Nextleaf Solutions Ltd. (OTCQB:OILFF) (CSE:OILS) (FSE:L0MA) released its Q2 financial and operational results for the quarter ended March 31, 2022, revealing revenue of $1.14 million compared to $131,000 in Q2 2021.
Q2 Financial Highlights
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The increase in revenue was a result of the company having transitioned to a branded cannabis products company, with $825,710 in Glacial Gold product sales, and $319,602 in cannabis concentrate sales for the quarter ended March 31, 2022.
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Cost of sales for the quarter ended March 31, 2022, was $723,871, an increase of $114,225, compared to $609,646 for the quarter ended March 31, 2021.
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Gross margin was $421,000 compared to a loss of $479,000 in Q2 2021.
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Loss and comprehensive loss were $607,000 compared to $1.2 million in Q2 2021.
"Glacial Gold continues to establish itself as one of the best-selling brands in vapes and CBD oil. I'm proud of our team for competing head-to-head against the largest cannabis companies in the world, and winning our key categories," stated Nextleaf co-founder and CEO, Paul Pedersen.
Nextleaf entered into a strategic agreement with Hempcrete Natural Building Ltd., an international construction company creating carbon neutral communities through sustainable, renewable, and stronger buildings. The agreement permits Hempcrete Natural, on a non-exclusive basis, to commercialize certain Nextleaf intellectual property, specifically, a U.S. patent related to hemp biomass processing.
Change to Board of Directors
Nextleaf appointed Sam Kassem to its board of directors pending the issuance of his Health Canada security clearance. Kassem brings unique qualifications as a CFA charterholder with over 10 years of operational experience from servicing cannabis and hemp processors around the world. Sam Kassem is co-Founder and president of Root Sciences Inc., one of North America's largest providers of end-to-end processing equipment solutions.
Tim Gillis has resigned from the board to pursue other interests.
Photo: Courtesy of Esteban Lopez on Unsplash
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