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Nextleaf Solutions subsidiary inks hemp processing deal with JOE's Hemp Shack parent company

Last updated: 11:02 01 Feb 2021 EST, First published: 10:50 01 Feb 2021 EST

Dried cannabis and cannabis oils in jars
The pricing and value of the agreement is based upon the volume of distillate Nextleaf produces

Nextleaf Solutions Ltd (CSE:OILS) (OTCQB:OILFF) subsidiary Nextleaf Labs Ltd has entered into a hemp processing agreement with Green Light Solutions (GLS), a British Columbia CBD company that develops products through its own subsidiary, JOE’S Hemp Shack Inc.

Under the terms of the deal, JOE’S will provide hemp biomass that Nextleaf will process into CBD refined oil or distillate at its processing facility. The pricing and value of the agreement is based upon the volume of distillate Nextleaf produces, and the extraction services are paid for in cash, the company said.

“Adding a high quality hemp partner to our commercial partners program has been a top priority for our company,” Nextleaf CEO Charles Ackerman said in a statement. “JOE’S ideology around their CBD products aligns perfectly with OILS’ vision. Nextleaf will supply high purity CBD refined oil and distillate to help power JOE’S CBD product strategy. The first order should be completed in Q1 of 2021 to service JOE’S distribution needs to select provinces.”

READ: Nextleaf Solutions receives a CBD extraction patent from the Canadian intellectual property office

The partnership is designed to target high-potential CBD product segments in retail and wholesale markets, the company said. It is supported by Nextleaf’s domain expertise in extraction and JOE’S vast supply network, including distribution and innovative product development platform.

“JOE’S is excited to have a premier manufacturing partner to advance our product mandate; delivering a high-quality range of CBD products derived from sustainably grown Canadian hemp,” GLS Head of Corporate Development Walker Patton said. “Nextleaf’s unparalleled extraction capabilities are driven by manufacturing excellence and supported by continual innovation through its IP strategy. This partnership complements JOE’S partner ecosystem in its mission to produce best-in-class, market-focused product innovations for next-generation cannabis market segments.”

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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