LANGLEY – Adastra, (CSE: XTRX) (FRANKFURT: D2EP) a Health Canada Licensed cannabis processing and analytical testing services Company, announced it has signed a joint venture agreement with JOYN Botanicals Ltd. for the exploitation of JOYN’s patent-pending soluble cannabis powder.
Under the terms of the JV agreements, Adastra and JOYN have incorporated Solucann Holdings Ltd. in an equal equity ownership shareholder agreement. JOYN has exclusively licensed their patent-pending soluble cannabis powder intellectual property for five years to Solucann Holdings Canada-wide for the development and launching of products that will incorporate the disruptive technology.
JOYN’s patent-pending Solucann cannabis powder will be available for launch into the edibles, concentrates and beverages market in Q1 2021. This JV will catapult Adastra into the rapidly increasing cannabis consumables market and Consumer Packaged Goods segment. Solucann powder products, in combination with its THC distillate products and Hydrocarbon 2.0 products, marks the completion of Adastra’s next phase of cannabis concentrates market penetration. The cannabis 3.0 products made with Solucann powder as a THC and/or CBD active ingredient will further accelerate Adastra’s go-to-market cannabis edibles and beverage strategy.
According to Arcview Group’s research “The cannabis 2.0 market could be worth more than $4.1 billion in Canada and the US by 2022.” Further, according to Statista.com, the Canadian THC infused products market is forecasted to be increased to approximately 579.2 million US dollars by 2025.
“We see many opportunities for Solucann in both established and emerging markets. The Solucann technology fits well into the burgeoning micro-dosing movement, where there is an appetite for understanding the positive benefits of the cannabis plant, through tailored, conscious, dose-controlled ingestion. Adastra is looking forward to formulating and distributing Solucann products to meet the demands of these under-serviced and existing customer segments, with thoughtful and elevated cannabis products including concentrates, edibles and beverages in the 2021 marketplace.”- Andy Hale CEO, Adastra.
Adastra Labs Holdings Ltd. is a Langley, BC-based cannabis company with a co-located Health Canada Licensed Standard Processing Facility and Analytical Testing Laboratory. Adastra can produce cannabis extract through supercritical CO2 extraction and Cryo-Ethanol extraction with further molecular wiped-film distillation as well as conduct in-process quality testing. Adastra is currently expanding to provide hydrocarbon extraction. Such extracts can easily be incorporated into edibles, beverages, topicals, tinctures, vape cartridges and other products that will serve the Canadian medical and adult-use cannabis markets.
JOYN Botanicals is an innovative biotech company that has developed disruptive patent-pending technology that converts cannabis oils and distillates into a water-soluble, tasteless, and odourless powder (Solucann Powder).