Nextleaf Solutions Ltd. has provided an update on the increased distribution of CBD oil through its bulk wholesale customers and its Glacial Gol-branded consumer products.
The company noted that it has received a significant wholesale purchase reorder for high-purity CBD distillate from its NASDAQ-listed partner.
Nextleaf said its wholly-owned subsidiary Nextleaf Labs Ltd. has been supplying the unnamed partner with bulk CBD distillate ingredients to power the partner's CBD products and brands, including edibles, ingestible oils, and vape carts distributed by provincially authorized retailers across Canada.
READ: Nextleaf Solutions says it has signed supply agreement with BC Liquor Distribution Branch
The most recent purchase order has been fulfilled and Nextleaf said it expects the bulk ingredient supply business to continue at a similar frequency with the opportunity to further its business ties with the partner.
Meanwhile, Nextleaf announced the initial launch of Glacial Gold to include four SKUs of large-format CBD ingestible oils and CBD vape cartridges. Glacial Gold branded SKUs are expected to be available for sale to adult-use consumers in British Columbia (B.C.) in the current quarter, as part of a supply agreement between Nextleaf Labs and the British Columbia Liquor Distribution Branch (BCLDB).
"We're proud to process hemp sourced from B.C. farms, fed by glacial waters of B.C. mountains, allowing Nextleaf to honor Glacial Gold's legacy and keeping it a truly authentic B.C. brand from soil to oil," said Nextleaf CEO Paul Pedersen in a statement.
The company noted that its validated B.C.-based hemp supplier sources CBD-rich hemp flower from its network of outdoor farms throughout B.C. that grow guaranteed pesticide-free hemp flower.
Nextleaf Labs processes hemp biomass into distilled CBD oils using Nextleaf's patented extraction and purification technology. The bulk distilled CBD oils are supplied to the company's wholesale partners and to provincially authorized distributors and retailers under the company's Glacial Gold brand.
In addition. Nextleaf said it is leveraging its intellectual property (IP) portfolio to gain a competitive advantage through the low-cost production of CBD oil standardized for potency and purity. It is prepared for rapid expansion into the US once cannabinoids and CBD products are federally regulated.
In other company news, Nextleaf said it had issued 761,905 shares at $0.21 each to consultants of the company, as compensation for services provided. The company has also awarded options to non-executive independent directors and non-executive employees to purchase up to 790,000 common shares at $0.275 each.
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