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Nextleaf Solutions unveils employee equity participation plan amid coronavirus pandemic

It means staff would receive company shares in lieu of a portion of their cash compensation

NEXTLEAF SOLUTIONS Ltd. -
Nexleaf is developing technology for extracting and distilling THC and CBD oils

Nextleaf Solutions Ltd (CSE:OILS) (OTCMKTS:OILFF) on Wednesday unveiled a voluntary employee equity participation plan amid the coronavirus (COVID-19) pandemic.

If taken up by non-executive workers, it will allow the firm to reduce the cash component of employee compensation and "further align incentives across the team", the cannabis tech group said in a statement.

READ: Nextleaf Solutions will look to commercialize new patent for acetylation of cannabinoids

It means staff would receive company shares in lieu of a portion of their cash compensation.

Under the plan for the month of March, Nextleaf said it has issued a total of 48,146 shares at C$0.19 each.

"We have taken significant measures in our operational preparation and response to the COVID-19 pandemic," said Paul Pedersen, CEO of Nextleaf.

"Part of our response has been the consideration of our employees. Paying our employees through this unprecedented time is very important to us. The plan is an opportunity for us to give our hardworking team a greater opportunity to share in the upside potential of OILS. I am proud of the team's overall response and motivation to be a part of the long-term opportunity at Nextleaf!"

The firm also expects to supplement payroll with help from Canada's wage subsidy program, the federal wage support program rolled out in response to COVID-19 that could subsidize up to 75% of the wages for up to three months.

"These changes allow Nextleaf to significantly improve cash costs over the next three months, while maintaining its nimble and strong workforce," the firm said.

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