Adastra Holdings (CSE:XTRX) Ltd. has announced that it submitted its Medical Sales License application to Health Canada on April 1, 2022.
The Langley, British Columbia-based company reminded investors that in August 2021 it announced its acquisition of 1225140 BC 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,” Adastra CEO Michael Forbes said in a statement. "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.”
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Adastra said the Medical Sales License would permit it to perform the following activities:
- Sell cannabis extracts to medical cannabis patients and licensed health practitioners;
- Develop products classified as cannabis extracts: Inhaled (vaporizer cartridge and shatter), Ingested (tincture, oil, capsule, soft gel and oral spray), Other (suppository);
- Sell dried cannabis.
“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,” Forbes continued. “We are also uniquely positioned to tap into the pharmacy retail network in order to provide Adastra's medical cannabinoid products to patients across Canada.”
The company also announced that it has engaged IR Labs Inc to provide it with certain investor relations services in the areas of capital markets advisory, including strategic advisory and introductions to investors and investment bankers; as well as to develop and manage an investor relations and communications program, including public relations/media, social media and stakeholder relations.
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.
Contact the author at stephen.gunnion@proactiveinvestors.com