Adastra Holdings Ltd. XTXXF XTRXDreleased its financial results for the three and nine months ended September 30, 2022.

Financial Highlights of Q3 2022

• Gross receipts of $3.8 CAD million ($2.83 million) in Q3 2022 compared to CA$1.81 million in Q3 2021 and CA$3.05 million in Q2 2022, an increase of 110% over the year-over-year and up 25% sequentially.

• Gross profit of $1.63 CAD million in Q3 2022, compared to CA$818,878 in Q3 2021 and CA$1.09 million in 2022, an increase of 100% year-on-year and 50% quarter-on-quarter.

• net loss and total loss was CA$459,265 compared to a loss of $207,864 in the third quarter of 2021.

“I am extremely proud of the innovative thinking and hard work of the team as Adastra continues to build on the transformation strategy set out earlier this year,” stated Michael Forbes, CEO of Adastra. “The third quarter of 2022 included the receipt of two key licenses from Health Canada, allowing Adastra to possess and formulate the controlled substance psilocybin and sell medicinally formulated cannabis products. We expect this will add additional revenue streams to the business and further strengthen our income statement and preserve long-term value for our shareholders.”

More highlights

• Receive Controlled Substances Dealer License on August 24, 2022, allowing Adastra to own and formulate products containing psilocybin.

• Received Health Canada’s medical sales license in August 2022, allowing Adastra to sell patient-formulated cannabis products to the medical market.

• In September 2022, automated pre-roll equipment for the production of infused pre-rolls was installed and put into operation.

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