Nextleaf Solutions Ltd. (OTCQB:OILFF) (CSE:OILS) (FSE:L0MA) released its Q3 financial results for the quarter ended June 30, 2022, revealing revenue of $1.2 million, an increase of 83% compared to revenue of $655,861 in Q3 2021.
The increase in revenue was a result of the company having transitioned to a branded cannabis products company, with $776,717 in Glacial Gold product sales, and $425,921 in cannabis concentrate sales for the quarter ended June 30, 2022.
Key Milestones During Q3 2022
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Glacial Gold Anytime 1:1 Glacial Fresh Mint and Distilled 30:30 Oil launched in the Ontario Cannabis Store ("OCS") and are now available at retail stores across Ontario and on OCS’ website.
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Nextleaf announced its expansion into the "Capsules" category, with Glacial Gold THC softgels. Product expected to launch in B.C. retail stores this fall.
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The United States Patent and Trademark Office granted the company its 18th issued U.S. patent.
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Nextleaf announced 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.
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The company announced it produced D9-tetrahydrocannabinol acetate, colloquially referred to as THC-O under its Health Canada Research License in anticipation of commercialization. Nextleaf has validated its manufacturing process of THC-O through third-party analytical testing. The company is of the understanding that THC-O is not subject to excise tax as it does not meet the definition of "Total THC" as defined under the Excise Act 2001, which is aligned with the definition of the same in the Cannabis Act.
Key Milestones Subsequent to Q3 2022
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Nextleaf announced the launch of a new one-gram, Glacial Gold CBD 3:1 Vape in the company's signature berry lemonade flavor. The new CBD 3:1 Vape will build off the success of the Glacial Gold Session THC Vape and Anytime 1:1 Vape.
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In July, the company announced it had validated its technology to produce THC-free Broad Spectrum CBD distillate from industrial hemp feedstock.
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Nextleaf announced the launch of its first THC-Free CBD product. Glacial Gold Rise & Shine CBD Drops is a broad-spectrum alternative to CBD isolates. 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.
Photo by Tim Foster on Unsplash
