Nextleaf Solutions Ltd. has released its restated third-quarter financials.
"Over the last six months, we've seen pricing in the bulk concentrate market start to normalize and remain more consistent. We see this as a leading indicator the market is starting to find equilibrium,” said Nextleaf CFO Charles Ackerman in a statement.
“As our B2B revenue continues to trend up, we are excited at the prospect that we're really just getting started with our existing client base, of which represent multiple global cannabis companies with leading product SKUs in Canada and existing footholds in the United States."
Ackerman added: "With our provincial sales channel coming online in September, we look forward to further diversifying our revenue base, to help drive efficient production and move us toward consistent monthly profitability. With our facility that is heavily automated, with the additional utilization, and revenue potential from B2C sales it should help us reach that goal this year."
READ: Nextleaf Solutions updates on growth of its CBD oil business and launch of CBD-branded products
Subsequent to the filing of the financial statements and management's discussion and analysis for the three and nine-month period ended June 30, 2021, the company said it had identified calculation and input errors that have been corrected in the amended and restated financial statements and management's discussion and analysis.
Moreover, Nextleaf noted that the restatement has minimal bearing on the historical and ongoing operating performance of the company.
The company provided the following highlights of its financial results:
- Bulk cannabis distillate sales for the year-to-date exceeded $2 million during the period
- Bulk cannabis distillate sales increased over 500% quarter-over-quarter to $656,000
- Onboarded and supplied bulk CBD distillate to a Nasdaq-listed global cannabis company
- Onboarded and supplied bulk THC distillate to one of the top-selling vape brands nationally
- Received seven initial SKU listings and first purchase order from the province of British Columbia for Glacial Gold THC and CBD vape and ingestible oil products
- Revenues from its initial order from the BC Liquor Distribution Branch are expected to be realized in its 4Q
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