Adastra Q3 Revenue Grows 110% YoY To $2.83M

Author: Vuk Zdinjak | December 02, 2022 08:54am

Adastra Holdings Ltd. (OTCPK:XTXXF) (CSE:XTRX)(FRA:D2EP), released its financial results for the three and nine months ended September 30, 2022.

Q3 2022 Financial Highlights

Gross revenues of CA$3.8 million ($2.83 million) in Q3 2022, compared to CA$1.81 million in Q3 2021, and CA$3.05 million for Q2 2022 representing a YoY increase of 110% and QoQ rise of 25%.
Gross profit of CA$1.63 million in Q3 2022, compared to CA$818,878 in Q3 2021 and CA$1.09 million for 2022, representing a YoY increase of 100% and QoQ rise of 50%.
Net loss and comprehensive loss was CA$459,265 compared to a loss of CA$207,864 in Q3 2021.

"I am beyond proud of the team's innovative mindset and hard work, as Adastra continues to build on the transformational strategy set out earlier this year," stated Michael Forbes, CEO of Adastra. "Q3 2022 included the receipt of two important licenses from Health Canada, enabling Adastra to possess and formulate with the controlled substance psilocybin and sell medically-formulated cannabis products. We expect this will add additional revenue streams to the business, further bolstering our income statement and maintaining long-term value for our shareholders."

Other Highlights

Received Controlled Substances Dealer's License on August 24, 2022, enabling Adastra to possess and formulate products containing psilocybin.
Received medical sales license approval from Health Canada in August 2022, enabling Adastra to distribute patient-formulated cannabis products to the medical market.
Automated pre-roll equipment for infused pre-roll production was installed and operational in September 2022.

Get your daily dose of cannabis news on Benzinga Cannabis. Don’t miss out on any important developments in the industry.

Photo: Benzinga; Sources: courtesy of Kindel Media via Pexels

Posted In: CSE:XTRX XTXXF