Adastra Clarifies Health Canada Approval To Handle Cocaine

Adastra Labs Ltd. XTXXF XTRX D provided clarification regarding its receipt of Health Canada approval for the amendment to include cocaine under its controlled substances license.

The company received its Controlled Substances License ("dealer's license") on August 24, 2022 and an amendment on February 17, 2023. The company's wholly-owned subsidiary Adastra Labs Inc. is licensed to conduct the following regulated activities: possession, production, assembling, sale/provision and sending, transportation and delivery with coca leaf, cocaine, and psilocybin. Adastra Labs may only produce 1,000 grams of psilocybin and 250 grams of cocaine in 2023.

The dealer's license issued to Adastra Labs does not permit Adastra Labs to sell coca leaf, psilocybin or cocaine to the general public. For cocaine, and under the dealer's license, Adastra Labs is only permitted to sell to other licensed dealers who have cocaine listed on their license including pharmacists, practitioners, hospitals, or the holder of a section 56(1) exemption for research purposes under the Controlled Drugs and Substances Act.

The company is not currently undertaking any activities with cocaine under the dealer's license and before doing so, it will only undertake such activities legally permitted by the dealer's license and after consultation with applicable Provincial Governments.

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