Adastra Holdings Confirms Current Management: A New Chapter Unfolds

Adastra Holdings Ltd. (CSE: XTRX) (FSE: D2E0), a leading cannabis processor and producer of top Canadian concentrates brands, has issued a clarification regarding its current management structure following a review by the British Columbia Securities Commission. The company wishes to confirm the current management of the Company and address any concerns or misconceptions that may have arisen.

In news releases dated September 26, 2024, and October 8, 2024, the Company announced that Lachlan McLeod had resigned as Interim Chief Executive Officer (CEO) effective September 26, 2024, and as Chief Financial Officer (CFO) and Corporate Secretary effective October 5, 2024. However, Mr. McLeod continues to provide financial services to the Company as an external consultant through Stornoway Consulting Corp., an entity controlled by him. On October 15, 2024, the Company entered into an agreement (the "Stornoway Agreement") with Stornoway, pursuant to which Stornoway provides certain financial consulting services to the Company on a part-time basis. These services include assisting management with the preparation and filing of quarterly and annual financial statements with the Company's external advisors, assisting management with the preparation of the Company's annual budget, and supporting the Company's external auditors with its annual audit. The Stornoway Agreement is effective until May 31, 2025, unless extended by mutual agreement of the parties.

The management activities of the Company are currently being performed by the Company's board of directors, consisting of Jon Edwards, Andrew Hale, and Paul Morgan. The Company is in the process of identifying candidates to fill the roles of CEO, CFO, and Corporate Secretary.

Adastra Holdings Ltd. has become one of Canada's leaders in the supply and manufacturing of ethnobotanical and cannabis products for lawful adult-use. It serves medical markets and engages in forward-looking therapeutic applications. With cannabis concentrate products sold through retailers at more than 2,000 locations across Canada, Adastra's Phyto Extractions and Endgame Extracts brands are now well established with a growing distribution presence. As a Health Canada licensed facility, it specializes in extraction, distillation, and manufacturing of a range of cannabis-derived products. Adastra partners with healthcare professionals and practitioners within the regulated environment to create products suitable for the medical cannabis market, with the ultimate aim of addressing the needs of patients.



The Company's recent developments and strategic initiatives have positioned it for growth and success in the cannabis industry. By confirming its current management structure, Adastra Holdings Ltd. aims to provide clarity and reassurance to its stakeholders, investors, and customers. As the Company continues to navigate the dynamic cannabis market, it remains committed to delivering high-quality products, driving innovation, and creating value for its shareholders.



In conclusion, Adastra Holdings Ltd. has confirmed its current management structure, ensuring a smooth transition and continuity in its operations. With a strong focus on product innovation, commercialization, and strategic partnerships, the Company is well-positioned to capitalize on the growing cannabis market and deliver value to its stakeholders. As the Company moves forward, it will continue to update the market on its progress and any significant developments.