13:35:34 EDT Thu 08 Jun 2023
Enter Symbol
or Name

Nextleaf Solutions completes 1st shipment to Ontario

2022-04-20 13:47 ET - News Release

Mr. Paul Pedersen reports


Nextleaf Solutions Ltd. has completed its initial shipment of Glacial Gold vapes and distilled oils to the Ontario Cannabis Store (OCS) and has provided an update on its cannabis sales in British Columbia.

Wholly owned by 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 the OCS website 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 chief executive officer and co-founder Paul Pedersen.

British Columbia market

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 British Columbia for the quarter ended March 31, 2022:

  • Nextleaf is a top 10 supplier of vapes and oils;
  • Glacial Gold Anytime 1:1 is the No. 1 selling CBD (cannabidiol) forward vape SKU;
  • Glacial Gold is the No. 2 brand in CBD and balanced oils by revenue;
  • Glacial Gold is the No. 6 brand in one-gram vapes by revenue;
  • 44-per-cent increase in market share quarter over quarter in the oil category;
  • 14-per-cent increase in market share quarter over quarter in the vape category;
  • Glacial Gold has seven SKUs in the one-gram vape subcategory, second amongst all brands.

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 British Columbia 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 Mr. Pedersen.

Nextleaf has been issued 10 United States 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 13.5 cents 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 17.5 cents 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 warrants were issued as consideration for revision of terms of the note and are exercisable at a price of 16.2 cents per share for a period of 36 months from the date of issuance.

About Nextleaf Solutions Ltd.

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 multipatented 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 supplier of THC (tetrahydrocannabinol) and CBD ingredients to qualified wholesale partners across Canada. Nextleaf is the first publicly traded company to be issued a United States patent for the industrial extraction and purification of cannabinoids. The company has been issued 18 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 through human testing.

We seek Safe Harbor.

© 2023 Canjex Publishing Ltd. All rights reserved.