Nextleaf Awarded U.S. Patent for Method to Increase CBD Concentration in Hemp Biomass

Vancouver, British Columbia--(Newsfile Corp. - May 20, 2021) - Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) ("Nextleaf", "OILS", or the "Company"), the world's most innovative cannabis extractor, is pleased to announce that the United States Patent and Trademark Office has granted the Company a patent to a method for refining raw cannabis plant material, adding to Nextleaf's already robust and expanding U.S. patent portfolio.

Nextleaf's latest U.S. patent covers a method for separating cannabinoid-rich trichomes from lower potency cannabis biomass, including most approved industrial hemp cultivars, which Nextleaf uses to increase the concentration of CBD in hemp biomass. The Company's patented technology significantly increases extraction efficiency and improves the economics of processing hemp into high-purity CBD extracts.

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The Company owns 14 U.S. patents and has been issued over 70 patents globally for the extraction, purification, formulation, and delivery of cannabinoids.

The first half of 2021 has been defined by M&A and consolidation in the cannabis industry. Canada's federally legal and regulated cannabis framework has continued to attract significant investment from global tobacco and beverage alcohol companies. On March 11, 2021 British American Tobacco acquired a 19.9% stake in an Atlantic Canada-based cannabis producer Organigram. As part of the investment, British American Tobacco and Organigram agreed to establish a Centre of Excellence to collaborate on intellectual property and product development. This week, the Boston Beer Company, maker of Samuel Adams beer announced it is establishing a subsidiary in Canada to serve as a dedicated research and innovation hub for non-alcoholic cannabis beverages.

"Global tobacco and alcohol giants have been investing in Canadian marijuana producers to understand regulated cannabis and generate IP to deploy into U.S. markets upon federal legalization," said Nextleaf Solutions Chief Executive Officer Paul Pedersen. "As one of the largest cannabis patent holders globally, Nextleaf Solutions is excited to see big tobacco and alcohol validate our intellectual property focused strategy. We have been building a moat around our technology, protecting the most efficient methods for producing standardized cannabinoids within a regulated market," said Pedersen. "With this latest issued U.S. patent, Nextleaf has protected competitively-advantaged technology vital to the low-cost production of high-purity CBD extracts."

About Nextleaf®

Nextleaf is an innovative cannabis processor that owns one of the largest portfolios of U.S. patents for the extraction, distillation, and delivery of cannabinoids. Nextleaf supplies cannabis oils to its wholesale customers and distributes consumer products under its award-winning prohibition-era brand, Glacial Gold. Nextleaf's proprietary closed-loop automated extraction plant in Metro Vancouver has a design capacity to process 600 kilos of dried cannabis into oil per day. Nextleaf is developing delivery technology through its Health Canada Research Licence with sensory evaluation of cannabis via human testing.

The Company owns 14 U.S. patents and has been issued over 70 patents globally.

Nextleaf Solutions trades as OILS on the Canadian Securities Exchange, OILFF on the OTCQB Market in the United States, and L0MA on the Frankfurt Stock Exchange.

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www.nextleafsolutions.com

For more information please contact:
Jason McBride
604-283-2301 (ext. 219)
investors@nextleafsolutions.com

On behalf of the Board of Directors of the Company,
Paul Pedersen, CEO

Certain statements contained in this press release constitute "forward-looking statements". All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company's ability to capitalize on its IP portfolio, 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 CSE has not reviewed or approved the contents of this press release.

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