Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company") is pleased to announce that it has filed its consolidated financial statements and related management discussion and analysis for the year ended December 31, 2021 both of which are available at www.sedar.com .
Michael Forbes , Chief Executive Officer of Adastra, commented, "2021 was a transformative year for Adastra. Having joined in May of 2021, I have seen considerable progress being made on many fronts – we acquired Phyto Extractions and PerceiveMD to vertically integrate our product reach; introduced several new, innovative cannabis products; entered new domestic markets; and created marketing and sales initiatives that have raised brand awareness among consumers and retailers. The team has worked diligently in restructuring and reducing costs giving us a solid foundation as we move forward."
"Strategically, our focus remains on the following growth areas: medical product development and formulation; premium branded extraction products; dried flower products; drug formulation; sales force expansion; and global opportunities. One of the fastest growing cannabis product categories in both Canada and the U.S. is infused pre-rolls. We are excited to be launching these types of pre-rolls shortly. As we are succeeding with shatter SKU expansion, we plan to leverage our shelf space to sell to the provincial distributors and anticipate this category being a big contributor to our success."
"Combined, our production rollout and market expansion strategies give us optimism for 2022 and beyond," added Mr. Forbes. "We believe we have established a platform for profitable growth, with multiple revenue streams and differentiation in the marketplace. We look to leverage this momentum over the coming months to create sustainable value for our customers, partners and shareholders."
For the three months and years ended December 31, 2021 and 2020
Net income (loss) and comprehensive income (loss)
The above number have been subject to audit and reflect the consolidated results of the Company.
The Company is also pleased to announce that it has cancelled 10 million shares that were voluntarily returned to treasury for no valuable consideration by certain founders of the Company. The share cancellation was effective April 29, 2022 .
As a select number of founders voluntarily surrendered the shares for no valuable consideration, the share cancellation did not constitute an "issuer bid" or an "offer to acquire" as defined in National Instrument 62‐104 – Take‐Over Bids and Issuer Bids . The total number of the issued and outstanding common shares of Adastra has been reduced from 65,970,547 to 55,970,547, or a decrease of approximately 15%.
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. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-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. For more information, visit: www.adastraholdings.ca.
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 regarding, but not limited to: the Company's plans to grow in the following areas: medical product development and formulation, premium branded extraction products, dried flower products, drug formulation, sales force expansion and global opportunities; the expected benefits of the Company's plan to leverage its shelf space to sell its pre-rolls to the provincial distributors and any expected revenue growth therefrom; and other general statements regarding the Company's platform for profitable growth and creation of sustainable value for customers, partners and shareholders. 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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/04/c4032.html
News Provided by Canada Newswire via QuoteMedia
Adastra Holdings Ltd (CSE:XTRX,FRA:D2EP) is a licensed Canadian agricultural-scale cannabis extraction, distillation, product manufacturer, and retailer. Formerly known as Phyto Extractions Inc., the company is one of the best-known brands in the Canadian cannabis market. Its popular vapes, concentrates, and oil products are widely available at 1,400 retailers across Canada.
The company competes in the highly attractive worldwide cannabis market, The company competes in the highly attractive worldwide cannabis market, estimated to reach a value of US$50,251 million in 2021 and is expected to grow at a CAGR of 26.5 percent from 2021 to 2030. In addition to medical cannabis use, recreational use is on the rise as markets in countries like Canada have opened through regulation in recent years. Critical factors for success in this market include the ability to navigate the complex regulatory landscape, access to supply, manufacturing and processing capability, and strong consumer brands.
Adastra operates through three businesses:
1. Phyto Extractions™ is a high-quality grass-roots cannabis brand with extensive market presence throughout Canada. Our product portfolio is set to expand from 18 to 30+ SKUs in Fiscal 2021 with the following existing and new cannabis products in the pipeline: edibles, beverages, flower (bags, pre-rolls), hydrocarbon extracts (butter, diamond, shatter, terp sauce, wax), topicals (roll-on, creams, oils, oral spray, path), and existing product SKUs for vapes.
2. Adastra Labs is a Health Canada Standard Producer (cannabis extraction, no cultivation), cannabis product formulator/manufacturer, and licensed cannabis sales (extracts, edibles and topicals) operator with a 13,000 sq. ft. facility located in Langley, BC Canada. With our newly commissioned hydrocarbon extractor, we have increased extraction capacity up to 146,000 kgs per year (agricultural scale) that makes us one of the largest full-service cannabis extraction companies in Canada. We produce and manufacture both Phyto Extractions™ branded and white label cannabis extracts and products for sale throughout Canada.
3. Chemia Analytics (chemia.ca) is Adastra’s state-of-the-art in-house testing laboratory. The facility conducts quality assurance, quality control and Health Canada regulatory compliance testing for licensed cannabis producers and products. The company plans to establish Chemia as one of the most advanced cannabis analysis, product sampling, testing and R&D labs in the industry through strategic talent recruitment and a C$1 million capital expenditure investment.
The company’s flagship Shatter product line is a high potency and high purity wax and crumble cannabis concentrate. The product is third-party tested to ensure compliance and quality standards and includes three product SKUs – Pink Kush, Blue Gorilla OG and Death Bubba. Shatter exists within a niche market alongside relatively few competitors. As a result, Shatter has the potential to be a significant opportunity for Adastra Holdings Ltd to further penetrate the cannabis market.
The company has delivered strong financial results for the six months ending June 30, 2021. Highlights include 327% revenue growth to over C$1.8 million compared to the same period last year, driven by increased processing of cannabis biomass for third party licensed producers and in-house distillate production, and hydrocarbon extraction.
Adastra’s financial success is also directly linked to the company’s constant efforts to improve profitability. Most recently, the company reduced expenses by C$7,000 a month while increasing sales by 35%. The company’s shatter and vape products are responsible for around C$1.5 million in revenue. Adastra believes that given their existing presence and market success, they can grow sales to C$4 million per month by launching new products.
The company is led by a highly experienced management team, including cannabis industry pioneers and Ph.D. experts in plant medicine and plant biochemistry. Management strongly believes in the company’s ability to succeed, which is why the company has a tight share structure and is almost debt-free. Adastra also believes there is a blue sky ahead given its extensive presence and success in the cannabis market.
The flagship Shatter product is a signature high potency and high purity wax and crumble cannabis concentrate available in 1 gram sizes. Shatter strains come in Pink Kush, Blue Gorilla OG and Death Bubba. The product features 70% to 80% THC across product SKUs. All of Adastra’s concentrates are third-party tested to ensure compliance and quality standards.
Pink Kush contains 73.7% pure THC. The dominant terpenes are ɑ-caryophyllene, ɑ-Bisabolol and ɑ-Humulene. Pink Kush has a distinct sweet vanilla taste and scent.
Blue Gorilla OG is an Indica-dominant hybrid concentrate that contains 76.6% of THC. The dominant terpenes are ɑ-pinene, myrcene and ɑ-Humulene. Blue Gorilla OG has a blueberry flavor.
Death Bubba is a hybrid of two potent cannabinoids, Death Star and Bubba Kush, and contains 73.9% THC. The dominant terpenes are ɑ-Humulene, myrcene and ß-pinene. Death Bubba has a dank scent.
Shatter is fully extracted from butane in a closed-loop hydrocarbon system that effectively preserves the terpenes to provide consumers with a full-bodied and flavorful experience. First, the dried and cured flowers are harvested for extraction at cold to room temperature. Next, the cannabis flowers are stripped from the stems and broken up at room temperature. Then, the product is extracted with 100% butane, a hydrocarbon solvent, that captures the cannabinoids and flavonoids and filters out the undesirable plant matter, lipids and waxes at cold temperature. Once processed, the solvents are quickly purged in a vacuum oven at low heat, which leaves the final Shatter product.
On September 3, 2021, Adastra announced that it launched the Phyto Extractions full spectrum Shatter Vape Cartridge line. This product offers a convenient-use format to the fast-growing extracts segment of the Canadian adult-use marketplace.
Firestick includes vape carts available in 1 gram, distillate vape carts and kits available in 0.5 gram and disposable vape pens available in 0.3 gram. Firestick vape carts come in pink kush, blueberry, green apple, grapefruit haze, orange, watermelon and blue raspberry. Firestick vape pens come in pineapple express, super lemon haze, blueberry and pink kush. The product features 80% to 90% THC across product SKUs. All of Adastra’s vape products are third-party tested and formulated with botanical terpenes created by an experienced formulation team. The Firestick product has been a commercial success with the company receiving few returns of the product.
The company uses CCELL® carts with ceramic coils for all vape carts and batteries. CCELL® carts are industry-leading technology with very low failure rates. Vape cart formulations are made under the terpenes threshold for CCELL® carts, which results in fewer leaks. The vaporizer also features a multi-temp M3B battery which allows consumers to choose between three different temperature settings for customizable consumption.
Firestick vape carts are produced starting with cryo-ethanol production, in which cannabinoids and terpenes are dissolved, and phyto-compounds are removed by chilling ethanol to -40 degrees Celsius. Then, a crude extract is created by falling film evaporation to remove the ethanol. Next, THCA is converted to THC by heating the crude extract through a process called decarboxylation. Then, cannabinoids are refined and separated from the crude extract through a short path wiped film distillation machine, leaving a distillate. Lastly, the distillate is tested to ensure it meets strict Health Canada guidelines in quality control and then combined with the desired terpene formulation. The lead time for 30 to 150 kg requires 2 to 3 days for extraction and 2 to 3 days for processing.
Live Resins are potent cannabis concentrates available in 0.5 grams. Live Resins come in Maple S and BCN Critical XXL. The product features 73% to 77% THC across product SKUs. All of Adastra’s concentrates are third-party tested to ensure compliance and quality standards. The product can also be used in vaporizers.
BCN XXL Critical is an Indica strain of live resin used by cannabis consumers and growers. BCN XXL Critical contains 76% to 77% THC content and 1.5% total terpenes. The dominant terpenes present are Limonene, ß-caryophyllene and Linalool, which provide a citrus profile with crisp lemon notes.
Maple S Live Resin is a hybrid strain of live resin that is ideal for new cannabis users. Maple S contains 73% to 74% THC and 6.2% total terpenes. The dominant terpenes present are ß-Myrcene, Limonene and ß-Caryophyllene, which provide a spicy and flavorful profile.
Live Resins are fully extracted from butane in a closed-loop hydrocarbon system that effectively preserves both volatile and non-volatile terpenes to provide consumers with a full-bodied and flavorful experience. First, the mature cannabis plants are harvested and flash-frozen to seal in the freshest and most aromatic terpenes. Next, the cannabis flowers are stripped from the stems and partly broken up. Then, cannabinoids and flavonoids are extracted with pure butane, a hydrocarbon solvent, which simultaneously filters out the undesirable plant matter, lipids and waxes. Lastly, the solvents are removed slowly in a vacuum oven during post-processing. The entire production process is completed at cold temperatures to preserve quality. As a result, Live Resins are best stored in a cool, dark place.
Terp Sauce is a full-spectrum oil available in cartridges of 0.5 grams. Terp Sauce is available in Mandarin Cookies.
Mandarin Cookie is hybrid strain oil that is 100% cannabis-derived and free of additives, carrier oils and synthetic fillers. The product contains 50% to 60% THC and 6.4% total terpenes. The dominant terpenes present are Limonene, ß-Caryophyllene and ß-Myrcene, which provide a smokey spice, citrus and pine flavor and aroma.Terp Sauce is made using an advanced CO2 extraction process from a single source flower which preserves the flower’s terpene profile and potency. The lead time for 30 to 150 kg requires 1 to 3 days for extracting and anywhere from 2 to 4 days for processing.
Sitka Adds High-Quality Craft Flowers, Including Unique Genetics Previously Unavailable in Canada to Adastra Portfolio.
Mr. Forbes comes to Adastra Holdings Ltd.. with a background firmly rooted in medicine, cannabis production and entrepreneurship. Demonstrating his knowledge and experience in the cannabis industry, Mr. Forbes has founded five medical cannabis clinics, under the Concord Medical Clinic umbrella, built Clarity Cannabis and Honeycomb Cannabis retailers to over 10 locations, and has also founded the cannabis licensed cultivation facility, Sitka Weed Works, in Canada.
Having medical experience of over 16 years, Mr. Forbes has also built and operated pharmacy chains across British Columbia and Alberta, and founded a dozen medical clinics, including three methadone clinics in order to protect the public from drug diversion and increase accessibility to plant medicine.
Mr. Forbes graduated from the University of British Columbia in 2002 with a BSc. in Pharmaceutical Sciences, also achieving additional certification in Hormone Restoration, Age Management Medicine, and more recently, Cannabis Plant Production and Facility Management from Kwantlen Polytechnic University. Michael also has his private pilot’s license from Mount Royal Aviation College and was elected to attend the Ivey School of Business for Canada’s Top 40 under 40 in 2017 where he received an honorary MBA.
Donald is a professional plant biochemist with a background working with successful research groups at the University of Calgary where he earned his Bachelors and Masters of Science degrees in Plant Biochemistry. He was Operations Manager for Heart Rock Mountain Farms, CA, USA cannabis growers..
Priyanka Nalawade is a senior research and development chemist with extensive experience synthesizing and characterizing novel high-performance polymers obtained from renewable sources. Nalawade earned her Bachelor of Technology in Polymer Engineering at the Institute of Chemical Technology in Mumbai, India and a Ph.D. in Polymer Engineering at the University of Akron in Ohio in the United States.
Kyle is a professional chemist with a demonstrated ability to communicate technical and complex information to peers, industry and academic collaborators, students and the general public. He has proven cannabis industry experience directing programs for cannabis extraction, product development and R&D. He is also named the inventor on two patents related to polymer and materials science.
Smoke Wallin is a highly accomplished CEO, entrepreneur, leader, board member and philanthropist with more than 25 years of success across the consumer products, beverage, cannabis, distribution and technology industries. He is a partner and Managing Director for STS Capital Partners; has frequently served as CEO for new and existing businesses; has been directly involved in $1.7 billion in mergers and acquisitions and financings; and has acquired, created, or sold 50+ brands and companies. He has been recognized with the Ernst & Young Entrepreneur of The Year award, and the Vanderbilt Business "Distinguished Alumni Award." He was also named one of the 100 most influential leaders in the cannabis industry by High Times Magazine. Smoke earned an MBA from Vanderbilt University and a B.S. degree in Agricultural Economics from Cornell University's Dyson School of Applied Economics at the Cornell SC Johnson College of Business.
Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company") is pleased to announce that it has filed its consolidated financial statements and related management discussion and analysis for the three months ended March 31, 2022 both of which are available at www.sedar.com.
Michael Forbes , Chief Executive Officer of Adastra, commented, "The year is off to a record-breaking start with strong momentum for the year ahead. We have achieved record revenues and gross profit, while maintaining a strong capital position."
"Our team has made significant progress on many fronts, including bringing new brands to market, adding to our co-manufacturing portfolio and increasing production capacity and output. Our focus remains on implementing production rollout, generating multiple revenue streams and creating market expansion strategies. We have made proactive advances in all of these areas, which has ultimately resulted in a strong foundation for further continued growth of our business. We recently commissioned automated pre-roll hardware for infused pre-roll production to meet the demand for this product category."
"To augment our revenue stream, we launched the Endgame Extracts brand, with four initial SKUs, at the British Columbia Liquor Distribution Branch, which sold out within 48 hours of product launch," added Mr. Forbes. "We submitted applications for our Medical Sales Licence and Controlled Substances Dealer's Licence, in line with our market expansion strategy. Our objective is to strategically position ourselves for further growth into in-demand cannabis product categories and in the emerging regulated psychedelics market."
"We look forward to building on our reputation as a leader in the cannabis and patient-focused psychedelics space in order to deliver on our commitment to create long-term value for our customers, partners and shareholders."
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. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-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. For more information, visit: www.adastraholdings.ca.
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 regarding, but not limited to: the Company's goals of implementing production rollout, generating multiple revenue streams, and creating market expansion strategies; further continued growth of the Company's business; the Company's ability to meet the demand for infused pre-roll production; the Company's objective to position itself for further growth into in-demand cannabis product categories and in the emerging regulated psychedelics market; and the Company's goal of building on its reputation in the cannabis and patient-focused psychedelics space in order to create long-term value for customers, partners and shareholders. 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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/30/c4955.html
News Provided by Canada Newswire via QuoteMedia
Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company"), a Health Canada Licensed cannabis company focused on processing, sales, organoleptic testing, and analytical testing, is pleased to announce the appointment of Smoke Wallin to the Company's board of directors.
"We are extremely honoured and privileged to welcome Mr. Wallin to Adastra's board of directors," said Michael Forbes , CEO of Adastra. "Mr. Wallin is an accomplished leader and international business builder in the CPG, cannabis, health and wellness, food and beverage, distribution, hospitality and technology industries. Mr. Wallin is a seasoned executive and serial entrepreneur who has a wealth of knowledge in the cannabis industry. I am confident that he will be an important contributor to our Company's long term success."
Mr. Wallin added, "I'm excited to support Michael and the team at Adastra as they build on an already impressive set of production assets in the Canadian cannabis market, with an eye toward additional capabilities in some super innovative forward looking therapeutics including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD. I believe in their strategy and the team's ability to execute their growth plan profitably, something quite rare in this rapidly growing market."
Mr. Wallin is a highly accomplished CEO, entrepreneur, leader, board member and philanthropist with more than 25 years of success across the consumer products, beverage, cannabis, distribution and technology industries. He is a partner and Managing Director for STS Capital Partners; has frequently served as CEO for new and existing businesses; has been directly involved in $1.7 billion in mergers and acquisitions and financings; and has acquired, created, or sold 50+ brands and companies. He has been recognized with the Ernst & Young Entrepreneur of The Year award, and the Vanderbilt Business "Distinguished Alumni Award." He was also named one of the 100 most influential leaders in the cannabis industry by High Times Magazine. Smoke earned an MBA from Vanderbilt University and a B.S. degree in Agricultural Economics from Cornell University's Dyson School of Applied Economics at the Cornell SC Johnson College of Business.
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. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-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. For more information, visit: www.adastraholdings.ca.
This news release includes 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: (i) the Company's long-term success; (ii) the Company building on production assets in the Canadian cannabis market and additional therapeutic areas including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-DMT, and LSD; and (iii) the Company's execution of its growth plan. 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, including: (i) adverse market conditions; (ii) risks inherent in the cannabis extraction sector in general; (iii) changes in regulations surrounding cannabis as a controlled substance; and (iv) other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information. 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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/16/c7339.html
News Provided by Canada Newswire via QuoteMedia
Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company"), 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:
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 ."
Adastra is also pleased to announce that it has entered into an engagement letter dated effective April 8, 2022 (the "Agreement") 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 .
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. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N, N-Dimethyltryptamine (DMT), 5- MeO-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. For more information, visit: www.adastraholdings.ca .
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 .
This news release includes 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: (i) the anticipated grant of the Medical Sales License by Health Canada; (ii) the activities that the Company could conduct with a Medical Sales License; (iii) the effect of CBD, CBN and CBG on the Canadian medical market in the near future; (iv) the ability of the Company to leverage its existing clinics for direct-to-patient and pharmacy sales through its ability to sell to the growing and established medical market; (v) the Company's ability to benefit from a pharmacy retail network to provide Adastra's medical cannabinoid products to patients Canada -wide; and (vi) the Agreement with irlabs including the Services irlabs has agreed to provide to the Company. 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, including: (i) adverse market conditions; (ii) risks inherent in the cannabis extraction sector in general; (iii) changes in regulations surrounding cannabis as a controlled substance; and (iv) other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information. 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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2022/11/c7439.html
News Provided by Canada Newswire via QuoteMedia
Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company"), a Health Canada Licensed cannabis company focused on processing, sales, organoleptic and analytical testing, is excited to announce that its newly developed brand, Endgame, which was soft-launched last week, sold out in less than 24 hours of delivery to the British Columbia Liquor Distribution Branch ("BCLDB"). Endgame's initial SKU delivery included two varieties of vaporizer cartridges: Mosa x Blood Orange and White Rhino x Raspberry Lemon.
"We are thrilled to bring Endgame, our first exclusive in-house brand, to market," said Michael Forbes , Chief Executive Officer, Corporate Secretary and Director of Adastra. "Selling out on day one of launch demonstrates consumer appetite for a lower cost vaporizer that delivers on quality, flavour and convenience. With added production capacity, new orders are quickly being shipped to supply our customers."
In early April, Adastra plans to deliver two new Endgame shatter products to the BCLDB: Black Cherry Punch x Jack Herer and Jack Herer x White Rhino. These hydrocarbon extracted cannabis concentrates are gaining popularity in the Canadian cannabis market for their full spectrum extract potency and flavour.
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. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N-Dimethyltryptamine (DMT), 5- MeO-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: Endgame brand's initial SKU launch and sell through; and the anticipated launch of new Endgame shatter products at the BCLDB this month. 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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2022/07/c3616.html
News Provided by Canada Newswire via QuoteMedia
Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) ("Adastra" or the "Company"), a Health Canada Licensed cannabis company focused on processing, sales, organoleptic and analytical testing, is pleased to report that its wholly owned subsidiary Adastra Labs Inc. achieved a record month of production volume in February, more than doubling outputs.
Hydrocarbon Extraction Output Increased by 24% Since February, hydrocarbon extraction and processing run times more than doubled, increasing from an average of 2.5 runs per day to 6 runs per day, which equates to 48 kilograms of cannabis biomass extracted each day. In February, a total of 570.9 kilograms of cannabis biomass was extracted. 710.4 kilograms of cannabis biomass has been extracted in March, accounting for a 24% increase in production; this is representative of just one of Adastra's active processing lines.
The significant growth in cannabis biomass extraction was achieved by adding shifts and extending hours during the week. There has been an increase in demand for hydrocarbon-extracted shatter products for Adastra's 100% owned brand, Phyto Extractions, and fulfillments for the Company's co-manufacturing brands, along with the preparation for the launch of a highly-anticipated brand next month. The increased demand has led to seven hydrocarbon production runs per day, or approximately 56 kilograms of cannabis extracted daily. This does not account for Adastra's cryo-ethanol production line, and brings Adastra closer to achieving its goal of $5 million per month in sales by Summer 2022.
Filling and Packaging Increased by 75% In February, the production team filled and packaged 100,511 vaporizer cartridges and finished products. In March, 75,875 cartridges were filled in two weeks, with an anticipated total of 118,346 cartridges to be filled and packaged by the end of this month.
Filling increased from 6,000 cartridges to 10,500 cartridges per day, accounting for a 75% increase in one month.
"I am extremely proud of our team's commitment and performance which has enabled us to achieve another record production month," said Michael Forbes , Chief Executive Officer and Director, Adastra. "With more SKUs launching and co-manufacturing brands coming to market this Spring and Summer, Adastra intends to invest in more processing equipment, along with automation hardware and software to drive costs down and increase production outputs."
Corporate Update Adastra announces a recent update to its leadership structure with the departure of Chief Operating Officer, Corporate Secretary and Director, Donald Dinsmore , and the appointment of Michael Forbes as Corporate Secretary.
Donald Dinsmore commented, "After nearly four years of proudly working to build the Adastra team, I am parting ways to pursue other business endeavours. I look forward to what the future has to offer for both myself and the growth of Adastra."
"On behalf of the Board of Directors and the Company, I want to thank Donald for his guidance and support in growing Adastra," said Michael Forbes . "We wish him all the best in his next venture."
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. Adastra has successfully taken steps in becoming a licensed cultivator, tester, extractor, and seller of controlled substances, including Psilocybin, Psilocin, MDMA, N-Dimethyltryptamine (DMT), 5- MeO-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: increased production volume; addition of processing, filling and packaging shifts; investment in equipment and automation hardware and software to drive costs down and increase production; anticipated new products, and the adoption thereof; goal of achieving $5 million a month in sales by Summer 2022; an anticipated total of 118,346 cartridges to be filled and packaged by the end of this month; and the timelines set out herein. 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.
This news release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about the Company's expected goal of achieving $5 million a month in sales by Summer 2022 and anticipated total of 118,346 cartridges to be filled and packaged by the end of this month, which is subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraph. The actual financial results of the Company may vary from the amounts set out herein and such variation may be material. The Company and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about the Company's anticipated future business operations. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2022/29/c3149.html
News Provided by Canada Newswire via QuoteMedia
Another cannabis producer has formally announced its exit strategy from the industry.
An association of mayors across the US have voiced their support of cannabis banking reform in the nation.
Keep reading to find out more cannabis highlights from the past five days.
The difficulty of justifying a cannabis business for Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT) got to be too much. On Wednesday (June 8), the Quebec-based firm confirmed a plan to divest from its cannabis business and let go of half its workforce.
The staff reduction will result in the firm saving C$5.8 million. The company plans to sell its cannabis brands, Mood Ring and PanHash, as well as its Sherbrooke, Quebec, facility, which it claims was recently appraised at C$21 million.
“This strategic divestiture greatly simplifies our overall structure, enabling us to hyper-focus on those areas of the business we believe are best positioned for profitability and growth," Michael Cammarata, president and CEO of Neptune, said in a statement.
Shares of Neptune have taken a hit following the announcement. In New York the company fell in value by over 15 percent since Wednesday’s trading session. The company opened on Friday (June 10) at a price point of US$0.12 per share.
A report from MJBizDaily indicated the US Conference of Mayors have now thrown their support behind cannabis banking reform by way of the SAFE Banking Act policy.
The association representing 1,400 cities passed a motion to support the long standing cannabis policy proposal.
They want Congress to pass the bill in order to “to provide financial security for cannabis dispensaries and related companies and enhance public safety.”
The SAFE Banking Act would change federal regulations so cannabis business would not fall outside federal rule.
Experts have told the Investing News Network (INN) this policy being adopted could open the doors to US operators listing in senior US exchanges and engaging with financiers that are currently barred from entering the space. There's also been chatter about how this policy would help clear investment strategies for the Canadian market.
Don't forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced the results of its Annual Meeting of Shareholders held on June 8, 2022 .
The Company put forward the following resolutions to be voted on by shareholders at the meeting, all of which were approved: (i) to elect eight directors for the forthcoming year from the nominees proposed by the Board; and (ii) to appoint Marcum LLP as auditors for the Company and authorization of the Board of Directors to fix the auditors' remuneration and terms of engagement.
A total of 97,288,636 of the 184,184,142 votes attached to all outstanding shares of the Company on an as-converted basis as at the record date voted at the meeting, representing 52.8% of outstanding shares on an as-converted basis.
Election of Directors: Each of the directors elected at the Meeting, being Kim Rivers, Giannella Alvarez, Thad Beshears, Peter Healy, Richard May, Thomas Millner, Jane Morreau and Susan Thronson, will hold office until the next annual general meeting of the Company or until their earlier resignation or removal.
Appointment of Auditors: Marcum LLP were re-appointed as Auditors of the Corporation for the 2022 fiscal year with the Directors authorized to fix their remuneration.
About Trulieve Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S. operating in 11 states, with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com .
Facebook: @Trulieve Instagram: @Trulieve_ Twitter: @Trulieve
Investor Contact Christine Hersey , Executive Director of Investor Relations +1 (424) 202-0210 Christine.Hersey@Trulieve.com
Media Contact Rob Kremer , Executive Director of Corporate Communications +1 (404) 218-3077 Robert.Kremer@Trulieve.com
View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-reports-results-of-2022-annual-meeting-of-shareholders-301565503.html
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/10/c8497.html
News Provided by Canada Newswire via QuoteMedia
This export marks the 16 th international market entry for Avicanna and the first export of proprietary genetics into Africa.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Avicanna Inc. (" Avicanna " or the " Company ") (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products is pleased to announce that, through its majority owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S. ( "SMGH" ) the Company has completed its first commercial export of feminized cannabis seeds to the African region with an initial export to Lesotho.
The development, standardization and production of these seeds were all completed through Avicanna's vertical integration at SMGH located in Santa Marta, Colombia. The standardized and feminized seeds are a part of the Aureus™ product portfolio which includes CBD, CBG and THC seeds, resins or whole plant crude oils, cannabinoid distillates, and isolated cannabinoids.
Lucas Nosiglia, President of Avicanna LATAM, commented: "We are happy to see the demand for our proprietary genetics grow internationally. The culmination of our seed development and standardization efforts provides our international partners with the opportunity to cultivate federally registered, reliable and consistent cultivars across various environments and landscapes.
To its knowledge, the Company carries out its operations in compliance with all applicable laws in the jurisdictions in which it operates.
Avicanna's supply chain business unit is based in Santa Marta, Colombia and provides a consistent source of cannabinoid raw materials for the global marketplace. These include active pharmaceutical ingredients and feminized seeds, for Avicanna's cosmetic, medical, and pharmaceutical products, in addition to supplying the company's partners around the world.
Aureus-branded products are cultivated, extracted, and manufactured by Avicanna's subsidiaries in Colombia where they leverage optimal environmental conditions to produce cannabinoid active pharmaceutical ingredients economically and sustainably with USDA organic and GACP certifications.
Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of evidence-based cannabinoid-based products for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across various market segments:
Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol ("CBD") and tetrahydrocannabinol ("THC"). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.
Pharmaceutical Pipeline: Leveraging Avicanna's scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna's first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.
Click to watch Avicanna's Corporate Video 2022
For more information about Avicanna, visit www.Avicanna.com, contact Ivana Maric by email at info@Avicanna.com or follow us on social media on LinkedIn , Twitter , Facebook or Instagram .
The Company posts updates through videos from the official Company YouTube channel.
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified using words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions.. 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. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company's annual information form dated March 31, 2022 filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3699b74a-85a7-4d85-a012-61712efd7412
News Provided by GlobeNewswire via QuoteMedia
62% of Americans Would Prefer Cannabis Over Pharmaceuticals When Treating a Medical Issue
A new survey conducted by The Harris Poll on behalf of Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf" or the "Company"), a leading international provider of consumer products in cannabis, finds that 91% of adults aged 21+ who have ever consumed cannabis have done so for health and wellness purposes. The findings offer important takeaways revealing people's attitudes toward both cannabis and the desire for holistic health and wellness, as 75% of Americans say they would prefer holistic solutions over pharmaceuticals to treat a medical issue when possible, with 62% of people saying they would prefer to use cannabis rather than pharmaceuticals to treat a medical issue.
According to the survey conducted online among nearly 2,000 U.S. adults ages 21+ by the independent pollster, the top health and wellness reasons Americans have consumed cannabis include:
As cannabis legalization continues to sweep the United States , beliefs and behaviors surrounding consumption are shifting to become more mainstream and inclusive for patients and consumers who rely on it for a variety of health and wellness needs – from helping to relieve menstrual cramps and arthritis to supporting stress and sleep issues.
Curaleaf understands this shift and growing need for cannabis solutions, and places an emphasis on accessibility and approachability of a variety of products for individuals seeking alternatives for their health and wellness needs. The Company continues to be a wellness destination with 130 retail locations, and an assortment of cannabis products in different form factors, including an upcoming wellness line expected to launch later this summer.
"Educating consumers on how cannabis can be leveraged to support everyday health and wellness needs is critical to destigmatizing the plant and providing consumers with more choices to best fit their personal lifestyle," said Dr. Stacia Woodcock , Clinical Cannabis Pharmacist for Curaleaf New York. "There are a wide variety of ways to consume cannabis safely, and many formulations actually have minimal intoxicating effects. Different product options with various ratios of THC and CBD give patients the opportunity to consume cannabis in a way that works with their lifestyle and comfort level."
The survey also found that 88% of those who have consumed cannabis as an alternative and/or in addition to pharmaceutical treatments feel that doing so has improved their overall well-being. In fact, 86% of those who have leveraged cannabis for health or wellness would recommend cannabis to a friend or family member for medical reasons.
For the full results of the survey please click here .
INVESTOR CONTACT Curaleaf Holdings, Inc. Investor Relations IR@curaleaf.com
MEDIA CONTACT Tracy Brady VP of Communications Media@Curaleaf.com
About Curaleaf Holdings Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) ("Curaleaf") is a leading international provider of consumer products in cannabis with a mission to improve lives by providing clarity around cannabis and confidence around consumption. As a high-growth cannabis company known for quality, expertise and reliability, the Company and its brands, including Curaleaf and Select, provide industry-leading service, product selection and accessibility across the medical and adult-use markets. In the United States , Curaleaf currently operates in 22 states with 133 dispensaries, 26 cultivation sites, and employs over 5,700 team members. Curaleaf International is the largest vertically integrated cannabis company in Europe with a unique supply and distribution network throughout the European market, bringing together pioneering science and research with cutting-edge cultivation, extraction and production. Curaleaf is listed on the Canadian Securities Exchange under the symbol CURA and trades on the OTCQX market under the symbol CURLF. For more information, please visit https://ir.curaleaf.com .
Forward Looking Statements This media advisory contains forward–looking statements and forward–looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans", "expects" or, "proposed", "is expected", "intends", "anticipates", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward–looking statements and information concerning The Harris Poll survey findings about cannabis consumption. Such forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the company with respect to the matter described in this new release. Forward-looking statements involve risks and uncertainties, which are based on current expectations as of the date of this release and subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Additional information about these assumptions and risks and uncertainties is contained under "Risk Factors and Uncertainties" in the Company's latest annual information form filed March 9, 2022, which is available under the Company's SEDAR profile at http://www.sedar.com , and in other filings that the Company has made and may make with applicable securities authorities in the future. Forward-looking statements contained herein are made only as to the date of this press release and we undertake no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We caution investors not to place considerable reliance on the forward looking statements contained in this press release. The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
*Survey Method: This survey was conducted online within the United States by The Harris Poll on behalf of Curaleaf from March 8-10, 2022 , among 1,953 adults ages 21+, among whom 1,095 have ever used cannabis. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within + 2.8 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact kaplowcuraleaf@kaplow.com .
View original content: https://www.prnewswire.com/news-releases/new-survey-shows-majority-of-cannabis-consumption-is-attributable-to-consumers-desires-to-address-health-and-wellness-concerns-301563700.html
View original content: http://www.newswire.ca/en/releases/archive/June2022/08/c0897.html
News Provided by Canada Newswire via QuoteMedia
As Germany gears up to possibly legalize adult-use cannabis, how likely is it that the country's plans will cause other nations in Europe to follow suit?
The roadmap for recreational cannabis legalization in Germany has become a hot topic for stakeholders in the overall industry. On top of how exactly the situation will play out and what business opportunities exist, market watchers have offered various opinions on what the lasting impact of this change could be.
Experts on the US cannabis market have seen a clear knock-on effect in the US — when one state market opens its doors, nearby states tend to reconsider their cannabis plans.
For example, New Jersey kicked off its adult-use program this year, and Kacey Morrissey, senior director of industry analytics with New Frontier Data, told the Investing News Network (INN) this change would “create a lot of additional pressure” for neighboring states such as New York and Pennsylvania.
If this happens in US states, could legalization in Germany have the same impact in Europe?
Shane MacGuill, global lead of nicotine and cannabis with Euromonitor International, told INN that the road ahead for German legalization won’t be easy, but if it gets done, he expects to see changes throughout Europe.
“I think there's lots of obstacles before Germany legalizes,” he said. “I don't want to make it sound like it's a (done deal), but if and when that happens, you're going to see that countries will have no choice but to probably try and regulate themselves.”
The analyst pointed to Portugal as another European nation that could pressure nearby countries to adapt. The country currently has a medical cannabis program in place, and is discussing a new policy to regulate personal use. MacGuill said legalization in Portugal would pressure Spain to move forward with its own plans.
“That's a very key element of it in Europe,” MacGuill said. “In a broader sense, legalization is always pragmatic.”
Bethany Gomez, managing director at the Brightfield Group, told INN the cannabis industry has been marked by incremental shifts when it comes to policy.
The analyst said she expects to see the same in Germany when it comes to cannabis regulation. “There's still a lot of hedging that is being done (by governments) on whether this is an experiment, whether they want to go all in planting their flag in it. It'll certainly require a lot of political will to make that shift,” Gomez told INN.
Germany is targeting a speedy process for the opening of its adult-use market; this has caused some experts to express caution to those interested in the European nation.
“2023 is when (the Germans) intend to have products being sold by, which in my opinion, given where they're at today, is an extremely ambitious plan,” Deepak Anand, founder of medical cannabis firm Materia, said during a panel at the recent Lift Expo, held in Toronto.
At the same panel, Terry Booth, CEO of Australis Capital (CSE:AUSA,OTCQB:AUSAF) and former CEO of Aurora Cannabis (NASDAQ:ACB,TSX:ACB), said he expects Germany to over-regulate and “be tougher than Canada.”
MacGuill told INN that Germany’s adult-use intentions wouldn't have come to light without Canada becoming the first G7 country to legalize the drug. “Legalization (in Canada) is certainly something that people are aware of in Europe, and has had an influence on it,” he explained.
As more nations globally open their doors to cannabis programs, there's potential for a domino effect to accelerate the availability of cannabis across the world.
However, it will be critical for investors to practice patience, as many experts have advised, because changes are not seen from one day to the next when it comes to cannabis policy.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
A cannabis analyst for Cowen highlighted that companies in the sector are adjusting their messaging and expectations around federal reform in the US marketplace.
Meanwhile, Aurora Cannabis (NASDAQ:ACB,TSX:ACB) had a difficult trading week after a new investment deal.
Keep reading to find out more cannabis highlights from the past five days.
In an interview with Yahoo Finance Live, Vivien Azer, Cowen's managing director and senior research analyst covering the cannabis sector, said the messaging from US cannabis executives has changed around when regulatory changes could be on the way.
“The messaging out of 1Q '22 earnings season, I think, appropriately tempered some of the enthusiasm that some of the CEOs had been expressing around the potential for regulatory change,” she said.
Azer said the fundamentals of the cannabis industry continue to be “sluggish.” But she also admitted that the lack of regulatory change in the US is hurting the appeal of cannabis stocks.
When asked where the smart money is heading, Azer affirmed that US opportunities are the clear favorites at the moment given the “much larger addressable market.”
Shareholders of Aurora have been on a tough ride this past trading week on the heels of a US$172.5 million bought-deal offering. The financing was originally set at US$125 million, but was upsized.
The company has face criticism for the US$2.45 per unit price, which is effectively a 10 percent discount compared to the last trading level for Aurora shares. Each unit contains a common share of Aurora, as well as one common share purchase warrant, which the Globe and Mail said "made the discount even more extreme."
According to the news outlet, hedge funds likely “saw value in the accompanying warrant,” leading to the rapid interest in the offering at first since the deal was upsized.
However, Aurora saw less favorable returns in the open market as the company hit a week low of C$1.94 in Toronto. The company had declined in value by over 11 percent as of the opening bell on Friday (June 3).
Also on Friday, the cannabis producer repurchased US$20 million worth of convertible senior notes.
Don't forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.