- Adastra Holdings (XTRX) received the Controlled Drug and Substances Dealer’s License on August 24, 2022
- This marks a significant step forward for Adastra in its goal to become a leader in alternative, plant-based treatments, and remedies for physical, and mental health
- Adastra is a manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use and medical markets
- Adastra Holdings Ltd. (XTRX) is unchanged, trading at C$0.62 per share at 11:15 am ET
Adastra Holdings (XTRX) has received a Controlled Drugs and Substances Dealer’s License.
This is a significant step forward for Adastra in its goal to become a leader in alternative, plant-based treatments, and remedies for physical, and mental health. Receiving this license not only enables Adastra, to process, formulate and perform scientific tests but also to verify the active ingredient and its stability for use in products once the market matures in North America.
CEO Michael Forbes commented on the news.
“This is another significant step forward in the next phase of Adastra’s goal to become a leader in alternative, plant-based treatments and remedies for physical, mental health and optimal functioning. The medically regulated psychedelics market is just beginning to lay its foundation in North America; receiving this license enables us to process, formulate and perform scientific tests to verify the active ingredient and its stability for use in products once the market matures.
Under the Dealer’s License, Adastra can possess up to 1,000 grams of psilocybin and psilocin at any time and can transfer the extracted material to other companies who hold a valid Dealer’s License. Adastra intends to utilize its in-house analytical testing lab, Chemia Analytics, to validate and develop its extraction processes, to optimize and enhance efficiency ahead of any future potential regulatory modifications to the existing psychedelics framework. As the market matures to include regulations for other compounds, such as MDMA, LSD, 5-MeO-DMT and Ketamine, Adastra plans to include these substances in future Dealer’s License amendments, positioning itself to leverage clinic and patient demand. When approved, the Company will be permitted to process and formulate a variety of psychedelic compounds, increasingly used and sought-after by patients and healthcare practitioners to combat a variety of physical and mental ailments.”
He added,
“We believe our Dealer’s License offers Adastra a preemptive advantage over our peers, by having our processes for the extraction and formulation of psilocybin validated before any future potential changes in regulations, enabling us to stay ahead,” added Forbes. “Having foresight over what we can control today – standardization of our processes and training of our personnel – we believe positions Adastra for continued growth as we expand our capabilities and revenue streams.”
Adastra is a leading manufacturer and supplier of innovative ethnobotanical and cannabis science products designed for the adult-use, medical markets and forward-looking therapeutic applications.
Adastra Holdings Ltd. (XTRX) is unchanged on the day, trading at C$0.62 per share at 11:15 am ET.
