Phyto Extractions Inc (CSE:XTRX) (FRA:D2EA), formerly Adastra Labs Holdings Ltd, has announced the appointment of Oliver Foeste as the company’s new chief financial officer (CFO), as well as Paul Morgan as a new company director.
Foeste, founder and managing partner of Invictus Accounting Group LLP, has significant executive, director, finance, and restructuring experience across a number of industry sectors. He also previously served in senior finance and accounting roles with TSX, TSX Venture Exchange, and NYSE-listed issuers.
Morgan, meanwhile, has been a practicing lawyer in British Columbia since 2013, with a focus on corporate, commercial, real estate and general business law.
READ: Phyto Extractions is combining art and science to produce cannabis extracts
The company also said Stephen Brohman has resigned as Phyto Extractions’ CFO, corporate secretary and as a director of the company to focus on his other ventures.
As well, Phyto Extractions reported it has secured a supply agreement with a major Canadian license holder to provide upwards of 12,000 kilograms (kg) of dried cannabis biomass over six months.
The company said its wholly owned, Health Canada licensed Adastra Labs subsidiary will leverage its agricultural scale extraction, formulation and product fulfillment capabilities to produce an estimated 1,500kg of high-value cannabis concentrates that will be incorporated into consumer-packaged goods under the Phyto Extractions brand for distribution across Canada
Phyto Extractions added it expects to reduce its produced per gram cost by over 25%, and pass the savings along to consumers, by acquiring the low-cost input cannabis.
Phyto Extractions is an agricultural-scale cannabis extraction, distillation and product manufacturer located in Langley, British Columbia at its co-located Health Canada Licensed Standard Processing and Analytical Testing Laboratory (Chemia Analytics) facilities. Chemia Analytics is a wholly-owned subsidiary of the company.
The company produces cannabis extracts through a recently commissioned hydrocarbon extractor with capacity of up to 450,000 kilograms per year.
--UPDATES with a supply agreement news--
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