Adastra Holdings Ltd announced it had sold nearly $1.7 million worth of product during the month of August, a new company record.
The Langley, BC-based cannabis company reported the numbers on a preliminary unaudited basis using provincial wholesale sell-through data.
The numbers are a 27% increase over the prior three-month average, Adastra reported, and brings its year-to-date sales to nearly $8.7 million for 2021.
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Adastra markets its Phyto Extractions-branded cannabis concentrate products at over 1,400 adult-use retailers across Canada. The company also operates Adastra Labs, a 13,500 square foot agricultural-scale Health Canada-licensed extraction and manufacturing facility located in BC.
In a statement announcing the August figures, Adastra told investors that sales were driven by product line extension, new market expansion and “effective” consumer marketing.
"The Phyto brand is resonating with consumer, retailers, and provincial wholesalers across Canada, which is being reflected in the strong August and year-to-date wholesale sales," said Donald Dinsmore, Adastra’s COO.
"These positive trends are coming as part of our broader strategy to raise brand awareness and aggressively capture market share. Increased penetration in Ontario and new product releases are only in their infancy. We expect that these efforts will continue to drive growth for many more months to come."
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