Nextleaf Solutions Ltd (CSE:OILS) (OTCQB:OILFF) announced that its pending acquisition Nextleaf Labs has signed a cannabis extraction agreement with an Atlantic Canada producer.
The client, which Nextleaf called one of the early pioneers in legal cannabis production, will provide cannabis biomass that NextLeaf Labs will process into refined and distilled THC and CBD oils using its patented extraction and purification platform.
Nextleaf Labs will retain a portion of the finished product and supply it to the wholesale market.
The initial term of the deal will end after 12 months or once 10 metric tons of biomass have been delivered, whichever happens first.
"We are very pleased to be working with one of the leading cannabis brands in Atlantic Canada, built on consistent high-quality products that consumers trust," Nextleaf CFO Charles Ackerman said in a statement. "Having built what we believe to be the most efficient cannabis oil refinery in Canada, Nextleaf looks forward to providing economical processing solutions for our clients from coast to coast."
Nextleaf Solutions, based in Vancouver, owns a portfolio of 15 issued patents and over 60 pending patents for the extraction, purification, and formulation of cannabinoids.
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