Nextleaf Solutions Ltd (OTCMKTS:OILFF) reported revenues of $1.257 million (up 359% YoY) in Q1 2021. The company supplied high-quality CBD distillate (100 Kgs) to a licensed manufacturer and distributor of cannabis products in British Columbia.
Signs cannabis extraction agreements
Nextleaf entered cannabis extraction accords with three licensed manufacturers in Canada. The market for distillation and extraction services is strong. Nextleaf expects to sign additional commercial contracts in 2021 with a focus on converting single supply orders to long-term orders.
Nextleaf received a patent from MIIP (The Mexican Institute of Industrial Property), which is vital for the economical manufacture of cannabis distillate.
The Mexican Senate on September 29, 2020, legalized adult-use cannabis by enacting a legalization bill. However, the pending law needs Andrés Manuel López Obrador’s approval, the Mexican President, to become a law.
With this enactment, Mexico will become the third nation for legalizing cannabis for adult-use. Recently, the Supreme Court in Mexico set April 30, 2021, to pass the law.
Following the legalization of marijuana for adult-use, Mexico will become the biggest market for legal cannabis in the world, considering its population.
Nextleaf maintains a competitive advantage by protecting its technology in nations like Australia, the US, Mexico, New Zealand, South Africa, Colombia, Israel, and Canada.
Cannabidiol gummies in British Columbia
Nextleaf introduced OILS high purity CBD distillate powered CBD gummies in British Columbia through its commercial partners’ program. It is a big leap for Nextleaf in commercializing its IP portfolio.
Produces rapid THC oil drops
Nextleaf utilized its RET (rapid emulsion technology) to manufacture the first batch of rapid THC oil drops. The private label partners can use the proprietary delivery technology (PDT) of Nextleaf to manufacture cannabis ingestible products. Nextleaf expects to convert the PDT into a profitable private label business going forward.
BevCanna receives RET by OILS
Nextleaf received an order from BevCanna Enterprises Inc for its RET by OILS. As a result, Rapid Concentrate of Nextleaf will be one of the key ingredients in BevCanna’s brands.
BevCanna engages in developing and producing a wide variety of beverages infused with cannabis for white label clients and in-house brands.
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