Nextleaf Solutions sees record unaudited revenue in 1Q as it continues to see demand for extraction and distillation services
Nextleaf Solutions Ltd (CSE:OILS) (OTCQB:OILFF) expects to build its client base and strike more commercial orders in 2021, the cannabis processor told investors, as it reported record unaudited revenue in its first quarter to end-December 2020.
The period was the company’s first full three months of generating processing revenue and the figure came in at C$1.257 million in the quarter – a 359% increase compared to the same period a year earlier.
READ: Nextleaf Solutions expects its patent-rich portfolio to pay off as Jazz Pharmaceuticals acquires GW Pharmaceuticals
“During the quarter, Nextleaf continued to add to its client roster, signing cannabis extraction agreements with three Canadian licensed producers which operate cannabis production and distribution facilities across Canada,” the company said.
Updating on corporate activity, Nextleaf noted that on September 19 last year, the Mexican Senate approved a comprehensive adult-use marijuana legalization bill, which will make Mexico the third country to legalize adult-use cannabis. The country’s supreme court recently set a deadline of April 30 this year for the law to be passed, the company noted.
Nextleaf owns the second-largest cannabis patent portfolio in Mexico.
The quarter also saw CBD gummies powered by the firm’s high purity CBD distillate launched at cannabis retailers in British Columbia through the company’s commercial partners program.
Nextleaf also highlighted that the completion of production of its first commercial batch of rapid THC oil drops using its patent-pending rapid emulsification technology.
“We’ve built our entire business to deliver efficient value to our clients through innovation. Furthermore, we’ve structured many of our supply agreements to leverage a split revenue model, providing a hedge on commodity risk – one of the largest enterprise risks faced by all cannabis companies,” said Nextleaf Solutions chief financial officer Charles Ackerman in the statement.
“As the overall consumer market continues to grow steadily with the rollout of retail stores and broader product offerings, we expect to see the industry work through the market oversupply,” he added. “We believe that ultimately, the companies that continue to innovate and drive further value for clients, like Nextleaf, will be the long term winners in this industry.”
Contact the author at [email protected]
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/942755/nextleaf-solutions-sees-record-unaudited-revenue-in-1q-as-it-continues-to-see-demand-for-extraction-and-distillation-services-942755.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).