Mr. Paul Pedersen reports

NEXTLEAF TO LAUNCH GLACIAL GOLD SOFTGELS AND PROVIDES CORPORATE UPDATE

Nextleaf Solutions Ltd. has launched Glacial Gold softgels.

The announcement of the new softgel product signifies the company's expansion into the capsules category. Launching this summer, Glacial Gold softgels will provide unparalleled value in quality and price per milligram compared with other regulated capsules and edible products. Glacial Gold softgels will be made with high-purity cannabis distillate in a base of organic coconut MCT oil expertly encapsulated for a premium consumption experience, without premium pricing.

While softgels utilizing THC (tetrahydrocannabinol), CBD (cannabidiol) and other rare cannabinoids as ingredients are relatively new to consumers as a regulated adult-use product, the global softgel market is estimated to reach $9.59-billion (U.S.) by 2027. THC and CBD softgels offer consumers a familiar alternative in an easy-to-dose format.

By controlling the price and quality of ingredients with Nextleaf's patented high-efficiency processing technology, the Glacial Gold brand is being positioned as a price point and value leader in distillate focused product categories, including vape, oils and softgels. Glacial Gold is the No. 2 selling brand in CBD and balanced oils by revenue in British Columbia.

Executive officer update

Nextleaf is pleased to announce the addition of Kevin Keagan to its executive team and board of directors.

As the incoming chief financial officer, Mr. Keagan brings over 20 years of experience as a business executive holding various senior finance and leadership roles across multiple industries, including cannabis and capital markets. Mr. Keagan brings deep expertise in capital management, compliance, manufacturing, contract management, pricing strategy and corporate finance.

"As we continue our commercial ramp-up and scale our fundamentals, driven by leveraging our significant IP portfolio, increasing distribution of Glacial Gold products and accelerating our cannabinoid ingredient supply business, Kevin's experience will help ensure that Nextleaf is well positioned to execute on our strategic plans to build a profitable future," said Paul Pedersen, chief executive officer of Nextleaf.

Charles Ackerman will transition out of his role as CFO and director of the company as of April 28, 2022. Mr. Ackerman will continue to support the company's finance department as well as serve as a key strategic adviser to senior management. Nextleaf is deeply appreciative of the hard work and dedication that Mr. Ackerman has shown since inception and public listing.

"As founding CFO, Charles's leadership and energy was key as we transformed an idea into a national distributor of category leading consumer products built on one of the largest global cannabinoid patent portfolios in the world. We are excited to have Charles remain a stakeholder, contributing to our future strategic plans and growth," said Mr. Pedersen.

Nextleaf board member Dr. Sherry Boodram to host cannabis industry conference

Dr. Boodram, a leading expert in cannabis and psychedelic science and regulation, and the CEO of CannDelta, will host and lead panels during the Lift&Co. Cannabis Business Conference on Thursday, May 12, in Toronto.

Dr. Boodram has served as an independent board member of Nextleaf since October of 2019. Prior to founding CannDelta, Dr. Boodram spent several years in the Canadian federal government, most notably with Health Canada's medical cannabis program and controlled substances program as a senior regulatory compliance and enforcement officer. Dr. Boodram was responsible for licensing application reviews and on-site facility inspections under the legislative regimes of the Marihuana for Medical Purposes Regulations (MMPR), Access to Cannabis for Medical Purposes Regulations (ACMPR), and the Controlled Drugs and Substances Act. Dr. Boodram holds a PhD in chemistry from York University, a certificate in cannabis law and regulation from Osgoode Hall Law School of York University, and a graduate certificate with honours in pharmaceutical regulatory affairs and quality operations from Seneca College. Dr. Boodram is also an elected board member of the Canadian Association of Professionals in Regulatory Affairs (CAPRA).

Mr. Pedersen to speak at Lift&Co. Cannabis Expo

Mr. Pedersen will speak on the future for edible products panel at the Lift&Co. Cannabis Expo in Toronto on Sunday, May 15, 2022.

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 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 95 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.

Nextleaf trades as OILS on the Canadian Securities Exchange, OILFF on the OTCQB Market in the U.S. and L0MA on the Frankfurt Stock Exchange.

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