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Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) ("Nextleaf", "OILS", or the "Company"), the world's most innovative cannabis extractor, is pleased to announce its wholly owned subsidiary, Nextleaf Labs Ltd. ("Nextleaf Labs" or "Labs"), has entered into a hemp processing agreement (the "Processing Agreement") with Green Light Solutions ("GLS" or the "Client"), a British Columbia based company which develops high quality CBD products through its wholly owned subsidiary, JOE'S Hemp Shack Inc. ("JOE'S").
Pursuant to the Processing Agreement, JOE'S provides hemp biomass to be processed into CBD refined oil or distillate at Nextleaf's processing facility. The pricing and value of the Processing Agreement is based upon the volume of distillate produced by Nextleaf Labs from JOE'S hemp biomass, and the extraction services are paid for in cash.
"Adding a high quality hemp partner to our Commercial Partners Program has been a top priority for our Company. JOE'S ideology around their CBD products aligns perfectly with OILS vision. Nextleaf will supply high purity CBD refined oil and distillate to help power JOE'S CBD product strategy," said Nextleaf CFO, Charles Ackerman. "The first order should be completed in Q1 of 2021 to service JOE'S distribution needs to select provinces."
Walker Patton, head of Corporate Development at GLS, added, "JOE'S is excited to have a premier manufacturing partner to advance our product mandate; delivering a high-quality range of CBD products derived from sustainably grown Canadian hemp. Nextleaf's unparalleled extraction capabilities are driven by manufacturing excellence and supported by continual innovation through its IP strategy. This partnership complements JOE'S partner ecosystem in its mission to produce best-in-class, market-focused product innovations for next-generation cannabis market segments."
This strategic partnership, targeting high-potential CBD product segments in retail and wholesale markets, is supported by Nextleaf's domain expertise in extraction and JOE'S vast supply network, including distribution, and innovative product development platform.
About Nextleaf®
OILS is a innovative Canadian extractor that owns the 2nd most U.S. patents among all cannabis companies. The Company wholesales THC and CBD oils, and provides private label manufacturing and extraction services through its wholly-owned subsidiary Nextleaf Labs. The Company's automated closed-loop extraction plant in Metro Vancouver has a design capacity to process 600 kilos of dried cannabis biomass into distilled oil per day. Nextleaf Labs holds Health Canada licenses for standard processing and research under the Cannabis Act, allowing for a number of licenced activities including sensory evaluation of cannabis via human testing. OILS owns a portfolio of 12 issued U.S. patents, and 70 issued patents globally, for the extraction, purification, and delivery of cannabinoids. The Company is commercializing its portfolio of issued and pending patents through licensing of intellectual property and supplying cannabis oils to qualified Canadian and international business-to-business partners under their own brand.
Nextleaf Solutions trades as OILS on the Canadian Securities Exchange, OILFF on the OTCQB Market in the United States, and L0MA on the Frankfurt Stock Exchange.
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For more information please contact:
Jason McBride
604-283-2301 (ext. 219)
investors@nextleafsolutions.com
On behalf of the Board of Directors of the Company,
Paul Pedersen, CEO
Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's ability to capitalize on its IP portfolio, the Company's strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's MD&A for the most recent fiscal period. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law. The CSE has not reviewed or approved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73289
