Nextleaf Solutions Ltd (CSE:OILS) (OTCQB:OILFF) (FRA:LOMA) said it has received an amendment to its cannabis processing license allowing it to sell extracts, edibles and topical products to distributors and retailers across Canada.
Vancouver-based Nextleaf said the amendment – granted to its subsidiary Nextleaf Labs – will allow it to offer value-added services for a “more seamless” path to market.
The amendment also gives Nextleaf more flexibility to potentially launch its own in-house brand, the company told investors.
READ: Nextleaf Solutions commences human trials of cannabis vapes
Nextleaf CEO Paul Pedersen said that the license amendment is a “significant milestone” for the company and its commercial partners.
"The sales licence helps Nextleaf service our partners more efficiently. Speed-to-market and the ability to test products effectively are often just as important to our partners as the price per molecule,” Pedersen said In a statement.
“This sales amendment, alongside our recently announced research licence amendment, and our unrivaled technology positions Nextleaf as a top tier extraction partner. Lastly, the amendment allows us to create and manufacture our own brands and add to our bottom-line revenue as the industry waits for market equilibrium in the extracts segment."
Nextleaf runs a closed-loop automated extraction refinery in Metro Vancouver, British Columbia that is capable of processing up to 600 kilograms of biomass per day.
The company also announced that it had issued 45,283 shares priced at C$0.265 per share for a total value of $12,000 to a non-executive employee.
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