LANGLEY, BC / ACCESSWIRE / November 29, 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 nine months ended September 30, 2023. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
“In the third quarter of 2023, we achieved gross revenues of $8.1 million, marking a substantial 49% increase compared to the same period last year. This impressive growth is directly linked to an increase in throughput at our Langley facility. Although we observed a dip in sales from the second quarter of 2023 due to our strategic shift towards prioritizing our in-house brands over production for third-party licensed producers, we are confident in the long-term benefits of this transition. Our in-house brand, Endgame, is in high demand, consistently securing numerous best-selling SKUS on Headset. As we enter the last quarter of 2023, our commitment remains unwavering in delivering value to our stakeholders and capitalizing on the positive momentum we have generated. Notably, we’re on track to approach nearly $40 million in annual sales, solidifying our position as a key player in the thriving cannabis industry.” said Michael Forbes, Chief Executive Officer of Adastra.
Third Quarter 2023 Financial Highlights
2023 Year-to-Date Financial Highlights
|
Nine months ended
September 30,
|
|||||||
|
2023 | 2022 | ||||||
|
$ | $ | ||||||
Cash provided by operating activities
|
2,235,517 | 106,788 | ||||||
Cash used in investing activities
|
(761,695 | ) | (327,379 | ) | ||||
|
||||||||
Free cash flow
|
1,473,822 | (220,591 | ) |
Third Quarter 2023 Corporate and Business Highlights
Financial Statements & Management’s Discussion and Analysis
This earnings press release should be read in conjunction with Adastra’s interim financial statements for the three and nine months ended September 30, 2023 (the “ Financial Statements “) and the related management’s discussion & analysis (the “ MD&A “), which can be found on Adastra’s issuer profile on the System for Electronic Document Analysis and Retrieval Plus (“ SEDAR+ “) at www.sedarplus.ca .
About Adastra Holdings Ltd.
Adastra has become one of Canada’s leaders in the supply and manufacturing of ethnobotanical and cannabis products for lawful adult-use. It serves medical markets and engages in forward-looking therapeutic applications. With cannabis concentrate products sold through retailers at more than 2,000 locations across Canada, Adastra’s Phyto Extractions and Endgame Extracts brands are now well established with a solid distribution presence. As a Health Canada licensed facility, it specializes in extraction, distillation and manufacturing of a range of cannabis-derived products. Adastra partners with healthcare professionals and practitioners within the regulated environment to create products suitable for the medical cannabis market, with the ultimate aim of addressing the needs of patients. For more information, visit: www.adastraholdings.ca .
Contacts
Michael Forbes, CEO, Corporate Secretary & Director
(778) 715-5011
michael@adastraholdings.ca
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain “forward‐looking information” as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding: the expected long-term benefits of the Company focusing on the Company’s in-house brands; the Company’s ability to continue to deliver value to its stakeholders; the Company’s ability to be a key player in the cannabis industry; the availability of the Financial Statements and the MD&A on the Company’s SEDAR+ profile; and expectations for other economic, business, and/or competitive factors.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the availability of a qualified workforce; regulatory and licensing risks; changes in consumer demand and preferences; changes in general economic, business and political conditions, including changes in the financial markets; reductions in the Company’s retail space and store locations; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; compliance with extensive government regulation; public opinion and perception of the cannabis industry; the impact of COVID-19; and the risk factors set out in the MD&A and the Company’s management discussion and analysis for the years ended December 31, 2022 and 2021, which are available on the Company’s profile on SEDAR+ at www.sedarplus.ca .
1 Source: Headset Data , November 29, 2023
2 Source: Headset Data , November 29, 2023
3 Source: Headset Data , November 29, 2023
SOURCE: Adastra Holdings Ltd.
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https://www.accesswire.com/811449/adastra-holdings-reports-third-quarter-results-demonstrating-gross-revenues-of-81m
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