Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA) ("Nextleaf", "OILS", or the "Company"), the world's most innovative cannabis processor, is pleased to announce that its wholly-owned subsidiary, Nextleaf Labs Ltd. ("Nextleaf Labs"), has received an amendment to its existing Standard Cannabis Processing Licence from Health Canada (the "Amendment" or the "Amended Licence") that authorizes the sale of cannabis extracts, edibles, and topical products, directly to provincially-authorized distributors and retailers across Canada.
The Amendment allows Nextleaf Labs to offer additional value-added services to its partners with a quicker and more seamless path to market. Furthermore, the Amended Licence provides Nextleaf with the necessary flexibility to add another revenue stream outside of the business-to-business market by launching its own house brand should the Company deem it accretive.
"The receipt of this licence amendment marks a significant milestone for Nextleaf, our commercial partners, and our investors," said Nextleaf CEO, Paul Pedersen. "The sales licence helps Nextleaf service our partners more efficiently. Speed-to-market and the ability to test products effectively are often just as important to our partners as the price per molecule. This sales amendment, alongside our recently announced research licence amendment, and our unrivaled technology positions Nextleaf as a top tier extraction partner. Lastly, the amendment allows us to create and manufacture our own brands and add to our bottom-line revenue as the industry waits for market equilibrium in the extracts segment."
Nextleaf's proprietary closed-loop automated extraction refinery, capable of processing up to 600 kilograms of cannabis or hemp biomass daily with only 2-3 operators per shift, is located at Nextleaf Labs in Metro Vancouver, British Columbia.
Nextleaf Issues Shares
Nextleaf has issued an aggregate of 45,283 common shares at a price of $0.265 per share, representing an aggregate value of $12,000, to a non-executive employee of the Company.
Nextleaf is an innovative cannabis processor that owns one of the largest portfolios of U.S. patents for the extraction, distillation, and delivery of cannabinoids. Through its wholly-owned subsidiary Nextleaf Labs Ltd, a Health Canada licensed Standard Processor, the Company is a low-cost producer of cannabis distillate and private label THC & CBD oils. Nextleaf's proprietary closed-loop automated extraction plant in Metro Vancouver has a design capacity to process 600 kilograms of dried cannabis into oil per day. The Company owns 12 U.S. patents and has been issued over 70 patents globally. Nextleaf is developing delivery technology through its Health Canada Research Licence with sensory evaluation of cannabis via human testing. The Company's patent pending Rapid Emulsion Technology by OILS™ powers differentiated ingestible cannabis products.
For more information please contact:
604-283-2301 (ext. 219)
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.
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