Adastra Labs has a Health Canada licence to possess, produce, package and sell cocaine, but not to anyone. Here\u0027s a look at the company.
Arrowstar Resources became Adastra Labs Holdings Ltd. by way of a reverse takeover, a nifty regulatory shortcut for a private company to go public without all the regulatory headaches. With the change in name came a change in focus from mining to cannabis, a new listing on the Canadian Securities Exchange and, lately, a new chief executive at the helm named Michael Forbes.
Forbes made the same distinction, but a company press release dated Feb. 22 did not. An investor, in theory, may have read the release and perhaps reasonably concluded that Adastra Labs could legally sell cocaine to anybody.
Forbes said he had been “led to believe that it was an MBA program” when questioned about its provenance. He also said he had a plaque on his wall at his home in Victoria and could take a photo of it as proof, but that he would not be home for another “two weeks.”Article content “If the BCSC has reason to believe an issuer’s disclosure is misleading or inaccurate, the BCSC could seek more information from the issuer to decide whether the issuer needs to file amended disclosure. Other steps could include issuing a cease trade order, a temporary order or a notice of hearing .”
But junior exchanges aren’t solely a sea for the suckers and the sharks, Yalden said. They are, warts and all, a long-standing, free market where legitimate companies, struggling to raise the kind of capital they need to grow, can get their hands on some money, while offering potential shareholders an out should they decide to sell to another willing buyer.
The company’s short-lived interest in music accounting software in the early 2000s was another bust, orchestrated by Jack Wasserman, the CEO at the time. Among his predecessors was Owen Richman, who doubled as president and director, and ran afoul of the BCSC for some bogus invoices in the 1990s. He was found to be “unacceptable to the exchange as a director or officer of any company listed on the exchange” following an investigation by the regulator.
But withholding comment is not part of Dana Larsen’s personal make-up. The outspoken Vancouver drug policy reform activist runs
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