Nextleaf Solutions Ltd (CSE:OILS, OTCQB:OILFF) told investors that it has completed its initial shipment of Glacial Gold vapes and distilled oils to the Ontario Cannabis Store (OCS), as it has also provided an up update on its cannabis sales in British Columbia (BC).
Wholly owned by the province of Ontario, Nextleaf noted that the OCS is the sole distributor in the province and that all cannabis retailers in Ontario must purchase their inventory through the OCS. Vapes and distilled oils under the company’s award-winning Prohibition-era brand, Glacial Gold, will be available at retail stores across Ontario and at ocs.ca early May 2022, he added.
“Shipping our initial order to OCS is an important milestone as we look forward to growing our relationship with the provincial distributor by delighting consumers in Ontario as we have delighted consumers in British Columbia with quality products at affordable prices,” said Nextleaf’s CEO. -founder Paul Pedersen said in a statement.
READ: Nextleaf obtains US patent for technology that maximizes cannabinoid yield and reduces waste
In British Columbia, Nextleaf said its Glacial Gold brand continues to see strong consumer demand and sales in its first six months in the market.
Measures for the quarter ended March 31, 2022 include:
- Glacial Gold Anytime 1:1 is the best-selling CBD pre-vape SKU
- Glacial Gold is the #2 brand in CBD and balanced oils by revenue
- Glacial Gold is the #6 1-gram vape brand by revenue
- 44% increase in market share quarter over quarter in the petroleum category
- 14% increase in market share quarter over quarter in the vape category
- Glacial Gold has seven SKUs (storage units) in the 1 gram vape subcategory, second among all brands
The company said Glacial Gold continues to outsell the top brands in Canada in the key vape and CBD oil categories. In Q1 2022, it said it sold more vapes and oils in BC than Canopy Growth, Tilray Brands, Aurora Cannabis, The Valens Company (TSX:VLNS, OTCQX:VLNCF), Medipharm Labs, Sundial Growers and TerrAscend.
“Nextleaf’s patented technology has allowed Glacial Gold to outperform some of the world’s largest regulated cannabis companies in CBD vapes and oils,” Pedersen added.
Nextleaf also announced that it had issued a total of 866,741 shares of common stock at a deemed price of $0.135 per share to the company’s scientific and technical consultants, as compensation for services rendered.
In addition, it has granted non-executive employees of the company options to purchase up to 70,000 common shares under its stock option plan, exercisable at $0.175 per share.
It also issued 500,000 common share purchase warrants to the bearer of the convertible note issued on March 31, 2021. The warrants were issued in consideration for the revised terms of the note and are exercisable at $0.162 per share during 36 months from date of issue.
Nextleaf has one of the largest collections of US patents of any cannabis company, as well as a Metro Vancouver-based extraction facility producing low-cost cannabinoid ingredients under its Health Canada licenses.
The company’s multi-patented automated extraction plant recycles aged cannabis flower and biomass, which would otherwise be destroyed, into high-purity cannabinoid ingredients on an industrial scale.
Nextleaf’s intellectual property includes 18 U.S. patents and over 95 issued patents worldwide on cannabinoid processing, including extraction, distillation and acetylation. With this latest issued patent, the company said it has a success rate of over 95% for pending issued patent applications. The average success rate from patents pending to granted in the pharmaceutical industry is 42.8%.
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