Provides additional detail on the strategy to leverage the Phyto brand to drive accelerated growth
The Company expects $5 million in monthly sales by July 2022
Adastra Holdings Ltd. (formerly Phyto Extractions Inc.) (CSE: XTRX) (FRA: D2EP) (“Adastra” or the “Company”), today announced the completion of its previously-announced acquisition of privately held 1204581 B.C. Ltd., doing business as Phyto Extractions (“Phyto Extractions”), the owner of the intellectual property rights for the Phyto Extractions brand. With complete control of the popular Phyto Extractions brand asset, Adastra intends to leverage Phyto Extractions’s proven product development expertise, skilled coast-to-coast sales force, and existing relationships with over 1,400 retail stores across Canada to drive accelerated growth and profitability for an expanded portfolio of Phyto Extractions branded cannabis products. The acquisition is expected to be immediately accretive to Adastra.
“As a cannabis retail operator, I recognize the tremendous value Phyto Extractions will bring to Adastra,” said Michael Forbes , Chief Executive Officer of Adastra. “Phyto Extractions has already gained the trust of over 1,400 retailers and consumers across Canada , representing over 70% of all regulated Cannabis retail stores. I am confident that Adastra will leverage this position in the Canadian cannabis market to accelerate overall growth over the coming quarters as we enter new product categories. Adding flower and...
Read Full Story: https://investingnews.com/daily/cannabis-investing/adastra-holdings-completes-acquisition-of-phyto-extractions/
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