ADASTRA HOLDINGS ANNOUNCES RECORD TOTAL PURCHASE ORDERS RECEIVED IN JANUARY AND FEBRUARY

LANGLEY, BC, March 14, 2024 – Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) (“Adastra” or the “Company”), a leading cannabis processor and producer of the two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, is pleased to announce a record in total purchase orders (“POs”) received in January and February 2024 of approximately CAD $8.3M.

Adastra experienced a notable surge in POs throughout January and February 2024, predominately from Alberta, Ontario and British Columbia, resulting in a record total of POs for the period. The single largest purchase order (“PO”) was received in February for CAD $1,047,439 from Alberta Gaming, Liquor & Cannabis (“AGLC“), as previously announced in a news release dated March 1, 2024.

Adastra’s in-house brand, Endgame Extracts (“Endgame”), won “Brand of the Year” at the 2023 Growup Awards and Gala (“Growup”), leading to increased sales and strong brand recognition. The Company bolstered production capacity at its Langley facility to accommodate the increased demand. Adastra launched new Endgame products in multiple provinces, contributing to the increase in POs experienced in January and February.

“This year has been off to a great start as demand for Adastra’s products continues to reach unprecedented levels. We’ve set a new record for total purchase orders, reaching approximately $8.3M in just two consecutive months. Winning Growup’s Brand of The Year has not only reinforced our position as one of Canada’s top cannabis concentrate brands, but it has led to increased demand for our products,” said Michael Forbes, CEO of Adastra. “Our record-breaking purchase orders is a testament to the trust our customers have in us and the hard work of our team. Moving forward, we are determined to maintain this momentum, set new records, and uphold our commitment to delivering exceptional products that exceed expectations.”

Board Update

Adastra announces the appointment of Andrew Hale, MBA, BSAE, PMP to its Board of Directors, effective March 13, 2024.

Mr. Hale is the founding CEO of Adastra and a seasoned leader of high performing teams delivering operations and complex program excellence. He brings decades of leadership and management experience to the Company. Mr. Hale commanded three nuclear-powered submarines in the U.S. Navy, overseeing $4B in national assets. Later, he managed a $3B CAD construction program at Seaspan Vancouver Shipyards as Program Director, before becoming Vice President, Program Delivery, overseeing all major projects under the Canadian National Shipbuilding Strategy. Mr. Hale holds a Bachelor of Science in Aerospace Engineering from the United States Naval Academy and an MBA from the University of Massachusetts at Amherst.

About Adastra Holdings Ltd.

Adastra 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. For more information, visit: www.adastraholdings.ca.

Contacts
Michael Forbes, CEO, Corporate Secretary & Director
(778) 715-5011
michael@adastraholdings.ca