Nextleaf Announces Fiscal 2022 First Quarter Results and Provides Commentary (CSE:OILS) (OTCQB:OILFF)

Key Milestones During Q1 2022

In October 2021, Nextleaf was authorized by the Saskatchewan Liquor and Gaming Authority to distribute cannabis products in Saskatchewan. In December 2021, the Company launched Glacial Gold™ vapes and oils at cannabis retailers across Saskatchewan through National Cannabis Distribution Inc.

Nextleaf entered into a distribution agreement with Medicibis (“Mendo”), a Québec-based cannabis processor and distributor, for national distribution of Glacial Gold™ products through Mendo’s national medical cannabis sales platform, www.Mendocannabis.ca

In November 2021, the Company received acceptance of its application for a Dealer’s Licence, now formally under review by Health Canada. Assuming approval from Health Canada, the Dealer’s Licence is expected to allow the Company to conduct a variety of activities relating to psilocybin and psilocin including R&D, IP development, production of base substance materials, laboratory analysis, as well as the sale and distribution of the substances to authorized individuals, including researchers and for its use in clinical trials.

The United States Patent and Trademark Office granted Nextleaf a U.S. patent pertaining to a novel process for acetylating Cannabigerol (“CBG”). The Company was also granted a U.S. patent for the design of its cannabis oil refinery. Nextleaf owns 17 issued U.S. patents, and over 90 patents globally, on cannabinoid processing including extraction, distillation, and acetylation.

In December 2021, Nextleaf released the most potent ingestible CBD product in Canada, with Glacial Gold™ Distilled CBD 200 Oil available nationally to medical patients through Mendo and for adult-use consumers through provincial distributors.

Nextleaf Labs onboarded and delivered initial purchase orders of high-purity THC distillate to two new licensed producers. During December and January, Nextleaf Labs supplied more than 120 kilograms of high-purity THC and CBD distillate ingredients to its new and existing wholesale partners.

Key Milestones Subsequent to Q1 2022

Nextleaf Labs received approval from the Ontario Cannabis Store (“OCS”) to list the Company’s Glacial Gold™ branded cannabis products in Ontario. Wholly-owned by the Province of Ontario, the OCS is the sole distributor in the province and all Ontario retailers must purchase their product inventory through the OCS. Glacial Gold™ products are expected to be available at retail stores across Ontario and at osc.ca starting May 2022.

Nextleaf Labs was approved as a vendor by the Nova Scotia Liquor Corporation and began supplying the Nova Scotia market with Glacial Gold™ CBD and THC products in January 2022. Glacial Gold™ vapes and distilled oils are now available across Nova Scotia.

In February 2022, Nextleaf Labs launched two new vape flavours: Sunshine Punch and Sparkling Grape, with the B.C. provincial distributor quickly selling out the new Glacial Gold™ branded Anytime CBD and Session THC vapes.  

“Cannabis retailers and consumers have quickly made Glacial Gold a top-10 selling brand of cannabis oils and vapes in British Columbia,” said Nextleaf CEO Paul Pedersen. “With Glacial Gold winning market share in key categories, coast-to-coast distribution of our branded products, and continued growth in our B2B ingredient supply business, Nextleaf is well positioned to deliver strong fundamentals as we scale the utilization of our oil refinery.”

About Nextleaf®

Nextleaf is a federally regulated manufacturer and distributor of cannabis vapes and oils under its award-winning prohibition-era brand, Glacial Gold™. The Company’s multi-patented ingredient processing technology transforms cannabis and hemp biomass into high-purity distillate at an industrial scale. Nextleaf is a low-cost producer of cannabis oils, and supplies THC and CBD ingredients to qualified wholesale partners across Canada. Nextleaf is the first publicly traded company to be issued a U.S. patent for the industrial extraction and purification of cannabinoids. The Company has been issued 17 U.S. patents, and over 90 patents globally, on cannabinoid processing including distillation and acetylation. Nextleaf develops proprietary cannabinoid-based formulations and delivery technology through its Health Canada Research Licence with sensory evaluation of cannabis via human testing. For more information visit www.nextleafsolutions.com and www.Glacial.Gold

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, Corporate Development
604-283-2301 (ext. 219)
jason@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.