Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Adastra announces 2021 Annual Financial Results and Corporate Update

Stockhouse Editorial
1 Comment| May 5, 2022

{{labelSign}}  Favorites
{{errorMessage}}

Adastra Labs Holdings Ltd. (XTRX) (CSE.XTRX, OTC: XTXXF, Forum) – a Health Canada Licensed cannabis company focused on processing, sales, organoleptic, and analytical testing – has that it has filed its consolidated financial statements and related management discussion and analysis for the year ended December 31, 2021, both of which are available at www.sedar.com.

Michael Forbes, Chief Executive Officer of Adastra, commented:

Click to enlarge"2021 was a transformative year for Adastra. Having joined in May of 2021, I have seen considerable progress being made on many fronts – we acquired Phyto Extractions and PerceiveMD to vertically integrate our product reach; introduced several new, innovative cannabis products; entered new domestic markets; and created marketing and sales initiatives that have raised brand awareness among consumers and retailers. The team has worked diligently in restructuring and reducing costs giving us a solid foundation as we move forward."

He added:

"Combined, our production rollout and market expansion strategies give us optimism for 2022 and beyond," added Mr. Forbes. "We believe we have established a platform for profitable growth, with multiple revenue streams and differentiation in the marketplace. We look to leverage this momentum over the coming months to create sustainable value for our customers, partners and shareholders."

Topping the corporate highlights, Adastra generated record gross revenues of $5.6 million in 2021, representing 124% growth YOY, while maintaining a strong capital position with $28.8 million of assets, and $6.4 million of liabilities.

Details here.


New to investing in Cannabis? Check out Stockhouse tips on How to Invest in Cannabis Stocks and some of our Top Cannabis Stocks.

For more of the latest info on Cannabis, check out the Cannabis Trending News hub. Or, for lively sector discussion, visit Stockhouse’s new Cannabis Bullboards page.


FULL DISCLOSURE: Adastra Labs Holdings Ltd. is a client of Stockhouse Publishing.


{{labelSign}}  Favorites
{{errorMessage}}

Comments

No comments yet. Be first to comment!

Leave a Comment

You must be logged in to be able to post a comment.

Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today