January 6th, 2020 – Adastra Labs Holdings Ltd. (Formerly Arrowstar Resources Ltd.) (“Adastra” or the “Company”) is pleased to announce that the common shares of Adastra begin trading today on the Canadian Securities Exchange (the “CSE”) under the ticker symbol “XTRX”.
Adastra (through its wholly owned subsidiaries, Chemia Analytics Inc. and Adastra Labs Inc. ) is a licensed Analytical Testing Laboratory and in the late stages of the application process to become a Standard Processor under the Cannabis Act administered by Health Canada
Following licensing, Adastra will be capable of creating high value formulated cannabinoid distillate products at industrial scale. The cannabinoid distillate concentrate to be produced by Adastra will be tasteless and odourless, making it suited for the infusion into premium value-added products such as edibles, beverages, topicals and vaporizer cartridges.
Adastra is already equipped to conduct mandatory compliance testing for 3rd party cannabis license holders and will be able to provide in-process testing for its own products.
“Through the co-location of Adastra Labs Inc. and Chemia Analytics Inc., Adastra Labs Holdings Ltd. provides a robust portfolio for investors. The ability to rapidly test cannabis in real-time throughout our supercritical CO2 and refinement processes will enable Adastra to tightly control every aspect of production, delivering a distinct competitive advantage to Adastra versus its competitors. Higher recoveries and quality products will help Adastra capture and hold market share during legalization 2.0,” stated CEO Andy Hale.
Adastra Management Team
Andy Hale MBA, BSAE, PMP, Chief Executive Officer, Co-Founder and Director
Andy has 35 years of experience leading high-performing technical teams in regulated environments spanning the US Navy where he commanded three nuclear powered submarines to managing a $3B Canadian Government Shipbuilding portfolio at Seaspan Shipyard.
Stephen Brohman, CPA, CA, Chief Financial Officer and Director
Steve has extensive experience as CFO and Director of various public and private companies in Canada, the U.S. and Europe focusing on CSE, TSX-V and OTC listed companies. He has led public and private capital raises, acquisitions and executive management committees.
Georges Routhier, Director
Georges is the CEO at PipeDreemz Inc., a premier cannabis licensing regulations consulting company responsible for the successful licensing of nearly 30 percent of cannabis License Holders across Canada over the past six years. He had a lengthy and distinguished career within the high technology sector.
Blaine Bailey CPA, CGA, B. Comm, Director
Blaine is an experienced Independent Director, Chief Financial Officer & Controller for public and private companies in Canada. He has extensive mining sector public and private company CFO experience and was the former Controller for Nabob Coffee Co., one of Canada’s largest coffee companies.
For further information, please contact:
Andy Hale, CEO
About Adastra Labs Holdings Ltd.
In Canada, Adastra (through its wholly owned subsidiaries, Chemia Analytics Inc. and Adastra Labs Inc. ) is a licensed Analytical Testing Laboratory and in the application process to become a Standard Processor under the Cannabis Act administered by Health Canada, with licences to produce cannabis extracts and provide third party analytical testing services. These licences will further enable Adastra and its subsidiaries to produce, package, sell (wholesale), and export medically focused and recreational cannabis extract and concentrate products in Canada to other licensed entities and internationally in jurisdictions where medical cannabis extraction products are legal.
The Company’s operations include a facility in British Columbia, Canada. The Company has developed its 13,035 square foot facility to be fully devoted to standard processing and laboratory testing, from which it expects to produce significant amounts of cannabis oil and/or hemp oil for the Canadian wholesale medical and recreational markets in 2020.
The Company will offer a suite of unique products under several existing consumer-focused brands, including tinctures, medicinal oils, concentrates, and when legalized, gel capsules and vaporizer pens. Through acquisition of existing cannabis extraction brands and careful development of its new brands, Adastra will be positioned to be a leader in branded, commercialized products in both the medical and adult-use markets across North America and internationally.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: Adastra’s expectations concerning an increase in its production capacity. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Adastra assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. SOURCE: Adastra Labs Holdings Ltd.