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Adastra Holdings (CSE: XTRX) (FSE: D2E0), a cannabis processor and producer of concentrates, has issued a clarification regarding its current management structure following a review by the British Columbia Securities Commission. Lachlan McLeod resigned as Interim CEO on September 26, 2024, and as CFO and Corporate Secretary on October 5, 2024.
McLeod continues to provide financial services through Stornoway Consulting Corp, under an agreement effective until May 31, 2025. The scope includes assistance with financial statements preparation, annual budget planning, and support for external auditors. Currently, management activities are being handled by the board of directors: Jon Edwards, Andrew Hale, and Paul Morgan. The company is actively seeking candidates to fill the CEO, CFO, and Corporate Secretary positions.
Adastra Holdings (CSE: XTRX) (FSE: D2E0), un processore di cannabis e produttore di concentrazioni, ha fornito un chiarimento riguardo alla sua attuale struttura di gestione a seguito di una revisione della British Columbia Securities Commission. Lachlan McLeod si è dimesso da CEO ad interim il 26 settembre 2024 e da CFO e Segretario aziendale il 5 ottobre 2024.
McLeod continua a fornire servizi finanziari attraverso Stornoway Consulting Corp, secondo un accordo valido fino al 31 maggio 2025. L’ambito comprende assistenza nella preparazione dei bilanci, pianificazione del budget annuale e supporto per i revisori esterni. Attualmente, le attività di gestione sono gestite dal consiglio di amministrazione: Jon Edwards, Andrew Hale e Paul Morgan. L’azienda sta attivamente cercando candidati per ricoprire le posizioni di CEO, CFO e Segretario aziendale.
Adastra Holdings (CSE: XTRX) (FSE: D2E0), un procesador de cannabis y productor de concentrados, ha emitido una aclaración sobre su actual estructura de gestión tras una revisión por parte de la Comisión de Valores de la Columbia Británica. Lachlan McLeod renunció como CEO interino el 26 de septiembre de 2024, y como CFO y Secretario Corporativo el 5 de octubre de 2024.
McLeod continúa brindando servicios financieros a través de Stornoway Consulting Corp, bajo un acuerdo vigente hasta el 31 de mayo de 2025. El alcance incluye asistencia con la preparación de estados financieros, planificación del presupuesto anual y apoyo para auditores externos. Actualmente, las actividades de gestión están a cargo de la junta directiva: Jon Edwards, Andrew Hale y Paul Morgan. La compañía está buscando activamente candidatos para cubrir las posiciones de CEO, CFO y Secretario Corporativo.
아다스트라 홀딩스 (CSE: XTRX) (FSE: D2E0)는 캐나다의 대마초 가공업체이며 농축액 생산업체로서, 브리티시컬럼비아 증권 위원회의 검토에 따른 현 관리 구조에 대해 해명했습니다. 라클란 맥클라우드는 2024년 9월 26일 임시 CEO에서 사임했으며, 2024년 10월 5일 CFO 및 기업 비서직에서도 사임했습니다.
맥클라우드는 스턴로웨이 컨설팅 코퍼레이션을 통해 재무 서비스를 계속 제공하고 있으며, 이 계약은 2025년 5월 31일까지 유효합니다. 이 범위에는 재무제표 준비, 연간 예산 계획 및 외부 감사인을 위한 지원이 포함됩니다. 현재 경영 활동은 이사회에 의해 처리되고 있으며, 이사회는 존 에드워즈, 앤드류 헤일, 폴 모르간으로 구성되어 있습니다. 회사는 CEO, CFO 및 기업 비서직을 채우기 위한 후보자를 적극적으로 찾고 있습니다.
Adastra Holdings (CSE: XTRX) (FSE: D2E0), un transformateur de cannabis et producteur de concentrés, a publié une clarification concernant sa structure de direction actuelle suite à une révision par la Commission des valeurs mobilières de la Colombie-Britannique. Lachlan McLeod a démissionné de son poste de PDG intérimaire le 26 septembre 2024, et en tant que CFO et secrétaire général le 5 octobre 2024.
McLeod continue de fournir des services financiers par le biais de Stornoway Consulting Corp, dans le cadre d’un accord valable jusqu’au 31 mai 2025. Le périmètre comprend l’assistance à la préparation des états financiers, la planification du budget annuel et le soutien aux auditeurs externes. Actuellement, les activités de gestion sont prises en charge par le conseil d’administration : Jon Edwards, Andrew Hale et Paul Morgan. L’entreprise recherche activement des candidats pour les postes de PDG, de CFO et de secrétaire général.
Adastra Holdings (CSE: XTRX) (FSE: D2E0), ein Cannabisverarbeiter und Produzent von Konzentraten, hat eine Klarstellung zu seiner aktuellen Managementstruktur abgegeben, nachdem die British Columbia Securities Commission eine Überprüfung durchgeführt hat. Lachlan McLeod trat am 26. September 2024 als Interims-CEO zurück und legte am 5. Oktober 2024 auch sein Amt als CFO und Corporate Secretary nieder.
McLeod bietet weiterhin Finanzdienstleistungen über Stornoway Consulting Corp an, basierend auf einer Vereinbarung, die bis zum 31. Mai 2025 wirksam ist. Der Umfang umfasst Unterstützung bei der Erstellung von Finanzberichten, jährliche Budgetplanung und Unterstützung für externe Prüfer. Derzeit werden die Managementaktivitäten vom Vorstand übernommen: Jon Edwards, Andrew Hale und Paul Morgan. Das Unternehmen sucht aktiv Kandidaten für die Positionen des CEO, CFO und Corporate Secretary.
Negative
- Loss of key executives (CEO, CFO, and Corporate Secretary) with positions still vacant
- Temporary management structure with board members handling operations
- Reliance on external consulting for critical financial functions
Langley, British Columbia–(Newsfile Corp. – January 20, 2025) – Adastra Holdings Ltd. (CSE: XTRX) (FSE: D2E0) (“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, wishes to confirm the current management of the Company.
As a result of a review by the British Columbia Securities Commission, the Company is issuing the following press release to clarify our disclosure.
In news releases dated September 26, 2024 and October 8, 2024, the Company announced that Lachlan McLeod had resigned as Interim Chief Executive Officer (“CEO“) effective September 26, 2024, and as Chief Financial Officer (“CFO“) and Corporate Secretary effective October 5, 2024.
Mr. McLeod continues to provide financial services to the Company as an external consultant. On October 15, 2024, the Company entered into an agreement (the “Stornoway Agreement“) with Stornoway Consulting Corp. (“Stornoway“), an entity controlled by Mr. McLeod. Pursuant to the Stornoway Agreement, Stornoway provides certain financial consulting services to the Company on a part-time basis, including: (i) assisting management with the preparation and filing of quarterly and annual financial statements with the Company’s external advisors; (ii) assisting management with the preparation of the Company’s annual budget; and (iii) supporting the Company’s external auditors with its annual audit. The Stornoway Agreement is effective until May 31, 2025, unless extended by mutual agreement of the parties.
The management activities of the Company are currently being performed by the Company’s board of directors, consisting of Jon Edwards, Andrew Hale and Paul Morgan. The Company is in the process of identifying candidates to fill the roles of CEO, CFO and Corporate Secretary.
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking information” as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding the search for a permanent full-time CEO, CFO and Corporate Secretary. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: regulatory and licensing risks; changes in consumer demand and preferences; changes in general economic, business and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; compliance with extensive government regulation; public opinion and perception of the cannabis industry; and the risk factors set out in the Company’s management’s discussion and analysis for the nine months ended September 30, 2024, filed with Canadian securities regulators and available on the Company’s profile on SEDAR+ at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237901
FAQ
When did Lachlan McLeod resign from his positions at Adastra Holdings (XTRX)?
Lachlan McLeod resigned as Interim CEO on September 26, 2024, and as CFO and Corporate Secretary on October 5, 2024.
Who is currently managing Adastra Holdings (XTRX) after the executive departures?
The company’s board of directors, consisting of Jon Edwards, Andrew Hale, and Paul Morgan, is currently performing management activities.
What is the duration of Adastra Holdings’ (XTRX) agreement with Stornoway Consulting?
The agreement with Stornoway Consulting is effective until May 31, 2025, unless extended by mutual agreement.
What services does Stornoway Consulting provide to Adastra Holdings (XTRX)?
Stornoway provides financial consulting services, including assistance with financial statements preparation, annual budget planning, and support for external auditors.
