Adastra Announces Submission of Medical Sales License Application and Engagement of IR Labs Inc. to Provide Investor Relations Services

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Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) (“Adastra” or the “Company”), a Health Canada Licensed cannabis company focused on processing, sales, organoleptic testing, and analytical testing, is pleased to announce the submission of its Medical Sales License application to Health Canada on April 1, 2022.

A Medical Sales License would permit Adastra to perform the following activities:

  • Sell cannabis extracts to medical cannabis patients and licensed health practitioners;
  • Develop products classified as cannabis extracts:
    • Inhaled (vaporizer cartridge and shatter),
    • Ingested (tincture, oil, capsule, soft gel and oral spray),
    • Other (suppository);
  • Sell dried cannabis

On August 31, 2021, Adastra announced its acquisition of 1225140 B.C. Ltd., doing business as PerceiveMD, a lean digital patient care platform providing complimentary assessments for alternative treatments of medical cannabis and other breakthrough therapies, such as psychedelics.

“I am particularly excited about the future of cannabinoid-based medical treatments, especially the pharmaceutical distribution of these remedies,” said Michael Forbes, Chief Executive Officer, Corporate Secretary and Director of Adastra. “Having strong ties to the medical community, I am confident that CBD, CBN and CBG specifically will play a significant role in the Canadian medical market in the near future. Adastra’s ability to sell to the growing and established medical market positions the Company to leverage its existing clinics for direct-to-patient sales and pharmacy sales soon. We are also uniquely positioned to tap into my pharmacy retail network in order to provide Adastra’s medical cannabinoid products to patients across Canada.”

Engagement with irlabs

Adastra is also pleased to announce that it has entered into an engagement letter dated effective April 8, 2022 (the “Agreement”) with IR Labs Inc. (“irlabs”), whereby irlabs has agreed to provide the Company with certain investor relations services (the “Services”) in the areas of: (i) capital markets advisory, including strategic advisory and introductions to investors and investment bankers; and (ii) the development and management of an investor relations and communications program, including public relations/media, social media and stakeholder relations.

Either party may terminate the Agreement at any time by providing the other party with 30 days’ prior written notice of termination. In consideration for the Services, the Company has agreed to pay irlabs a monthly fee of $10,000 in cash, plus applicable taxes (the “Monthly Fee”), due and payable on the last day of each month. The first payment will be $15,000 in cash, plus applicable taxes, due and payable on April 30, 2022. The Company has also agreed to reimburse irlabs for all reasonable out-of-pocket expenses incurred in connection with irlabs performing the Services. In addition, irlabs will bill a monthly charge totalling 3% of the Monthly Fee to cover subscription fees for market intelligence platforms, media monitoring, certain information retrieval services, and other ordinary course items that will not be billed to the Company on an itemized basis. irlabs has agreed not to incur any aggregate disbursements greater than $500 a month without the Company’s approval. irlabs’ contact person, address, email and telephone number are as follows: Alyssa Barry (Principal and Co-Founder), 400 – 22 E 5th Ave, Vancouver, BC V5T 1G8, [email protected], 604-997-0965.

irlabs is a dynamic investor relations firm that applies innovative strategies to create visibility, drive investor engagement and make an impact. Headquartered in Vancouver, BC with team members located across North America, irlabs is industry and sector agnostic and supports both private and public companies with their investor relations programs, corporate communications and corporate governance. For more information visit www.irlabs.ca.