- Phyto Extractions Inc (XTRX) was featured in a report on the accelerated growth within the extracts and “Cannabis 2.0” category
- The global cannabis extract market size was valued at US$7.3 billion in 2019
- Phyto recently announced that it has received its Health Canada R&D license addendum in Adastra Labs Inc.
- Phyto also announced on April 21st they are now producing cannabis shatter products for the Canadian market
- Phyto Extractions™ is an agricultural-scale cannabis extraction, distillation and product manufacturer located in Langley, BC
- Phyto Extractions Inc.(XTRX) is up 1 per cent and is trading at C$1.01 at 1:06 pm ET.
Phyto Extractions Inc.(XTRX) was featured in a special report on the accelerated growth within the extracts and “Cannabis 2.0” category.
The global cannabis extract market size was valued at US$7.3 billion in 2019 and is anticipated to register a CAGR of 16.6 per cent over the forecast period to 2027 says Grandview Research.
Set to capitalize on this extract growth is Phyto Extractions Inc. (formerly Adastra Labs Holdings Ltd.).
Phyto Extractions™ is an agricultural-scale cannabis extraction, distillation and product manufacturer located in Langley, BC at its co-located Health Canada Licensed Standard Processing (extraction and products, no cultivation), Sales (extracts, topicals and edibles).
According to Phyto Extractions news, “The current cannabis extract market has seen a huge boom in sales from the past year, in which demands for cannabis extracts are rising steadily.”
Canadian cannabis extract sales observed an exponential 315 per cent growth rate for the past two years, from 320,201 non-medical sales in Oct. 2019 to 1,328,769 sales in Oct. 2020, and over 200 per cent sales growth rate including all medical and non-medical sales,” added Phyto Extraction news.
Phyto recently announced that it has received its Health Canada R&D license addendum in Adastra Labs Inc. that will permit some limited human testing by licensed researchers administering or distributing cannabis to human research subjects.
This will happen using cannabis obtained from a holder of a license for processing in the final form of cannabis.
This R&D license addendum will permit Phyto to conduct in-house human testing for a taste of various cannabis products for assessment of taste, sights, smell, or touch of cannabis.
“We look forward to initiating human studies and generating valuable consumer-based data to support our product development pipeline and continue delivering high-quality efficacious cannabis products to Canadians,” stated Dr. Kyle Boniface, Ph.D.
Phyto also announced on April 21st they are now producing cannabis shatter products for the Canadian market after wholly-owned subsidiary Adastra Labs Inc.’s commissioning of new hydrocarbon extraction equipment ahead of schedule.
Phyto Extractions Inc.(XTRX) is up 1 per cent and is trading at C$1.01 at 1:06 pm ET.