VANCOUVER – Nextleaf Solutions Ltd. (“Nextleaf”, “OILS”, or the “Company”) (CSE: OILS) (OTCQB: OILFF), Canada’s most innovative cannabis extractor, is pleased to announce that Nextleaf Labs Ltd. (“Nextleaf Labs”), a Health Canada licensed standard processor of which the acquisition by OILS is pending, has entered into a Cannabis Extraction Agreement (the “Agreement”) with an early pioneer in legal cannabis production in Atlantic Canada, and one of the strongest selling brands in the region (the “Client”).
Cannabis Extraction Agreement
Pursuant to the Agreement, the Client will provide cannabis biomass which Nextleaf Labs will process into refined and distilled THC and CBD oils (the “Finished Product”) using Nextleaf’s patented extraction and purification platform. Nextleaf Labs will retain a portion of the Finished Product, which will then be supplied to the wholesale market. The initial term of the Agreement will end on the earlier of (a) 12 months, and (b) the date upon which 10 metric tons of biomass has been processed. Nextleaf Solutions will receive economic benefit of processing activities conducted by Nextleaf Labs pursuant to agreements between the companies.
“We are very pleased to be working with one of the leading cannabis brands in Atlantic Canada, built on consistent high-quality products that consumers trust,” stated Nextleaf CFO, Charles Ackerman. “Having built what we believe to be the most efficient cannabis oil refinery in Canada, Nextleaf looks forward to providing economical processing solutions for our clients from coast to coast” continued Ackerman.
OILS is Canada’s most innovative cannabis extractor, developing technology for extracting and distilling THC and CBD oils. Nextleaf’s industrial-scale extraction plant in Greater Vancouver, BC has a design capacity to process 600 kg per day of dried cannabis biomass into refined oils. The Company owns a portfolio of 21 issued patents and over 50 pending patents for the extraction, purification, and formulation of cannabinoids. Nextleaf Solutions commercializes its patent portfolio through IP licensing, and supplying THC and CBD oils through Nextleaf Labs, a Health Canada licensed standard processor. Nextleaf trades as OILS on the Canadian Securities Exchange, OILFF on the OTCQB Market in the United States, and L0MA on the Frankfurt Stock Exchange. www.nextleafsolutions.com