and dried flower offerings."
Dried cannabis flower is in high demand from provincial distributors and medical clients. According to Statistics Canada, dried flower sales accounted for nearly three-quarters of legal recreational cannabis sales in the first half of 2021, worth over $1.3 billion in sales.1
Michael Forbes , Chief Executive Officer of Adastra, commented, "Adastra is in a great position to maximize profits through the continued reduction in biomass costs and the little need for capital expenditure. I am particularly excited about the upcoming launch of infused pre-rolls, as they are the fastest-growing segment in the flower category. With national shelf space to leverage, the facility, and the team to execute, these new flower SKUs will propel Adastra into record sales and profitability."
Founded in 2018 and formerly known as Phyto Extractions Inc., Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult–use and medical markets and forward–looking therapeutic applications. Adastra is renowned throughout Canada for its popular line of Phyto Extractions branded cannabis concentrate products available on shelves at over 1,400 adult–use retailers across the country. The Company also operates Adastra Labs, a 13,500 sq. ft. agricultural–scale Health Canada licensed facility located in Langley, BC ., focused on extraction, distillation, and manufacturing of cannabis–derived products. Adastra has now successfully taken the first steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N–Dimethyltryptamine (DMT), 5– Meow–DMT, and LSD by applying for a Controlled Substances Dealer's Licence, which is under review by Health Canada. Pending Health Canada approval, Adastra is poised to be a drug formulation and development leader in this emerging sector. In addition, with the recent acquisition of 1225140 B .C. Ltd., doing business as PerceiveMD, Adastra operates a multidisciplinary centre for medical cannabis and psychedelic therapies, working alongside doctors and healthcare professionals within the regulated environment to help create efficacious remedies that address the actual needs of patients.
This news release contains forward-looking information within the meaning of Canadian securities legislation concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward–looking information is based are reasonable, undue reliance should not be placed on the forward–looking information because the Company can give no assurance that they will prove to be correct. Forward–looking information in this news release includes statements with respect to obtaining a Controlled Drugs and Substances Dealer's License from Health Canada, and on the anticipated timeline thereof; statements regarding anticipated new products, the adoption thereof, and the timelines set out herein; and the intention to hire additional shifts to meet consumer demand. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward–looking information. Important factors that could cause actual results to differ materially from those expressed in the forward-looking information include the availability of a qualified workforce; changes in regulations or licensing affecting the Company's business; reduced demand for cannabis and cannabis related products; reductions in the Company's retail space and store locations; and other factors beyond the control of the Company. These and all subsequent written and oral forward–looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward–looking statements.
The Canadian Securities Exchange has not reviewed or approved the contents of this news release.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2021/20/c8081.html
Dow Jones futures tilted higher Sunday night, along with S&P 500 futures and Nasdaq futures. The stock market rally revived last week, with the S&P 500 nearly at a new high while a diverse list of leaders flashed buy signals, including AMD stock and Google parent Alphabet.
When looking for investment ideas for 2022, it pays to look at those stocks that have beaten the market in 2021. Savvy investors know that winners tend to keep on winning, so picking stocks that are already in the market-beating category can increase your odds of investing success.
Naren Gupta, a venture capitalist who co-founded Nexus Venture Partners to help plant Indian SaaS startups on the world map, died on Saturday. Gupta, who moved to the U.S. to pursue higher education in late 1960s, co-founded Integrated Systems, a software firm that was ultimately sold to Intel. After leaving the firm, he began to explore investment opportunities.
Skyworks Solutions (NASDAQ: SWKS) and Chewy (NYSE: CHWY) haven't been the best performers in 2021, as shares of both companies have dipped despite terrific growth in their businesses. Let's look at the reasons why Skyworks Solutions and Chewy could go on a bull run and leave this year's disappointing performance behind. Skyworks Solutions stock has dipped of late thanks to speculation that the demand for Apple's (NASDAQ: AAPL) iPhone would take a hit in the holiday season.
(Bloomberg) -- Asian stocks were mixed and U.S. equity futures were steady Monday amid a mood of caution as traders evaluated spiking coronavirus cases and a weekend pledge of greater economic support from China’s central bank.Most Read from BloombergCoronavirus Can Persist for Months After Traversing BodyCases Surge Globally; Fauci Warns of Complacency: Virus UpdateChina Reports Most Daily Local Infection Cases Since JanuaryWorld Economy Now Set to Surpass $100 Trillion in 2022U.S. Futures Rise
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. So what are the best stocks to buy now or put on a watchlist?
SAND and MANA are two of the leading projects in the metaverse space at the moment, and their positive momentum could extend into the coming year.
Wall Street's consensus price target for Teladoc Health (NYSE: TDOC) stock over the next 12 months reflects a 67% upside potential. It's quite possible that the spread of the omicron variant of COVID-19 could give Teladoc a boost in the near term. Teladoc enjoyed a big surge in virtual visits in 2020 thanks to the pandemic.
Abbott Laboratories (NYSE: ABT) shares have gained around 26% in 2021. Despite the big payout bumps, Abbott only needed around 33% of the free cash flow its operations generated over the past year to make dividend payments. Despite pandemic pressure, medical-device segment sales during the first nine months of 2021 rose 24.5% year over year to $10.6 billion.
The dividends for such stocks are pretty much their only attraction. On the other hand, you can find dividend stocks that are anything but boring and stodgy. Here are three dividend stocks that soared more than 50% in 2021 and are still great buys.
We’re about to turn the page on the calendar, put 2021 behind us, and stride into the brave, new year of 2022 – and Wall Street’s prognosticators are busy scanning the stocks to find the winners and losers for next year’s markets. Whether it’s individual stocks, whole industry sectors, or some combination of both, the analysts are finding plenty of Buy-rated equities for investors to consider. Take the automotive sector. Few industrials will present as many investment opportunities, both in 2022
Hundreds of Chinese companies are listed on U.S. markets. But which are the best Chinese stocks to buy or watch right now? JD.com , Nio, Li Auto, Xpeng and BYD Co.. China is the world's most-populous nation and the second-largest economy with a booming urban middle class and amazing entrepreneurial activity.
It's been a wild year for technology stocks. Volatility has been the name of the game, but the tech sector remains one of the best starting points for investors seeking explosive long-term gains. To help provide some investing ideas that can position you to thrive next year, a panel of Motley Fool contributors has profiled three top tech companies that look primed to deliver big wins.
The coronavirus doesn't take a day off: The virus continues to spread and CNN's Dr. Sanjay Gupta—earlier in the pandemic—revealed five places where coronavirus transmission is more likely to occur than others. Unfortunately, his advice is as relevant now as ever, as Omicron and Delta team up to drive cases high. "It's really these five primary locations where viral transmissions are happening in our society," Dr. Gupta said. Read on to hear his warning—and to ensure your health and the health of
Will SPY continue the bull run in 2022 after the FED announced it will accelerate the reduction of its monthly bond purchases?
There's no denying that 2021 has been a rough year for many biotech stocks. The shares of quite a few big and small biotech companies alike are set to finish the year in negative territory. Here's why they chose Axsome Therapeutics (NASDAQ: AXSM), Novartis (NYSE: NVS), and Vertex Pharmaceuticals (NASDAQ: VRTX).
Boeing recorded 109 737 Max orders in November and some 767 freighter orders in December. Is Boeing stock a good buy now?
Buying a stock is easy, but purchasing the right stock without a proven strategy is incredibly hard. Here are the best Robinhood stocks to buy now.
Newly infected COVID-19 patients have two new treatment options that can be taken at home. The challenge is getting tested, getting a prescription and starting the pills in a short window. U.S. regulators authorized Pfizer’s (PFE) pill, Paxlovid, and Merck’s (MRK) molnupiravir last week.
(Bloomberg) -- A world-beating share rally by a Thai technology company after it unveiled an expansion into Bitcoin mining has surprised even the firm’s chairman. Most Read from BloombergCoronavirus Can Persist for Months After Traversing BodyCases Surge Globally; Fauci Warns of Complacency: Virus UpdateChina Reports Most Daily Local Infection Cases Since JanuaryWorld Economy Now Set to Surpass $100 Trillion in 2022U.S. Futures Rise as Traders Mull Virus, China Vow: Markets WrapJasmine Technolog