Adastra Holdings Announces Resignation of Interim CEO, CFO, and Corporate Secretary
Adastra Holdings (CSE: XTRX) (FSE: D2E), a leading cannabis processor and producer, has announced the resignation of Lachlan McLeod from his roles as Interim CEO, CFO, and Corporate Secretary. McLeod's resignation as Interim CEO is effective immediately, while he will continue as CFO and Corporate Secretary until November 25, 2024, to ensure a smooth transition. The company is currently in the process of selecting and approving new candidates to fill these positions.
McLeod expressed confidence in Adastra's strong financial position for continued growth and success, and committed to working closely with the team to ensure a seamless transition. Adastra Holdings is known for its focus on product innovation and commercialization for adult-use and medical cannabis markets, producing two top Canadian concentrates brands.
Adastra Holdings (CSE: XTRX) (FSE: D2E), un importante produttore e processore di cannabis, ha annunciato le dimissioni di Lachlan McLeod dalle sue cariche di CEO ad interim, CFO e Segretario aziendale. Le dimissioni di McLeod come CEO ad interim sono immediate, mentre continuerà a ricoprire il ruolo di CFO e Segretario aziendale fino al 25 novembre 2024, per garantire una transizione fluida. L'azienda è attualmente in fase di selezione e approvazione di nuovi candidati per questi ruoli.
McLeod ha espresso fiducia nella solida posizione finanziaria di Adastra per una continua crescita e successo, impegnandosi a lavorare a stretto contatto con il team per garantire una transizione senza intoppi. Adastra Holdings è nota per il suo focus sull'innovazione dei prodotti e sulla commercializzazione per i mercati della cannabis per uso adulto e medico, producendo due marchi di concentrati canadesi di alta qualità.
Adastra Holdings (CSE: XTRX) (FSE: D2E), un destacado procesador y productor de cannabis, ha anunciado la renuncia de Lachlan McLeod a sus funciones como CEO interino, CFO y Secretario Corporativo. La renuncia de McLeod como CEO interino es efectiva inmediatamente, mientras que continuará como CFO y Secretario Corporativo hasta el 25 de noviembre de 2024, para asegurar una transición fluida. La compañía se encuentra actualmente en el proceso de selección y aprobación de nuevos candidatos para ocupar estas posiciones.
McLeod expresó confianza en la sólida posición financiera de Adastra para un crecimiento y éxito continuos, y se comprometió a trabajar estrechamente con el equipo para asegurar una transición sin problemas. Adastra Holdings es conocida por su enfoque en la innovación de productos y la comercialización para los mercados de cannabis de uso adulto y medicinal, produciendo dos marcas canadientes de concentrados de alta calidad.
아다스트라 홀딩스 (CSE: XTRX) (FSE: D2E), 주요 대마초 가공 및 생산 업체가 라클란 맥클라우드가 임시 CEO, CFO 및 법인 비서직에서 사임한다고 발표했습니다. 맥클라우드의 임시 CEO 사임은 즉시 효력이 발생합니다, 반면 그는 2024년 11월 25일까지 CFO 및 법인 비서로서 계속 일할 것입니다. 회사는 현재 이러한 직책을 채우기 위해 새로운 후보를 선정하고 승인하는 과정에 있습니다.
맥클라우드는 아다스트라의 강력한 재무 상황이 지속적인 성장과 성공을 위한 것이라고 믿으며, 팀과 긴밀히 협력하여 원활한 전환을 보장할 것을 약속했습니다. 아다스트라 홀딩스는 성인용 및 의료용 대마초 시장을 위한 제품 혁신 및 상용화에 주력하는 것으로 알려져 있으며, 두 개의 캐나다 최고 농축 브랜드를 생산하고 있습니다.
Adastra Holdings (CSE: XTRX) (FSE: D2E), un acteur majeur dans le traitement et la production de cannabis, a annoncé la démission de Lachlan McLeod de ses fonctions de PDG par intérim, CFO et Secrétaire général. La démission de McLeod en tant que PDG par intérim est immédiate, tandis qu'il continuera son rôle de CFO et de Secrétaire général jusqu'au 25 novembre 2024, afin d'assurer une transition en douceur. L'entreprise est actuellement en train de sélectionner et d'approuver de nouveaux candidats pour ces postes.
McLeod a exprimé sa confiance dans la solide position financière d'Adastra pour une croissance et un succès continus, et s'est engagé à travailler en étroite collaboration avec l'équipe pour garantir une transition sans accroc. Adastra Holdings est connue pour son accent sur l'innovation de produit et la commercialisation pour le marché du cannabis à usage adulte et médical, produisant deux des principales marques canadiennes de concentrés.
Adastra Holdings (CSE: XTRX) (FSE: D2E), ein führender Verarbeiter und Produzent von Cannabis, hat den Rücktritt von Lachlan McLeod von seinen Positionen als Interims-CEO, CFO und Corporate Secretary bekannt gegeben. McLeods Rücktritt als Interims-CEO wird sofort wirksam, während er als CFO und Corporate Secretary bis zum 25. November 2024 weiterarbeiten wird, um einen reibungslosen Übergang zu gewährleisten. Das Unternehmen befindet sich derzeit im Prozess der Auswahl und Genehmigung neuer Kandidaten zur Besetzung dieser Positionen.
McLeod äußerte Vertrauen in die starke finanzielle Lage von Adastra für weiteres Wachstum und Erfolg und verpflichtete sich, eng mit dem Team zusammenzuarbeiten, um einen nahtlosen Übergang zu gewährleisten. Adastra Holdings ist bekannt für ihren Fokus auf Produktinnovation und Vermarktung für den Markt für Freizeit- und medizinisches Cannabis und produziert zwei der besten kanadischen Konzentrate-Marken.
- Company is in a strong financial position for continued growth
- Smooth transition process with CFO and Corporate Secretary roles continuing until November 25, 2024
- Company is actively selecting new candidates to fill the vacant positions
- Resignation of Interim CEO, CFO, and Corporate Secretary
- Potential disruption in leadership during the transition period
Langley, British Columbia--(Newsfile Corp. - September 26, 2024) - Adastra Holdings Ltd. (CSE: XTRX) (FSE: D2E) ("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, today announces that Lachlan McLeod, Interim Chief Executive Officer, Chief Financial Officer, and Corporate Secretary, has resigned from his roles.
Mr. McLeod's resignation as Interim CEO effective immediately, while he will remain in his roles as CFO and Corporate Secretary until November 25, 2024, to ensure a smooth transition and maintain continuity as the Company moves forward. The Company is currently in the process of selecting and approving new candidates to fill these roles.
"It has been an honour to lead Adastra through this dynamic period of development. I am confident that the Company is in a strong financial position for continued growth and success. I will work closely with the team to ensure a seamless transition and look forward to witnessing Adastra's continued achievements," said Lachlan McLeod, CEO, CFO, and Corporate Secretary of Adastra.
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.
On behalf of the Board of Directors,
Lachlan McLeod, CFO & Corporate Secretary
(778) 715 5011
For additional information, please contact:
(778) 715 5011
info@adastraholdings.ca
Forward-Looking Information
This news release contains forward‐looking information within the meaning of Canadian securities legislation concerning the business of the Company. To the extent any forward-looking information in this news release constitutes "financial outlooks" within the meaning of applicable Canadian securities laws, such information is being provided as preliminary financial and operational results with respect to the Company's financial results for January and February 2024 and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward‐Looking information is based on certain key expectations and assumptions made by the management of the Company. Examples include that the Company will operate in a fiscally disciplined manner; that the Company will build long-term shareholder value and reduce operational expenses; or that the Company will increase its revenue and gross margins. Financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to various risks as set out herein. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our gross revenue may differ materially from the information provided in this news release. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward‐looking information because the Company can give no assurance that they will prove to be correct. Forward-Looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and in this news release includes statements regarding, but not limited to the financial results, specifically gross revenues, for the Company for January and February 2024, and expectations for other economic, business, and/or competitive factors. All information contained in this news release that is not clearly historical in nature may constitute forward-looking information. Examples of such statements include statements with respect to the Company's financial results for January and February 2024. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including that the preliminary financial and operational results are subject to the completion of the Company's financial closing procedures and have not been audited or reviewed by the Company's independent auditor. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward‐looking information. Important factors that could cause actual results to differ materially from those expressed in the forward‐looking information include: preliminary financial and operational results are subject to the completion of the Company's financial closing procedures and have not been audited or reviewed by the Company's independent auditor; the availability of a qualified workforce; changes in regulations or licensing affecting the Company's business; reduced demand for cannabis and cannabis related products; reductions in the Company's retail space and store locations; changes in consumer brand preferences; and other factors beyond the control of the Company, including the risk factors set out in the Company's annual report on Form 20-F dated May 16, 2023, filed with Canadian securities regulators and available on the Company's profile on SEDAR+ at www.sedarplus.ca. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward‐looking statements.
SOURCE: Adastra Holdings Ltd.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224676
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