Adastra Holdings Announces Record Single Purchase Order For Over $1M

LANGLEY, BC / ACCESSWIRE / March 1, 2024 / Adastra Holdings Ltd. (CSE:XTRX)(FRA:D2E) ("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 announce that it has received a Purchase Order ("PO") for CAD $1,047,439 from the Alberta Gaming, Liquor & Cannabis ("AGLC").

Adastra's PO from the AGLC is the largest single PO in Adastra's history. The PO was secured by the Company in early February and included a wide range of Adastra's product mix, including offerings from its in-house brand, Endgame Extracts ("Endgame"). This PO signals the strong position the Endgame brand has in Alberta which, according to Headset, holds four of the top ten selling concentrate brands[1] and two of the top ten selling vapor pen brands[2].

CEO Update

On February 29^th, 2024, Michael Forbes resigned as CEO, Director and Corporate Secretary, effective March 29, 2024. Mr. Forbes will be focusing on his other ventures in the cannabis and health space, including Ageless Living, longevity-based interdisciplinary clinics.

The Company is currently in the process of selecting and approving a new CEO and hopes to make an announcement later this month. Mr. Forbes has advised the Board of Directors of his willingness to support Adastra during this period of transition to ensure an orderly leadership transition to his successor.

"When Michael joined Adastra in April 2021, the Company's quarterly revenues stood at $1.2 million. Fast forward nearly three years, and we're thrilled to receive our largest single purchase order to date, exceeding $1 million. This order is nearly the same amount as the quarterly revenue figure from when Michael first joined. This remarkable milestone underscores Michael's profound impact as CEO, driving revenue growth and scaling operations at Adastra," said Lachlan McLeod, Chief Financial Officer. "We thank Michael for his leadership and guidance during his tenure as CEO. As Michael plans to focus his time on his other ventures, we extend our best wishes for his continued success."