Adastra Holdings CEO Michael Forbes: “We Have Almost Everything Already In Place”
Adastra Holdings (CSE: XTRX) is making noise in the Canadian cannabis scene. Fresh off of a recent company re-branding initiative to better reflect the company’s leadership in cannabis extraction, distillation and product manufacturing, it has announced a product listing from the Ontario Cannabis Store for its innovative Santa Cruz Haze Shatter Vape Cartridge. With a news cycle that’s picking up, we spoke with Adastra Holdings CEO, Michael Forbes.
From its inception, Adastra has built a successful reputation among cannabis concentrates producers in Canada. Operating out of its 13,500 sq. ft. Health Canada Licensed Standard Processing facility, Adastra, produces and distributes cannabis-derived products designed for medicinal therapeutic use.
Along with its acclaimed extraction offerings, Adastra recently branched out into the emerging field of psychedelic formulations and testing. The company has recently received acceptance of its application for a Controlled Drugs and Substances Dealer’s License by Health Canada. A successful license acquisition would allow the company to procure controlled substances, Research and manufacture controlled substances such as Psilocybin and Psilocin, allow for the sale of controlled substances through pharmacies and more.
One of the differentiators of Adastra’s business model is the integrated nature of their operations. It is a seed-to-clinics model that minimizes cash burn. Michael Forbes explains below:
So I’ve just got—I’ll be doing cultivation at my LP (licensed producer). I’ve got approval for that for a Dealer’s License, so I’ll be be able to cultivate and grow there. And then I’ll ship it over to Adastra to do the formulations and make the actual finished drug products. And then in the clinics, I’ll be able to retail it. So, I already have the pieces in place where I don’t have to spend, you know, any money to get where I need, where a lot of my competitors have to spend tends of millions of dollars to pay for a whole bunch of staff, PHDs. I don’t have any of that problem, it’s already all there.
Click on the embedded image to see more of our inaugural interview with Adastra Holdings CEO Michael Forbes, in his own words.