Vancouver, British Columbia--(Newsfile Corp. - June 25, 2019) - Nextleaf Solutions Ltd. (CSE: OILS) (OTC Pink: OILFF), a cannabis extraction and processing technology company, has agreed to acquire a U.S. patent pending hydrocarbon extraction process and award-winning formulation for a popular cannabis concentrate known as "shatter". On June 14, 2019 Health Canada released updated regulations for the production and sale of a variety of THC and CBD based concentrates and derivatives.
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These consumer products, which will be legal on October 17th, 2019 will start to be available for sale to medical patients and adult-use consumers across Canada by mid-December 2019, following the 60-day written notice required by Health Canada.
Paul Pedersen, CEO and co-founder, stated: "Nextleaf is committed to acquiring and developing market-validated intellectual property ("IP") pertaining to formulations and methodology to produce unique cannabis oils and concentrates. By acquiring this patent pending BHO extraction process and award-winning shatter formulation, Nextleaf adds valuable IP to its portfolio of innovative processes and formulations for THC and CBD based products. This acquisition allows Nextleaf to diversify its intellectual property portfolio, as consumers in legal recreational and medical states consistently illustrate increased consumption of hydrocarbon concentrates. We believe companies that can successfully develop and protect valuable intellectual property will benefit substantially in the long-term."
Management stated that this unique patent pending butane hash oil extraction (BHO extraction) process and formulation will produce a broad spectrum cannabis concentrate with a rich terpene profile, unlike any product currently available on the Canadian legal cannabis market. The chemical selectivity of the proprietary solvent mixture, coupled with the specific processing techniques and operating parameters, efficiently extracts terpenes and cannabinoids from cannabis flower to produce a full-flavour concentrate void of undesirable waxes and pigments.
To acquire the patent pending process and formulation, Nextleaf will issue 444,444 shares at a deemed price of $0.45 per share, for a cost of $200,000.
This new patent builds upon Nextleaf's recently issued multiple U.S. patents for the company's proprietary, industrial-scale process of producing, from cannabis biomass, a purified cannabinoid distillate, a tasteless, odourless cannabis concentrate, ideally suited for infusing premium value-added products. Nextleaf's portfolio of 3 issued and 24 pending patents, including the newly acquired patent pending BHO process, are part of its overall strategy to develop and protect IP pertaining to the production of innovative cannabinoid-based products geared towards both medical cannabis patients and adult-use consumers.
With concentrates legal in Canada later this year, Nextleaf plans to commercialize its IP portfolio by providing B2B processing services to licensed cultivators and supplying cannabis oils and concentrates to qualified Canadian and international partners under the client's own brands.
The recent changes by Health Canada to its licensing process now require a submission of a site evidence package as a final step to licensing. This site evidence package, which Health Canada undertakes to respond to within 60 days from submission, has been filmed at Nextleaf's built-out, 6,540 square foot dedicated extraction and processing facility in Greater Vancouver, British Columbia.
For more information, please visit the company's website www.NextleafSolutions.com, contact Paul Pedersen, CEO, at paul@NextleafSolutions.com. For Investor Relations, contact Adel Fares at 604-283-2301 (ext. 201) or email investors@NextleafSolutions.com.
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