Mr. Paul Pedersen reports

NEXTLEAF COMPLETES FIRST INTERNATIONAL SHIPMENT OF CANNABIS VAPE PRODUCTS

Nextleaf Solutions Ltd. has completed its first international shipment of cannabis vape products.

"The first international shipment of cannabis vapes marks a major milestone for our company and is a validation of Nextleaf's patented technology," said Paul Pedersen, chief executive officer of Nextleaf Solutions. "We believe the continued acceptance globally of cannabis as a medicine, combined with the reputation of our products in Canada, will drive growth in exports of our cannabinoid vapes and oils to international markets."

Cannabinoid vape products custom manufactured by Nextleaf under private label will be distributed by pharmacies outside Canada where medical cannabis is legal. The company expects this international private label product supply to become recurring business.

Nextleaf commercializes its intellectual property portfolio, including 19 United States patents and 100 issued patents globally, through the manufacturing of purified cannabinoid ingredients and products. The company's Glacial Gold-branded cannabinoid vapes, oils and softgels are distributed in British Columbia, Ontario, Saskatchewan, Nova Scotia and across Canada through medical distributors and select pharmacies.

The company expects to release its audited annual financial statements for the fiscal year ended Sept. 30, 2022, at the end of January.

Nextleaf receives extension of convertible note financing

Nextleaf is pleased to announce today that it has amended the terms of the senior secured note issued to an institutional investor on March 31, 2021.

In consideration for the amendments to the payment terms and maturity date of the note, the company has agreed to (i) pay to the investor a forbearance fee equal to $75,000, which amount shall be added to the original principal amount owing under the note, and (ii) amend the conversion price of the note to 5.5 cents per share.

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 sells its branded products through government distributors and authorized retailers in four provinces in Canada. Nextleaf is a low-cost producer of cannabis oils and supplier of THC (tetrahydrocannabinol) and CBD (cannabidiol) to qualified wholesale partners across Canada and internationally. Nextleaf's patented ingredient processing technology transforms cannabis and hemp biomass into high-purity distillate at an industrial scale. The company has been issued 19 U.S. patents and 100 patents globally on cannabinoid processing, including extraction, distillation and acetylation.

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