Phyto Extractions Inc (CSE:XTRX, FRA:D2EA) - formerly, Adastra Labs Holdings Ltd. - has announced that, further to its news releases of March 10, 2021, and March 23, 2021, the company continues to proceed towards the acquisition of 1204581 B.C. Ltd, doing business as Phyto Extractions.
Originally structured as an acquisition to acquire an initial 51% equity interest with a right of first refusal to acquire the remaining 49% interest, the company noted that the parties are proceeding on the basis of acquiring a 100% interest on the closing date.
The parties continue to negotiate definitive terms and conduct further due diligence but anticipate signing a definitive share purchase agreement on or before September 15, 2021, it added.
READ: Phyto Extractions inks C$2.3M deal to acquire PerceiveMD and its multidisciplinary centre offering cannabis and psychedelic therapies
The company said it intends to issue additional news releases with respect to the proposed acquisition in the near future in accordance with applicable securities laws and the policies of the Canadian Securities Exchange.
On August 11, Phyto Extractions announced a deal to acquire a multidisciplinary centre that offers cannabis and psychedelic therapies in British Columbia for C$2.3 million. The agreement for 1225140 BC Ltd, doing business as PerceiveMD, was signed through Phyto’s wholly-owned subsidiary Adastra Labs Inc and will be satisfied in Phyto shares.
Langley-based Phyto said that PerceiveMD offers a “holistic, team-based approach to patient care.”
Founded in 2014, Phyto Extractions has built a successful reputation as a household name in cannabis concentrates among consumers and retailers alike.
Adastra Labs Inc. was founded in 2018 and is an agricultural-scale cannabis extraction, distillation, and product manufacturer, located in Langley, British Columbia.
Operating out of its 13,000 square foot Health Canada Licensed Standard Processing facility, now named Phyto Extractions Inc (CSE:XTRX, FRA:D2EA)., the company produces and distributes cannabis-derived products, designed for medical cannabis and forward-looking therapeutic use.
As a leading supplier, Phyto Extractions currently distributes its product line to 1,400-plus adult-use retailers and through a web-based medical platform, CannMart Inc., across Canada seeking to provide consistent, quality concentrate products and alternative treatment options to patients.
Contact the author at jon.hopkins@proactiveinvestors.com