Mr. Kevin Keagan reports

NEXTLEAF TO LAUNCH ITS FIRST THC-FREE CBD PRODUCT

Nextleaf Solutions Ltd. is planning to release its first THC (tetrahydrocannabinol) free, broad-spectrum CBD (cannabidiol) distillate product.

Glacial Gold Rise & Shine CBD drops are a broad-spectrum alternative to CBD isolates, perfect to start the day without the risk of intoxication. Nextleaf expects Glacial Gold Rise & Shine CBD drops to be available first in adult-use channels in British Columbia and nationally through medical cannabis distribution partners in the fall.

"After validating the technology to produce THC-free CBD, we are pleased to commercialize the new ingredient under the Glacial Gold brand," said Nextleaf chief financial officer Kevin Keagan. "With Health Canada releasing its Science Advisory Committee Report on CBD in late July, we are on the brink of a major catalyst for the CBD industry and, as a Canadian leader in CBD innovation and production, we welcome the potential future changes in regulations."

On July 28, 2022, Health Canada released a report by its science advisory committee on health products containing cannabis. In the report, the committee unanimously agreed that CBD is safe and tolerable for short-term use at doses from 20 milligrams per day to a max dose of 200 milligrams per day.

The report will serve as a tool to inform Health Canada's decision-making in developing a potential pathway for over the counter, non-prescription health products containing CBD for humans and dogs.

Nextleaf completes first bulk sale of THC-free CBD to partner

Nextleaf is pleased to announce that it has executed its first bulk-sale of THC-free CBD ingredients to a multinational partner.

The company recently produced THC-free CBD in anticipation of commercialization and has validated its hemp extraction and manufacturing process through third party analytical testing. Nextleaf believes that excise-exempt ingredients like THC-Free CBD will be disruptive ingredients within the Canadian market and, in the example of THC-free CBD, it is an alternative to CBD isolate for those that prefer a more holistic cannabis product.

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 a 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 cannabinoid-based formulations and delivery technology through its Health Canada research licence with sensory evaluation of cannabis by human testing.

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