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Nextleaf Solutions to raise up to C$2M through a private placement

The cannabis-extraction-technology company will use the proceeds as general working capital

Nextleaf Solutions Ltd's cannabis extraction technology facility
NextLeaf's patented technology allows for dried cannabis to be processed into a high-purity distilled oil

Nextleaf Solutions Ltd (CSE:OILS), a cannabis-extraction-technology company announced Tuesday that it will be conducting a non-brokered private placement of units at a price of C$0.40 per unit to raise up to C$2 million.

Each unit will consist of a share and a warrant exercisable for the acquisition of a share at a price per warrant of $0.70 for a period of 24 months from the closing date provided the shares trade above $1.25 per share for 20 consecutive trading days.

DEEP DIVE: Nextleaf Solutions takes aim at infused beverages and edibles with its patented cannabis extraction technology

The units issued under the financing deal will be subject to a four-month hold period.

NextLeaf, which has a patented process for the commercial scale production of cannabinoid distillate, the precursor to every cannabis-infused product, said it intends to use the proceeds for general working capital.

The British Columbia company’s technology allows for low-quality, dried cannabis biomass to be processed into a high-purity distilled oil.

NextLeaf's timing is apt: with infused beverages and edibles becoming legal in Canada by October 2019, the company has the opportunity to be a front-runner in the extraction space. 

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

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CSE:OILS
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