Nextleaf Solutions Ltd., a federally regulated manufacturer and distributor of cannabis vapes and oils, announced today it has completed its initial shipment of Glacial Gold™ vapes and distilled oils to the Ontario Cannabis Store (“OCS”), and provided an update on its cannabis sales in British Columbia (“B.C.”).
Wholly-owned by the Province of Ontario, the OCS is the sole distributor in the province and all Ontario cannabis retailers must purchase their inventory through the OCS. Vapes and distilled oils under the Company’s award-winning prohibition-era brand, Glacial Gold™ will be available at retail stores across Ontario and at osc.ca in early May 2022.
“Shipping our initial order to the OCS is a major milestone as we look forward to growing our relationship with the provincial distributor by delighting consumers in Ontario the way we have delighted consumers in B.C. with quality products at accessible price points,” said Nextleaf CEO and co-founder Paul Pedersen.
Glacial Gold™ continues to see strong consumer demand and sell-through during the brand’s initial six months in the British Columbia market. Nextleaf is pleased to provide the following key metrics in B.C. for the quarter ended March 31, 2022:
Glacial Gold™ continues to outsell the largest brands in Canada in the key categories of vapes and CBD oils. During Q1 2022, Nextleaf sold more vapes and oils in B.C. than Canopy Growth, Tilray Brands, Aurora Cannabis, The Valens Company, Medipharm Labs, Sundial Growers, and TerrAscend. “Nextleaf’s patented technology has enabled Glacial Gold to outperform some of the largest regulated cannabis companies in the world in vapes and CBD oils,” said Pedersen.
Nextleaf has been issued 10 U.S. patents for what it believes to be the most efficient technology to produce high-purity cannabinoid distillate in a regulated market.
Nextleaf Issues Shares and Options
Nextleaf has issued an aggregate of 866,741 common shares at a deemed price of $0.135 per share to scientific and technical consultants of the Company, as compensation for services provided.
The Company has awarded non-executive employees of the Company options to purchase up to 70,000 common shares of the Company pursuant to the Company’s Stock Option Plan, exercisable at a price of $0.175 per share.
The Company has issued 500,000 warrants to purchase common shares of the Company to the holder of the convertible note issued on March 31, 2021 (the “Note”). The warrants were issued as consideration for revision of terms of the Note, and are exercisable at a price of $0.162 per share for a period of 36 months from the date of issuance.
[1] British Columbia market share according to BC Cannabis Wholesale sales data (January – March 2022).
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.
For more information please contact:
Jason McBride, Corporate Development
604-283-2301 (ext. 219)
jason@nextleafsolutions.com
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