Adastra Holdings (CSE:XTRX) Ltd. said it generated record shipments in September.
In a statement, the Canadian cannabis company said it shipped 68,272 consumer-packaged units and 20,000 grams of bulk extract in September, compared to 41,571 units in September 2020. That’s a 64% year-over-year increase.
The record shipments come as Adastra continues to pursue its mission to be a leader in the development and manufacture of pharma-quality, cannabis API and derivative products.
READ: Adastra Holdings announces new wholesale agreement with premium cannabis cultivator Sitka Weed Works
Adastra also said it received a request for additional information from Health Canada as part of the agency's formal review of the company's application for a Controlled Drugs and Substances Dealer's License, which was submitted and formally accepted in late August 2021.
The company said it believes that the request for information is the next step toward attaining approval. In addition, Health Canada advised that it commits to a 270 calendar day review period from the date of receipt for processing these applications. As a result, management expects Health Canada to finish reviewing Adastra's application by March 2022.
In addition, Adastra said it is moving aggressively to expand its Phyto Extraction branded products portfolio to take full advantage of the shift in Canadian consumer preference for derivative hydrocarbon extract products.
The planned new products include:
- THCA Diamonds & Sauce. Adastra has commenced production of a THCA diamond concentrate that it intends to introduce to the market under the Phyto Extractions brand label in December 2021. Known popularly as the "super concentrate," THCA diamond is a highly potent variety of concentrate that gives users the option to inhale nearly pure THC and is currently the best-selling concentrate product type across Canada based on recent Headset data.
- White Widow Shatter. Adastra is introducing a 1 gram (g) version of White Widow. This balanced hybrid strain is a cross between a Brazilian Sativa landrace and a resin-heavy South Indian Indica that is expected to be available across Canada in December 2021.
- Vapes. Adastra is introducing a 1g Black Cherry Distillate vape cartridge that management believes will capture the market's excitement in new vape products.
Operationally, in order to meet the demand for Phyto Extraction products, Adastra also said it is hiring to scale up and meet increasing order demand by increasing capacity across two shifts (Monday-Friday) and by adding a weekend shift primarily for packaging.
Meanwhile, the company said CEO Michael Forbes and Chief Operating Officer Donald Dinsmore have recently purchased shares of the company on the open market, the details of which will be set out in their respective SEDI reports.
"With the downturn in industry stock prices recently, this was an opportunity to show investors that Adastra management is committed to creating long-term shareholder value,” said Forbes. “We believe the current share price does not reflect the true value of Adastra and the incredible growth we have coming in the near future."
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