Adastra Holdings (CSE:XTRX) Ltd has reported significant financial year and 4Q revenue increases as the company expands its product reach, introduces innovative cannabis products to market, and raises brand awareness through marketing and sales initiatives.
For the 2021 financial year, Adastra reported a 124% boost to its revenue to achieve $5.6 million compared to $2.5 million in 2020.
The company also recorded an impressive increase to its 4Q revenue of $2 million compared to $1.2 million for the same period in 2020.
READ: Adastra announces submission of Medical Sales License application
The company said highlights from the 2021 financial year included a successful corporate rebrand, the acquisitions of Perceive MD and Phyto Extractions, and the launch of the Phyto Extractions full spectrum vape cartridge line.
Adastra CEO Michael Forbes said 2021 was a transformative year for the company during which it established a platform for profitable growth.
“Strategically, our focus remains on the following growth areas: medical product development and formulation; premium branded extraction products; dried flower products; drug formulation; sales force expansion; and global opportunities,” Forbes said in a statement.
“Combined, our production rollout and market expansion strategies give us optimism for 2022 and beyond.”
He noted that one of the fastest growing cannabis product categories in Canada and the United States was infused pre-rolls, with Adastra set to launch its own line of similar pre-rolls shortly.
“We plan to leverage our shelf space to sell to the provincial distributors and anticipate this category being a big contributor to our success,” Forbes said.
Adastra also narrowed its full year net loss to $4.3 million from $8 million in 2020.
For the three months ending December 31, 2021, Adastra reported a net loss of $2.3 million, compared to $426,000 for the same period in 2020.
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.
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