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Nextleaf Solutions Ltd, a federally regulated producer of cannabis oil that owns one of the largest portfolios of U.S. patents for the extraction and distillation of cannabinoids, is pleased to announce that the United States Patent and Trademark Office has granted the Company a patent for the design of its cannabis oil refinery.
Nextleaf’s closed-loop, automated extraction and purification plant operates within a facility licensed by Health Canada under the Cannabis Act. The Company produces and supplies purified CBD and THC distillate ingredients to its wholesale customers and distributes Glacial Gold™ branded vapes and distilled oils.
The Company believes it has developed defendable intellectual property around the most efficient methods for producing THC and CBD distillate at scale within a regulated market. Nextleaf owns 17 unique U.S. patents and has been issued 90 patents globally.
“Developing disruptive technology to improve the economics of producing highly-refined THC and CBD oils has been the focus at Nextleaf over the past four years,” said Nextleaf co-founder and CEO Paul Pedersen. “We are excited to validate Nextleaf’s patented high-efficiency ingredient processing technology, by offering consumers unparalleled value with our Glacial Gold™ vape and distilled oil products.”
The Canadian cannabis sector is the world’s largest federally legal and regulated market. The global demand and acceptance of CBD-based products continues to increase. In February 2021, plant-derived CBD was added as a legal ingredient in cosmetics by a key market regulator for trade in the European Union. The United States is also expected to introduce comprehensive federal regulation of CBD products.
Nextleaf is leveraging its growing intellectual property portfolio to gain a competitive advantage through the low-cost production of cannabis distillate standardized for potency and purity. The Company’s stack of intellectual property and multiple Health Canada licences and sales amendments position the Company for rapid expansion into the United States upon cannabinoids becoming federally regulated.
Strong Demand for Glacial Gold™ Branded Distillate-Based Products
Nextleaf is pleased to announce that its wholly-owned subsidiary Nextleaf Labs Ltd. (“Nextleaf Labs”) has shipped a restock of all Glacial Gold™ CBD and THC products to the British Columbia Liquor Distribution Branch (“LDB”) which is the sole wholesale distributor of non-medical cannabis in British Columbia.
For the second consecutive week, the LDB placed a reorder for all seven SKUs of Glacial Gold™ distilled oils and vapes within days of the previous reorder. This most recent purchase order saw a 300% increase over the initial order from the LDB and is the third purchase order the Company has received since listing Glacial Gold™ in mid-September.
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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