Nextleaf Solutions Ltd. (CSE:OILS), Canada's most innovative cannabis extractor, announced it has issued shares under the Employee Equity Participation Plan that it implemented on April 1 in response to the coronavirus (COVID-19) pandemic to align the efforts and compensation of non-executive employees with the company's long-term business strategy.
For the month of April, Nextleaf said it has issued an aggregate of 39,471 common shares at a price of $0.325 per share under the plan.
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In a statement, Paul Pedersen, CEO of Nextleaf commented: "The Plan is an opportunity for us to give our hardworking team a greater opportunity to share in the upside potential of OILS.
“With our custom closed loop industrial-scale extraction plant commencing commercial production, and up to 25 metric tons of cannabis biomass under contract through Nextleaf Labs, it is a very exciting time for OILS.”
He added: “I am proud of my team's participation in the Plan, their belief in the long-term opportunity at Nextleaf, and commitment to building Canada's most efficient cannabis refinery!"
The group said the plan is fully voluntary and permits non-executive employees to receive common shares in the company in lieu of a portion of an employee's cash compensation. It allows the company to reduce the cash component of employee compensation and further align incentives across the team.
Nextleaf’s industrial-scale extraction plant in Greater Vancouver, British Columbia has a design capacity to process 600 kg per day of dried cannabis biomass into refined oils.
The company owns a portfolio of over 20 issued patents and 50 pending patents for the extraction, purification, and formulation of cannabinoids.
It commercializes its patent portfolio through IP licensing, and supplying THC and CBD oils through Nextleaf Labs, a Health Canada licensed standard processor.