Vancouver, British Columbia--(Newsfile Corp. - September 17, 2019) - Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA), a cannabis extraction and processing technology company, has entered into an exclusive supply agreement with British Columbia-based BevCanna Enterprises Inc. (CSE:BEV), an emerging leader in cannabis infused beverages.
Nextleaf has granted exclusive license to BevCanna for the use of intellectual property related to water-soluble cannabinoids for the development, manufacturing and sale of BevCanna products. This will include BevCanna's portfolio of house brands, and white label products developed by BevCanna for third parties.
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Paul Pedersen, Nextleaf CEO, stated: "BevCanna has a world-class bottling plant on a spring water aquifer, its one of the most unique licensed production facilities in Canada. The BevCanna team brings a tremendous amount of experience in creating iconic beverage brands and consumer packaged goods, such as Mike's Hard Lemonade, Vega, and Trace Beverages. BevCanna is a great example of the caliber of partner we want to commercialize our IP through."
Performance milestones include commercialization within 12 months of the legalization of infused products and edibles in Canada. The initial term of the agreement extends for 3 years after the legalization of infused products, and subsequent 5-year renewal period.
Emma Andrews, Chief Commercialization Officer at BevCanna, added: "We are very pleased to leverage Nextleaf's technology within our formulations, as they have a proven reputation for unique and differentiated IP. Their patented extraction and purification process will allow our beverages to be made with odorless, tasteless cannabinoids, resulting in a superior taste and consumption experience. A natural compliment to our premium spring water base. We believe taste and reliability will be essential to growing this category."
BevCanna has a 100-acre outdoor cultivation site in the fertile Okanagan Valley and the exclusive rights to a pristine spring water aquifer, as well as a world-class 40,000-square-foot, HACCP certified manufacturing facility, with a current bottling capacity of up to 72 million bottles annually per shift. BevCanna has recently shared two of its intended brands for commercialization in Canada, including Anarchist Mountain Beverages, a line of THC infused sparkling spring water beverages with botanical flavor profiles inspired by the Pacific Northwest, as well as Gruv, a line of easy-drinking iced tea beverages, with a blend of THC and CBD.
Through the Standard Processing License announced last week for Nextleaf Labs, and under BevCanna's recently issued Research License, product development activities will take a significant step forwards, including stability validation, sensory evaluation, and equipment testing, in preparation for scale-up towards full commercialization.
Nextleaf Solutions is the first publicly traded company to be issued a U.S. patent for the industrial-scale extraction and purification of cannabinoids. It owns a portfolio of five issued and 25 pending patents pertaining to the production of high-purity, cannabinoid rich distillate, a key ingredient used in the manufacturing of standardized THC and CBD infused products.
Nextleaf's built-out, 6,540 square foot dedicated extraction and processing facility is located in Greater Vancouver, British Columbia.
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