Nextleaf Solutions and BevCanna Enterprises team up to bring cannabis-infused beverages to consumers

Nextleaf Solutions Ltd (CSE:OILS) (OTCMKTS:OILFF) and BevCanna Enterprises Inc (CSE:BEV) are teaming up to bring cannabis-infused beverages to Canadian shelves, the companies announced on Monday.

In a statement, Nextleaf said it had granted BevCanna exclusive license to its intellectual property related to water-soluble cannabinoids to develop, manufacture and sell BevCanna’s infused cannabis beverage brands.

The agreement includes BevCanna’s in-house brands and white label products developed for third parties, the companies said in a statement.

READ: Nextleaf’s technology to improve post-extraction processing of THC, CBD wins another US patent

Nextleaf’s patented process yields a tasteless, odorless THC or CBD distillate, manufactured at scale, standardized for potency, and ready for infusion in value-add products, such as vapes, edible oils, and beverages.

Vancouver-based Nextleaf and BevCanna aim to have products on the shelves within 12 months following the legalization of infused products and edibles in Canada, expected on October 17.

Under the terms of the deal, the initial agreement lasts three years following legalization and a subsequent five-year renewal period.

“BevCanna is a great example of the caliber of partner we want to commercialize our IP through,” said Paul Pedersen, Nextleaf’s CEO.

“BevCanna has a world-class bottling plant on a spring water aquifer, (one) of the most unique licensed production facilities in Canada.”

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The infused beverages company’s chief commercialization officer Emma Andrews said that the company is pleased to leverage Nextleaf’s technology within its formulations.

“(Nextleaf’s) patented extraction and purification process will allow our beverages to be made with odorless, tasteless cannabinoids, resulting in a superior taste and consumption experience,” BevCanna’s Andrews told investors.

“We believe taste and reliability will be essential to growing this category.”

The infused-product industry is projected to be a C$2.7 billion market annually in Canada, driven largely by shifting consumer preferences from dried flower to edibles, vapes and concentrates.

Contact Angela at [email protected]

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Story by ProactiveInvestors