Adastra Holdings Ltd.

04/24/2024

Adastra Holdings, a leading cannabis processor and producer of two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, is pleased to report financial results for the fourth quarter of 2023 and the year ended December 31, 2023.

“During 2023, Adastra experienced significant sales growth of $37.7 million, representing a 108% increase compared to the same period last year, and marking our third consecutive year of achieving record revenue. The increased demand for our in-house brand, Endgame Extracts, has been a key driver behind this success, evident in our continued success with numerous best-selling SKUs in B.C, Alberta, and Ontario according to Headset. None of this would have been possible without our dedicated team. They have continuously worked hard to increase the production throughput of the Company’s facility in Langley to keep up with the growing demand,” said Lachlan McLeod, CPA, Interim CEO of Adastra. “Looking ahead to 2024, we expect to continue this momentum and have already set new records, including receiving a record single purchase order of $1 million in March 2024. Moreover, we’re committed to a renewed focus on cost-saving measures aimed at ensuring profitability. As we continue to grow, we aim to further strengthen our financial position and drive sustainable success.”

Read the full press release here: https://adastraholdings.ca/adastra-holdings-reports-fy2023-results-marking-third-consecutive-year-of-record-revenue/

03/14/2024

Adastra Holdings, a leading cannabis processor and producer of two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, is pleased to announce a record in total purchase orders received in January and February 2024 of approximately CAD $8.3M.

"This year has been off to a great start as demand for Adastra's products continues to reach unprecedented levels. We've set a new record for total purchase orders, reaching approximately $8.3M in just two consecutive months. Winning Growup's Brand of The Year has not only reinforced our position as one of Canada's top cannabis concentrate brands, but it has led to increased demand for our products," said Michael Forbes, CEO of Adastra. "Our record-breaking purchase orders is a testament to the trust our customers have in us and the hard work of our team. Moving forward, we are determined to maintain this momentum, set new records, and uphold our commitment to delivering exceptional products that exceed expectations."

Read the full press release here: https://www.accesswire.com/843182/adastra-holdings-announces-record-total-purchase-orders-received-in-january-and-february

03/01/2024

Adastra Holdings, a leading cannabis processor and producer of two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, is pleased to announce that it has received a Purchase Order for CAD $1,047,439 from the Alberta Gaming, Liquor & Cannabis.

CEO Update

On February 29th, 2024, Michael Forbes resigned as CEO, Director and Corporate Secretary, effective March 29, 2024. Mr. Forbes will be focusing on his other ventures in the cannabis and health space, including Ageless Living, longevity-based interdisciplinary clinics.

“It has been an honour and privilege to have served as CEO of Adastra during this significant restructuring phase. I am proud of where the Company is today. Receiving our largest single purchase order of over $1 million is truly a testament to the hard work and dedication of our team. This milestone reflects not only our commitment to excellence but also the trust and confidence our customers have in our premium products,” said Michael Forbes, CEO of Adastra.

“As we move forward, I am confident that Adastra will continue to thrive and achieve even greater success. I am committed to ensuring a smooth transition to the next management team. I want to express my deepest gratitude to everyone who has been part of this journey, from our employees to our shareholders and partners. Together, we have overcome challenges and seized opportunities, and I am excited to see what the future holds for the Company. Adastra means to the stars and I still believe that to this day.”

Read the full press release here: https://www.accesswire.com/838328/adastra-holdings-announces-record-single-purchase-order-for-over-1m

11/29/2023

Adastra Holdings, a leading cannabis processor and producer of two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, is pleased to report financial results for the three and nine months ended September 30, 2023.

“In the third quarter of 2023, we achieved gross revenues of $8.1 million, marking a substantial 49% increase compared to the same period last year. This impressive growth is directly linked to an increase in throughput at our Langley facility. Although we observed a dip in sales from the second quarter of 2023 due to our strategic shift towards prioritizing our in-house brands over production for third-party licensed producers, we are confident in the long-term benefits of this transition. Our in-house brand, Endgame, is in high demand, consistently securing numerous best-selling SKUS on Headset. As we enter the last quarter of 2023, our commitment remains unwavering in delivering value to our stakeholders and capitalizing on the positive momentum we have generated. Notably, we’re on track to approach nearly $40 million in annual sales, solidifying our position as a key player in the thriving cannabis industry.” said Michael Forbes, Chief Executive Officer of Adastra

Read the full press release here: https://adastraholdings.ca/adastra-holdings-reports-third-quarter-results-demonstrating-gross-revenues-of-8-1m/

10/11/2023

Adastra Holdings, a leading cannabis processor and producer of two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, is pleased to provide the following corporate update, highlighting the achievements accomplished thus far in 2023 and outlining the various initiatives planned for the remainder of the year.

"This year, we've dedicated our efforts to a range of marketing initiatives aimed at increasing brand awareness and recognition for our premium products throughout Canada. We're delighted to report our accomplishments, particularly with our project, SESH PARK, which has delivered an experience aligned with Adastra's brand portfolio to all attendees," said Forbes, CEO of Adastra. "Looking ahead to the remainder of the year, our focus is centred on strengthening our inventory forecasting accuracy and ensuring greater traceability of production inputs. Both of these goals will be made possible by the cutting-edge inventory management system we implemented last month. Furthermore, our commitment to continuous improvement extends beyond efficient inventory management and cost-effective production that enhances customer savings. We are actively engaged in the development of innovative SKUs, diversifying our product range to meet the ever-evolving preferences of our customers."

Read the full press release here: www.adastraholdings.ca/adastra-holdings-provides-corporate-update-following-2023-growup-awards-victory-as-brand-of-the-year/

09/21/2023

NEWSLETTER/ Want to receive regular company updates including the latest financials, company updates, and milestones?

Subscribe to our newsletter and be the first to hear about our latest announcements.

Click the link here to sign up: https://adastralabs.us4.list-manage.com/subscribe?u=0a224ab9b81af5e709fee53bf&id=14b24b06ed

09/12/2023

Adastra’s Profile is officially live on StratCann!

Get the inside scoop from CEO Michael Forbes as he shares Adastra Labs’ success in selling an array of cannabis concentrates, v**e pens, flower, and pre-rolls through more than 1,600 retailers across Canada under the brands Endgame Extracts and Phyto Extractions, and much more.

Read the profile here: www.stratcann.com/provinces/british-columbia/listening-to-legacy-experts-and-understanding-cannabis-consumers-the-key-to-companys-success/

08/25/2023

VOTE NOW for Adastra to win at the 2023 Growup Awards and Gala! 🌠🏆

Adastra is nominated for:
- Brand of the Year for its premium brand, Endgame Extracts
- Extraction Specialist of the Year for Endgame's Creed Taylor

Voting is open until 11:59 PM EST on August 28th

Click to vote and get tickets, click the link here: www.growupawards.com

08/24/2023

Adastra Holdings, a leading cannabis processor and producer of two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, is pleased to announce it has received nominations for two noteworthy awards at the highly anticipated 2023 Growup Awards and Gala. These nominations underscore Adastra’s commitment to delivering quality cannabis brands, products, and its dedication to industry-leading practices.

“We are truly honored by the nominations we’ve received at Growup. These nominations serve as a reflection of our unyielding dedication to innovation and exemplify the extraordinary commitment of our team,” said Michael Forbes, CEO of Adastra. “Earlier in the year, we diligently focused on increasing brand recognition across Canada, and we are delighted to see that our efforts have yielded great results thus far. The increasing recognition of our brands, coupled with our consistently growing revenue and top-selling SKUs on the charts, reaffirms our position as the preferred choice among both consumers and retailers. As Adastra continues to pioneer advancements in the cannabis industry, these nominations underscore our unwavering dedication to excellence, ongoing innovation, and strategic growth.”

Read the full press release here: https://loom.ly/2DTcPyU

08/17/2023

Adastra Holdings, a leading cannabis processor and producer of two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, is pleased to report financial results for the three and six months ended June 30, 2023.

“The initial half of this year marked a significant milestone for Adastra, as we achieved a 248% increase in revenue compared to the first six months of 2022. This impressive growth is a testament to the resilience and adaptability of our hard working team,” said Michael Forbes, CEO of Adastra. “In Q2 2023, our focus was directed towards enhancing the efficiency and scope of operations at our centralized processing facility in Langley, BC. Simultaneously, our team diligently undertook initiatives to amplify the recognition of our two brands, Endgame and Phyto Extractions, across Canada. Adastra’s premium product range has continued to maintain its leadership position within the market, with top-selling SKUS in Alberta and British Columbia, and now includes a top-selling SKU in Ontario. Heading into the next quarter, we remain focused to set new records, maintain our market leadership across Canada, and continue to generate revenue from our four primary verticals.”

Read the full press release here: https://loom.ly/bJ1Yt3g

05/31/2023

Adastra Holdings, a leading cannabis processor and producer of two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, is pleased to report financial results for the three months ended March 31, 2023.

"Our triple-digit revenue growth from Q1 2022 as compared to Q1 2023 is a testament to the robust market demand for our exceptional products and our strong presence across Canada," said Michael Forbes, Chief Executive Officer. "Our ownership of both the legendary legacy brand, Phyto Extractions, and the dynamic in-house brand, Endgame Extracts, has solidified our position in the Canadian concentrate market with numerous top-selling products."

"I am immensely proud of our team's innovative mindset and unwavering dedication, which have been instrumental in our accomplishments. Their hard work and creativity have been the driving force behind our remarkable results," added Forbes. "Together, we are poised to continue pushing boundaries and fueling future growth, all with the ultimate goal of creating long-term value for our customers, partners, and shareholders."

Read the full press release here: loom.ly/4hgREwE

05/02/2023

Adastra Holdings, a leading cannabis processor and producer of two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, is pleased to report financial results for the fourth quarter and the year ended December 31, 2022.

“Our strong growth is a testament to the resilience and adaptability of our team, as we continue to navigate evolving market dynamics with agility and innovation. Adastra remains committed to delivering value to our shareholders, while executing on our business objectives. Together, we strive for the stars, fuelled by determination, and driven by a shared vision of sustained success," said Michael Forbes, CEO of Adastra.

Read the full press release here: https://loom.ly/AK2YbzE

Adastra Holdings Reports FY2022 Results; Demonstrating A Second Year of Record Revenue Record Q4 2022 gross revenues of $6.8M, increase of 243% from Q4 2021 Record Q4 2022 gross profit of $2.6M, increase of 274% from Q4 2021 Record Q4 2022 income before other items of $642K compared to loss before o...