Adastra Holdings Ltd C.XTRX

RE:Adastra Holdings Reports First Quarter Results

[peppesilver57]

ADASTRA HOLDINGS REPORTS SECOND QUARTER RESULTS; DEMONSTRATING RECORD QUARTERLY REVENUE OF $10.9M  

• Record Q2 2023 revenue of $10.9M, an increase of 205% from Q2 2022
• Record Q2 2023 income from operations of $235K, compared to a loss of $394K in Q2 2022
• Q2 2023 gross profit of $2.6M, compared to $1.1M in Q2 2022, an increase of 135%

 
LANGLEY, BC / ACCESSWIRE / August 17, 2023/ Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) (“Adastra” or the “Company”), a leading cannabis processor and producer of two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, is pleased to report financial results for the three and six months ended June 30, 2023.
 
“The initial half of this year marked a significant milestone for Adastra, as we achieved a 248% increase in revenue compared to the first six months of 2022. This impressive growth is a testament to the resilience and adaptability of our hard working team,” said Michael Forbes, CEO of Adastra. “In Q2 2023, our focus was directed towards enhancing the efficiency and scope of operations at our centralized processing facility in Langley, BC. Simultaneously, our team diligently undertook initiatives to amplify the recognition of our two brands, Endgame and Phyto Extractions, across Canada. Adastra’s premium product range has continued to maintain its leadership position within the market, with top-selling SKUS in Alberta and British Columbia, and now includes a top-selling SKU in Ontario. Heading into the next quarter, we remain focused to set new records, maintain our market leadership across Canada, and continue to generate revenue from our four primary verticals.”