Nextleaf Awarded Jamaican Patent for its Foundational Extraction Process
Vancouver, British Columbia--(Newsfile Corp. - May 25, 2022) - Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA) ("Nextleaf" or the "Company"), a federally regulated manufacturer and distributor of cannabis vapes and oils, announced today the Jamaica Intellectual Property Office has granted Nextleaf a patent for the Company's foundational process for producing high-purity CBD and THC ingredients.
Nextleaf's patented technology allows for oil-grade cannabis and hemp flower to be efficiently processed into a high-purity distilled cannabinoids. The resulting THC or CBD distillate is tasteless, odourless, standardized for potency, and ready to use as the hero ingredient in a wide range of products, including vapes, oils, softgels, transdermal or sublingual delivery, and water-soluble extracts.
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The Company has been issued 18 U.S. patents, and over 95 patents globally, on cannabinoid processing including extraction, distillation, and acetylation. Nextleaf initially files its patents in the United States to create a priority date and allow for future filings in other selected jurisdictions. This is common in the field of intellectual property ("IP") protection. The Company owns issued patents in the United States, Canada, Mexico, Israel, Germany, Australia, Colombia, South Africa, the U.K., and across Europe. Nextleaf follows a global IP strategy of protecting the means to producing standardized cannabinoid-based products at scale within a regulated market.
Medical cannabis is currently legal in Jamaica and possession of small amounts of marijuana was decriminalized in 2015, with residents permitted to grow up to five plants for personal use only.
"This patent reinforces our vision of developing intellectual property that improves cannabis oil economics globally," said Paul Pedersen, CEO of Nextleaf Solutions. "We believe there will be a regulated commercial market for cannabinoid-based products in Jamaica during the 20-year life of this patent".
Nextleaf Issues Warrants
The Company has issued 500,000 warrants to purchase common shares of the Company to the holder of the convertible note issued on March 31, 2021 (the "Note"). The warrants were issued as consideration for revision of terms of the Note and are exercisable at a price of $0.138 per share for a period of 36 months from the date of issuance.
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 multi-patented 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 supplier of THC and CBD ingredients to qualified wholesale partners across Canada. Nextleaf is the first publicly traded company to be issued a U.S. 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 via human testing. For more information visit www.nextleafsolutions.com and www.Glacial.Gold
Jason McBride, Corporate Development
604-283-2301 (ext. 219)
On behalf of the Board of Directors of the Company,
Paul Pedersen, CEO
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of applicable securities laws. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding the Company's intellectual property("IP"), expected IP licensing revenues, and those regarding the Company's strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's MD&A for the most recent fiscal period. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law. The Canadian Securities Exchange has not reviewed or approved the contents of this press release.
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