Nextleaf Solutions Limited, a manufacturer and distributor of cannabis extracts including vapes, oils, and softgel capsules, announced the launch of its exciting new brand High Plains.
The Vancouver, British Columbia-based company said High Plains targets cannabis consumers searching for high flavour profile products, with premium ingredients and hardware components.
The brand will feature a consistent rotation of new flavours and limited drop offerings at competitive prices, the company added.
READ: Nextleaf to launch Glacial Gold products in Ontario and British Columbia markets
High Plains will launch four initial one gram vape cartridge stock keeping units (SKUs) with flavour profiles including Fruitquake, Cotton Cannon, Wild Watermelon, and Blueberry Dream.
The first vape products will be available in British Columbia this fall, with additional SKUs coming to Ontario in the new year.
Extension of convertible note financing
Separately, Nextleaf said that it has amended the terms of the senior secured note issued to an institutional investor on March 31, 2021.
The company has agreed to pay to the investor a forbearance fee equal to C$100,000, which will be added to the original principal amount owed under the note, amend the conversion price of the note to $0.08 per share and cancel an aggregate of 7.88 warrants held by the investor and issue new warrants to the investor to purchase up to an aggregate of 7.88 shares, with the new warrants exercisable for a period of five years from the date of issuance at the subject price.
The new warrants will be subject to a four-month hold period from their issuance date under applicable Canadian securities laws.
In another move, Nextleaf issued 843,233 shares at a deemed price of $0.08 to $0.11 per share to technical, operational, and corporate advisory consultants of the company, as compensation for services.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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