Phyto Extractions Inc (CSE:XTRX, FRA:D2EA). - formerly, Adastra Labs Holdings Ltd - has announced a name change to Adastra Holdings Ltd.
Trading in the company's common shares is expected to resume under the new name and under the same ticker symbol XTRX on the Canadian Securities Exchange as of market open on September 1, 2021.
The company said it believes that Adastra Holdings Ltd. holds broader appeal to consumers for marketing purposes.
READ: Phyto Extractions continues to proceed towards the acquisition of 1204581 B.C. Ltd, first unveiled in March
In a statement, the company's director and CEO, Michael Forbes commented: "The name Adastra Holdings Ltd. represents the future direction of the Company as a diversified cannabis issuer and creates space for new product offerings and market segments.
"We are excited to continue to share our company's growth and as more regulations are enacted, we'll see even more opportunitites for us to enhance our unique market strategy in the coming years."
In connection with the name change, the company's new CUSIP will be 00654D100 and the new ISIN will be CA00654D1006. There is no consolidation of shares associated with the name change which is part of a re-branding initiative in order to better align the company's name and image as a comprehensive leader in cannabis extraction, distillation and product manufacturing.
Earlier this week, the company announced that, further to its news releases of March 10, 2021, and March 23, 2021, it 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.
Contact the author at jon.hopkins@proactiveinvestors.com