Adastra Holdings Ltd., a Health Canada Licensed cannabis company focused on processing, sales, organoleptic testing, and analytical testing, is pleased to announce the submission of its Medical Sales License application to Health Canada on April 1, 2022. A Medical Sales License would permit Adastra to perform the following activities:
- Sell cannabis extracts to medical cannabis patients and licensed health practitioners;
- Develop products classified as cannabis extracts:
- Inhaled (vaporizer cartridge and shatter),
- Ingested (tincture, oil, capsule, soft gel and oral spray),
- Other (suppository);
- Sell dried cannabis
On August 31, 2021, Adastra announced its acquisition of 1225140 B.C. Ltd., doing business as PerceiveMD, a lean digital patient care platform providing complimentary assessments for alternative treatments of medical cannabis and other breakthrough therapies, such as psychedelics.
“I am particularly excited about the future of cannabinoid-based medical treatments, especially the pharmaceutical distribution of these remedies,” said Michael Forbes, Chief Executive Officer, Corporate Secretary and Director of Adastra. “Having strong ties to the medical community, I am confident that CBD, CBN and CBG specifically will play a significant role in the Canadian medical market in the near future. Adastra’s ability to sell to the growing and established medical market positions the Company to leverage its existing clinics for direct-to-patient sales and pharmacy sales soon. We are also uniquely positioned to tap into my pharmacy retail network in order to provide Adastra’s medical cannabinoid products to patients across Canada.”
Engagement with irlabs
Adastra is also pleased to announce that it has entered into an engagement letter dated effective April 8, 2022 with IR Labs Inc. (“irlabs”), whereby irlabs has agreed to provide the Company with certain investor relations services (the “Services”) in the areas of: (i) capital markets advisory, including strategic advisory and introductions to investors and investment bankers; and (ii) the development and management of an investor relations and communications program, including public relations/media, social media and stakeholder relations.
Either party may terminate the Agreement at any time by providing the other party with 30 days’ prior written notice of termination. In consideration for the Services, the Company has agreed to pay irlabs a monthly fee of $10,000 in cash, plus applicable taxes (the “Monthly Fee”), due and payable on the last day of each month. The first payment will be $15,000 in cash, plus applicable taxes, due and payable on April 30, 2022. The Company has also agreed to reimburse irlabs for all reasonable out-of-pocket expenses incurred in connection with irlabs performing the Services. In addition, irlabs will bill a monthly charge totalling 3% of the Monthly Fee to cover subscription fees for market intelligence platforms, media monitoring, certain information retrieval services, and other ordinary course items that will not be billed to the Company on an itemized basis. irlabs has agreed not to incur any aggregate disbursements greater than $500 a month without the Company’s approval. irlabs’ contact person, address, email and telephone number are as follows: Alyssa Barry (Principal and Co-Founder), 400 – 22 E 5th Ave, Vancouver, BC V5T 1G8, alyssa@irlabs.ca, 604-997-0965.
irlabs is a dynamic investor relations firm that applies innovative strategies to create visibility, drive investor engagement and make an impact. Headquartered in Vancouver, BC with team members located across North America, irlabs is industry and sector agnostic and supports both private and public companies with their investor relations programs, corporate communications and corporate governance. For more information visit www.irlabs.ca.
About Adastra Holdings Ltd.
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 recognized as a high-capacity processor and co-manufacturer throughout Canada. Adastra is known 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. For more information, visit: www.adastraholdings.ca.
About PerceiveMD
PerceiveMD has created the first of its kind, research-based, multidisciplinary centre for medical cannabis and other forward-thinking therapies such as psychedelics. It offers a holistic, team-based approach that focuses on the patient. Its team of nurses, pharmacists, physicians, practitioners, specialists, and educators will all work together to ensure that you are properly assessed, informed, and prescribed where appropriate. For more information, visit: www.perceivemd.ca.
