Nextleaf Solutions Ltd (CSE:OILS, OTCQB:OILFF) announced that it has been granted a patent for its foundational process for producing high-purity CBD and THC ingredients by the Jamaica Intellectual Property Office, adding to the company’s robust intellectual property (IP) portfolio.
The company said it has been issued 18 US patents and more than 95 patents globally on cannabinoid processing, including extraction, distillation, and acetylation, as part of its global IP strategy to protect the means to produce standardized cannabinoid-based products at scale within a regulated market.
Medical cannabis is legal in Jamaica and the possession of small amounts of marijuana was decriminalized in 2015, according to Nextleaf.
READ: Nextleaf inks deal with hemp concrete producer to commercialize patent for processing hemp biomass
Nextleaf CEO Paul Pedersen said the company believes that the commercial market for cannabinoid-based products in Jamaica will be regulated during the 20-year life of the patent.
“This patent reinforces our vision of developing intellectual property that improves cannabis oil economics globally,” Pedersen added.
The company said its patented technology allows for oil-grade cannabis and hemp flower to be efficiently processed into high-purity distilled cannabinoids.
“The resulting THC or CBD distillate is tasteless, odourless, standardized for potency, and ready to use as the hero ingredient in a wide range of products, including vapes, oils, softgels, transdermal or sublingual delivery, and water-soluble extracts,” Nextleaf said.
The company also announced that it had issued 500,000 warrants to purchase shares of the company to the holder of the convertible note issued on March 31, 2021.
The warrants were issued as consideration for revising the terms of the note and are exercisable at a price of $0.138 per share for a period of 36 months from the date of issuance.
Nextleaf is a federally-regulated manufacturer and distributor of cannabis vapes and oils under its award-winning prohibition-era brand Glacial Gold.
Contact Emily at emily.jarvie@proactiveinvestors.com
Follow her @emilyjjarvie