Nextleaf Solutions Ltd. (CSE:OILS) (OTCQB:OILFF), announced Thursday that it has completed the previously announced acquisition of all of the issued and outstanding shares of Nextleaf Labs Ltd., its subsidiary which holds a Health Canada standard processing and research licenses under the Cannabis Act.
The closing of the acquisition represents an important milestone for the company, allowing it to continue the commercialization of its intellectual property (IP) portfolio through the production and wholesale of THC and CBD based oils and concentrates by Nextleaf Labs.
The company owns a portfolio of 40 issued patents and over 60 pending patents for the extraction, purification, and formulation of cannabinoids.
As consideration for the acquisition, Nextleaf issued 1,000,000 common shares to the sole shareholder of Nextleaf Labs at a deemed price of $0.385 per share for aggregate consideration of $385,000. 250,000 Shares were released to the seller on closing, with the remaining 750,000 shares subject to an escrow agreement providing for the release of such Shares in three equal tranches every six months. All shares issued are subject to a four month and one day hold period in accordance with Canadian securities laws.
Nextleaf is Canada's most innovative cannabis extractor, developing technology for extracting and distilling cannabinoids. It provides extraction services and wholesale of THC and CBD oils through Nextleaf Labs, a Health Canada licensed standard processor.
The group’s proprietary closed-loop extraction plant in Metro Vancouver has a design capacity to process 600 kg per day of dried cannabis biomass into distilled oils.
Nextleaf is the first public company to be issued US patents for industrial-scale extraction and distillation of cannabinoids.
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