- Adastra Holdings (XTRX) received Health Canada approval to produce up to 250 grams of cocaine for research purposes
- The company is planning to support the demand for a safe supply opened up by B.C.’s new drug decriminalization pilot program
- Under B.C.’s decriminalization pilot, adults will not be arrested or charged if they’re found in possession of up to 2.5 grams of certain illicit substances
- The province became the first in Canada to decriminalize the possession of small amounts of drugs
- Adastra is a B.C.-based manufacturer and supplier of ethnobotanical and cannabis science products designed for the adult-use and medical markets
- Adastra Holdings Ltd. (XTRX) is up 76.67 per cent on the day, trading at $1.59 per share at 1:35 pm ET
Adastra Holdings (XTRX) has received Health Canada approval to amend its Controlled Substances Dealer’s License to include cocaine.
The company may “interact with” up to 250 grams of cocaine and import coca leaves to manufacture and synthesize the substance.
“Adastra Labs can only sell to other licence holders who have cocaine listed on their licence, namely pharmacists, practitioners, hospitals, or the holder of an exemption for research purposes,” Health Canada said.
In a statement dated Feb. 22, Adastra Holdings says Adastra Labs received approval “to include cocaine as a substance that the company can legally possess, produce, sell and distribute.”
Adastra further explains that it is planning to support the demand for a safe supply opened up by B.C.’s new drug decriminalization pilot program.
Under B.C.’s decriminalization pilot, adults will not be arrested or charged, and their drugs won’t be seized if they’re found in possession of up to 2.5 grams of certain illicit substances. Those drugs include opioids (including heroin, morphine, and fentanyl), cocaine (including crack and powder cocaine), Methamphetamine, and MDMA.
British Columbia became the first province in Canada to decriminalize the possession of small amounts of drugs.
Adastra CEO Michael Forbes remarked,
“Harm reduction is a critically important and mainstream topic, and we are staying at the forefront of drug regulations across the board. We proactively pursued the amendment to our Dealer’s License to include cocaine back in December 2022. We will evaluate how the commercialization of this substance fits in with our business model at Adastra in an effort to position ourselves to support the demand for a safe supply of cocaine.”
Adastra is a B.C-based manufacturer and supplier of ethnobotanical and cannabis science products designed for the adult-use medical markets and forward-looking therapeutic applications.
Shares of Adastra Holdings Ltd. (XTRX) are up 76.67 per cent on the day, trading at $1.59 per share at 1:35 pm ET.