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Adastra Holdings Ltd. (OTCPK:XTXXF) (CSE:XTRX) (FRA:D2EP) has filed its consolidated financial statements and related management discussion and analysis for the year ended December 31, 2021.
Net loss of $2.75 million in 2021 compared to net loss of $7.62 million in 2020.
Net loss for Q4 of $1.67 million in 2021 compared to net income of $90,473 in the same quarter of 2020.
Achieved record revenues of approximately $5.6 million in 2021, compared to approximately $2.5 million in 2020 - an increase of 124%.
Achieved revenues of approximately $2.0 million in Q4 2021, compared to approximately $1.2 million in Q4 2020 - an increase of 67%.
Achieved gross profit of approximately $1.9 million during the year ended December 31, 2021, compared to $785,581 during the year ended December 31, 2020 - an increase of 138%.
Reduced operating expenses to approximately $4.3 million during the year ended December 31, 2021 from approximately $7.9 million during the year ended December 31, 2020.
Received licensing by Health Canada that will enable the company to sell dried cannabis flower products provincially and territorially in Canada through authorized distributors and retailers.
Refinancing of mortgage facility to provide incremental $1.0 million of liquidity allowing Adastra to expand production capabilities for future growth.
Michael Forbes, CEO of Adastra, commented, "2021 was a transformative year for Adastra. Having joined in May of 2021, I have seen considerable progress being made on many fronts – we acquired Phyto Extractions and PerceiveMD to vertically integrate our product reach; introduced several new, innovative cannabis products; entered new domestic markets; and created marketing and sales initiatives that have raised brand awareness among consumers and retailers. The team has worked diligently in restructuring and reducing costs giving us a solid foundation as we move forward."
The company has cancelled 10 million shares that were voluntarily returned to treasury for no valuable consideration by certain founders of the company. The share cancellation was effective April 29, 2022.
As a select number of founders voluntarily surrendered the shares for no valuable consideration, the share cancellation did not constitute an "issuer bid" or an "offer to acquire" as defined in National Instrument 62‐104 – Take‐Over Bids and Issuer Bids. The total number of the issued and outstanding common shares of Adastra has been reduced from 65.97 million to 55.97 million or a decrease of approximately 15%.
Photo: Courtesy of CNW Group/Adastra Holdings Ltd.
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