Adastra Holdings (CSE:XTRX) Ltd revealed that it has received its Medical Sales License from Health Canada which now authorizes it to sell cannabinoid-containing products that are formulated for the medical cannabis market.
"This license marks another milestone for Adastra as we see a significant market opportunity for plant-based, natural medical remedies," Adastra CEO Michael Forbes said in a statement. "We are excited to now produce and distribute cannabis product formats, designed for the medical market as Canada once again reforms this patient-focused market that was the foundation for federal legalization.”
Forbes noted that with his background in healthcare and ties to the medical community, Adastra is well positioned to leverage its PerceiveMD clinics for direct-to-patient sales and pharmacy sales.
“Adastra has the added advantage through our PerceiveMD clinics to work directly with medical patients and collaborate with practitioners in developing plant-based alternative remedies designed for the medical cannabis market," he added.
Adastra said the medical sales license will enable it to maximize the full potential of PerceiveMD, Adastra's wholly owned platform, that assesses patients seeking alternative treatments and provides documentation to enable access.
"We continue to see an uptick in the therapeutic use of cannabis for symptom relief - everything from cancer, menopause, stress, depression, anxiety and so on," Forbes said. "There is less stigma and more awareness today than ever before about the potential healing and symptom relief qualities of cannabis. We'll continue to see a rise in popularity of cannabis for medicinal purposes and we are positioning Adastra to capture and serve this significant market."
Adastra said that with its medical sales license it is now authorized to sell cannabis extracts and dried cannabis to medical cannabis patients and licensed health practitioners. It is also authorized to develop a range of products classified as cannabis extracts which include:
- Inhaled products (vaporizer cartridge and shatter),
- Ingested products (tincture, oil, capsule, soft gel and oral spray), and
- Other products (suppository).
The global medical cannabis market is projected to increase to $248.42 billion by 2030 at a 31.97% compound annual growth rate (CAGR), according to a recent report by Market Research Future.
The Langley, British Columbia-based company said it expects to start producing medical format cannabis products, specifically CBD tinctures by January 2023. Adastra is currently exploring medical distribution platforms for Canadian sales and plans to formulate products based on recommendations from practitioners and patients in its established network.
The company’s 13,500-square-foot Adastra Labs agricultural-scale Health Canada licensed facility in Langley, British Columbia, focuses on extraction, distillation, and manufacturing of cannabis-derived products. Meanwhile, through its acquisition PerceiveMD, Adastra operates a multidisciplinary manufacturer for medical cannabis and psychedelic therapies.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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