Canada Gives This Cannabis Company The Green Light To Handle Cocaine, Psilocybin

Adastra Holdings Ltd. XTRX (FRA: D2EP) XTXXF reported on Wednesday that Adastra Labs got the green light from Health Canada earlier this month for its amendment to include cocaine as a substance that the company can legally possess, produce, sell and distribute.

The Langley, British Columbia-based company obtained its Controlled Drug and Substances Dealer's License on August 24, 2022. The dealer's Llicense also allows Adastra to possess, produce, sell and distribute up to 1,000 grams of psilocybin and psilocin.

In addition, the amended license enables Adastra to interact with up to 250 grams of cocaine and to import coca leaves to manufacture and synthesize the substance.

"Harm reduction is a critically important and mainstream topic, and we are staying at the forefront of drug regulations across the board," Michael Forbes, CEO of Adastra, said. "We proactively pursued the amendment to our Dealer's License to include cocaine back in December 2022. We will evaluate how the commercialization of this substance fits in with our business model at Adastra in an effort to position ourselves to support the demand for a safe supply of cocaine."

The company also noted that in British Columbia, there is a three-year exemption under the Controlled Drugs and Substances Act (CDSA) for adults over 18 to possess up to 2.5 grams of opioids, cocaine, methamphetamine, MDMA or some combination thereof between January 31, 2023, and January 31, 2026.

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Photo: Courtesy of Scott Graham on Unsplash