Nextleaf Solutions Ltd (CSE:OILS, OTCQB:OILFF) has reported strong fiscal 3Q results as the brand has maintained its position as a leader in vapes and oils in the competitive British Columbia market and expanded its distribution into Ontario, Canada’s largest cannabis market.
Other operational highlights for the quarter ended June 30, 2022, include a 5% increase in market share quarter-over-quarter in the oil category and Glacial Gold Anytime 1:1 Vape remaining the number one selling CBD-forward vape SKU in BC.
For the quarter, the company posted revenue of C$1,202,638, a significant increase from the C$655,861 reported in the year-ago quarter.
READ: Nextleaf Solutions launches first THC-free CBD drops under the Glacial Gold brand
The company attributed this revenue increase to its transition to a branded cannabis products company, achieving C$776,717 in Glacial Gold product sales, and C$425,921 in cannabis concentrate sales during the quarter.
Cost of sales for the quarter was C$1,314,011, an increase of C$550,625 compared to C$763,386 for 3Q 2021, attributed to a result of increased sales activity.
The company said it has reduced its overhead expenses by C$306,207 from the year-ago quarter due to continued realized operational efficiencies.
Nextleaf narrowed its net loss for the period to C$1,047,290, compared to a net loss of C$1,339,732 in fiscal 3Q 2021.
Nextleaf is a federally regulated manufacturer and distributor of cannabis vapes and oils under its award-winning prohibition-era brand Glacial Gold.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie