(2)
LANGLEY, BC / ACCESSWIRE / December 18, 2020 / Adastra Labs Holdings Ltd. (CSE:XTRX)(FRANKFURT:D2EP) ( Adastra ) a Health Canada Licensed cannabis processing and analytical testing services Company, is pleased to announce it has signed a joint venture ( JV ) agreement with JOYN Botanicals Ltd. ( JOYN ) for the exploitation of JOYN s patent-pending soluble cannabis powder.
Joint Venture Terms
Under the terms of the JV agreements, Adastra and JOYN have incorporated Solucann Holdings Ltd. ( Solucann Holdings ) in an equal equity ownership shareholder agreement. JOYN has exclusively licensed their patent-pending soluble cannabis powder intellectual property for five years to Solucann Holdings Canada-wide for development and launching of products that will incorporate the disruptive technology.
Adastra Signs Joint Venture Agreement with JOYN Botanicals to Solidify Cannabis 3 0 Edible and Beverage Technology Partnership – IT Business Net
itbusinessnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from itbusinessnet.com Daily Mail and Mail on Sunday newspapers.
Adastra Near-Doubles Quarter on Quarter Revenue and Reports Financial Results for the Q3 2020
albuquerqueexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albuquerqueexpress.com Daily Mail and Mail on Sunday newspapers.
Adastra Labs Holdings Ltd.: Adastra Near-Doubles Quarter on Quarter Revenue and Reports Financial Results for the Q3 2020
Quarter-over-quarter gross revenue
increased 190% to $825 thousand in Q3 2020
Gross revenue was improved by the continuing relationship with CannMart Inc., combined with our biomass agreement with Pure Sunfarms which allows for a steady supply of quality input material.
Adastra ended the quarter with a total cash balance of $2.3 million
A non-brokered private placement for gross proceeds of $3.49 million was completed in Q3 2020
Cash outflows for capital expenditures in the quarter were $1.2 million, compared to $595 thousand in Q2 2020
Capital expenditures primarily consisted of the acquisition of an EV-Mass Cryo-Ethanol extractor system from Evolved Extraction Solutions