Adastra Holdings Ltd., a leading cannabis company focused on processing, product development, sales, organoleptic testing and analytical testing, is pleased to announce it has received its Medical Sales License from Health Canada which now authorizes Adastra to sell cannabinoid-containing products that are formulated for and distributed to the medical cannabis market.
With its Medical Sales License, Adastra is now authorized to:
- Sell cannabis extracts and dried cannabis to medical cannabis patients and licensed health practitioners; and
- Develop a broad range of products classified as cannabis extracts including:
- Inhaled (vaporizer cartridge and shatter),
- Ingested (tincture, oil, capsule, soft gel and oral spray), and
- Other (suppository).
“This license marks another milestone for Adastra as we see a significant market opportunity for plant-based, natural medical remedies,” said Michael Forbes, Chief Executive Officer of Adastra. “We are excited to now produce and distribute cannabis product formats, designed for the medical market as Canada once again re-forms this patient-focused market that was the foundation for federal legalization.”
“With my background in healthcare and strong ties to the medical community – including some of Canada’s largest pharmacy distributors and pharmacies – Adastra’s ability to produce and sell to the re-emerging and established medical market positions us to leverage our PerceiveMD clinics for direct-to-patient sales and pharmacy sales. Adastra has the added advantage through our PerceiveMD clinics to work directly with medical patients and collaborate with practitioners in developing plant-based alternative remedies designed for the medical cannabis market.”
Adastra’s Medical Sales License will enable the Company to maximize the full potential of PerceiveMD, Adastra’s wholly-owned platform, that assesses patients seeking alternative treatments and remedies and provides documentation to enable access.
“We continue to see an uptick in the therapeutic use of cannabis for symptom relief – everything from cancer, menopause, stress, depression, anxiety and so on,” Forbes added. “There is less stigma and more awareness today than ever before about the potential healing and symptom relief qualities of cannabis. We believe we’ll continue to see a rise in popularity of cannabis for medicinal purposes and we are positioning Adastra to capture and serve this significant market.”
The global medical cannabis market is projected to grow to $248.42 billion by 2030 at a 31.97% CAGR according to a recent report by Market Research Future.1
Adastra expects to start producing medical format cannabis products, specifically CBD tinctures by January 2023. The Company is currently exploring medical distribution platforms for Canadian sales and plans to formulate products based on recommendations from practitioners and patients in its established network.
About Adastra Holdings Ltd.
Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use, medical markets and forward-looking therapeutic applications. Adastra is recognized as a high-capacity processor and co-manufacturer throughout Canada. Adastra acquired 100% of the legacy-built brand Phyto Extractions in September 2021. The brand is well-known for its 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, British Columbia, focused on extraction, distillation, and manufacturing of cannabis-derived products. For more information, visit: www.adastraholdings.ca.