Adastra Holdings Ltd. XTXXF XTRX (FRA: D2EP) recently completed the submission of its application for a controlled drugs and substances dealer's license.
What Does It Mean?
Adastra has successfully taken the first steps to become a licensed tester, extractor and seller of controlled substances, including Psilocybin, Psilocin, MDMA, DMT, 5-MeO-DMT, and LSD. When the dealer's license is formally approved, Adastra expects to conduct the majority of this work out of its 13,500 square foot, purpose-built extraction, and production facility located in Langley, BC.
"We see the expansion of our capabilities as a significant opportunity for Adastra's partners and shareholders," stated Michael Forbes, director and CEO of Adastra. "We are known in the cannabis industry as a reliable partner to many licensed producers and believe broadening the research, production and sale of more regulated products to emerging markets will strengthen our cash flow and profitability. We are excited for what the future holds at Adastra."
The dealer's license application was originally filed in September, 2021 with a Health Canada audit performed on March 9, 2022. Adastra responded to Health Canada's request for more information and successfully submitted its dealer's license application on March 23. Unless Health Canada comes back with an additional request for information, the company expects the dealer's license to be received by early April 2022.
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