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Canadian cannabis company Adastra Holdings Ltd. (CSE:XTRX)(FRA:D2EP) (OTCPK:XTXXF) its financial results reported Tuesday for the fourth quarter and the year ended Dec. 31, 2023.
For the fourth quarter of 2024, the British Columbia-based cannabis concentrates producer reported gross revenue of CA$9.1 million ($6.7 million), compared to CA$6.8 million in the same period of 2022.
“During 2023, Adastra experienced significant sales growth of $37.7 million, representing a 108% increase compared to the same period last year, and marking our third consecutive year of achieving record revenue," stated Lachlan McLeod, interim CEO of Adastra. "The increased demand for our in-house brand, Endgame Extracts, has been a key driver behind this success, evident in our continued success with numerous best-selling SKUs in B.C, Alberta, and Ontario according to Headset.”
“Looking ahead to 2024, we expect to continue this momentum and have already set new records, including receiving a record single purchase order of $1 million in March 2024," McLeod added. "Moreover, we’re committed to a renewed focus on cost-saving measures aimed at ensuring profitability. As we continue to grow, we aim to further strengthen our financial position and drive sustainable success.”
Photo: Courtesy of iQoncept via Shutterstock