04:20:00 EST Sun 03 Mar 2024
Enter Symbol
or Name
USA
CA



Nextleaf Solutions Ltd
Symbol OILS
Shares Issued 142,486,657
Close 2022-05-25 C$ 0.095
Market Cap C$ 13,536,232
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Nextleaf has Jamaican patent for extraction process

2022-05-25 17:38 ET - News Release

Mr. Paul Pedersen reports

NEXTLEAF AWARDED JAMAICAN PATENT FOR ITS FOUNDATIONAL EXTRACTION PROCESS

The Jamaica Intellectual Property Office has granted Nextleaf Solutions Ltd. a patent for the company's foundational process for producing high-purity cannabidiol and tetrahydrocannabinol ingredients.

Nextleaf's patented technology allows for oil-grade cannabis and hemp flower to be efficiently processed into high-purity distilled cannabinoids. The resulting THC or CBD distillate is tasteless, odourless, standardized for potency and ready to use as the hero ingredient in a wide range of products, including vapes, oils, softgels, transdermal or sublingual delivery, and water-soluble extracts.

The company has been issued 18 U.S. patents and over 95 patents globally on cannabinoid processing, including extraction, distillation and acetylation. Nextleaf initially files its patents in the United States to create a priority date and allow for future filings in other selected jurisdictions. This is common in the field of intellectual property (IP) protection. The company owns issued patents in the United States, Canada, Mexico, Israel, Germany, Australia, Colombia, South Africa and the United Kingdom and across Europe. Nextleaf follows a global IP strategy of protecting the means to producing standardized cannabinoid-based products at scale within a regulated market.

Medical cannabis is currently legal in Jamaica, and possession of small amounts of marijuana was decriminalized in 2015, with residents permitted to grow up to five plants for personal use only.

"This patent reinforces our vision of developing intellectual property that improves cannabis oil economics globally," said Paul Pedersen, chief executive officer of Nextleaf. "We believe there will be a regulated commercial market for cannabinoid-based products in Jamaica during the 20-year life of this patent."

Nextleaf issues warrants

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 13.8 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 and CBD ingredients to qualified wholesale partners across Canada. Nextleaf is the first publicly traded company to be issued a U.S. 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 cannabinoid-based formulations and delivery technology through its Health Canada research licence with sensory evaluation of cannabis through human testing.

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.

We seek Safe Harbor.

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