Adastra Holdings Announces Sale of Perceive
MD

LANGLEY, BC / NEWSFILE / November 5, 2024 / Adastra Holdings Ltd. (CSE: XTRX) (FRA: D2EP) (“Adastra” or the “Company”), a leading cannabis processor and producer of two top Canadian concentrates brands, with a focus on product innovation and commercialization for adult-use and medical markets, announces the entering into of a Share Purchase Agreement (the “Agreement”), between Adastra Labs Inc. (the “Vendor”), a wholly-owned subsidiary of the Company, and Majik Psilocybin Ventures Inc. (the “Purchaser”), effective November 5, 2024.

Pursuant to the terms of the Agreement, the Vendor sold 100 class A common shares and 100 class B common shares (collectively, the “Shares”) in the capital of 1225140 B.C. Ltd. (dba Perceive MD) (“Perceive MD”), being all of the issued and outstanding shares of Perceive MD, to the Purchaser (the “Transaction”).

The aggregate purchase price for the Shares was nominal and the Purchaser has also assumed all obligations of Perceive MD following closing of the Transaction.

This transaction aligns with Adastra’s broader strategic objectives as the Company continues to focus on its core business areas and emerging market opportunities.

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.