Vancouver, British Columbia--(Newsfile Corp. - December 10, 2020) - Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) ("Nextleaf Solutions", "OILS", or the "Company"), Canada's most innovative cannabis extractor, is pleased to provide the following commercial and intellectual property update:

Cannabis Tolling Agreement with Large Canadian Producer

Nextleaf Labs Ltd. ("Nextleaf Labs") has entered into a Cannabis Extraction Services Agreement (the "Services Agreement") with a Canadian licensed producer which operates cannabis production and distribution facilities across Canada (the "Client").

Pursuant to the Services Agreement, the Client provides cannabis biomass to be processed into THC distillate at Nextleaf's processing facility. The pricing and value of the Services Agreement is based upon the volume of distillate produced by Nextleaf Labs from the Client's cannabis biomass. The extraction services are paid in cash and are based on a minimum of 1,000 kilograms of dried marijuana per service order.

"We are thrilled to add another strong LP to our Commercial Partners Program. OILS will supply high purity cannabis distillate to help support our partner's cannabis 2.0 strategy nationally," said Nextleaf CFO, Charles Ackerman.

U.S. Patent Granted for Ultrasonic Cannabinoid Extraction

The United States Patent and Trademark Office has granted The Company a patent for ultrasonic cannabinoid extraction using a non-flammable co-solvent. The process describes a method of extracting cannabinoids from cannabis biomass in a non-flammable and inexpensive co-solvent system using a flow-through ultrasonic extraction system.

"This technology has the potential to differentiate from the established extraction methods through the use of an innovative continuously-fed cannabinoid extraction system," commented Dr. David Novitski, co-author of Nextleaf's 11th issued U.S. patent. "The ability to continuously extract THC from biomass is a gamechanger in the realm of extraction."

This issued patent is the latest example of Nextleaf's commitment toward the development of new technologies which result in high-quality and low-cost distillate products.

Nextleaf Issues Shares and Options

Nextleaf has issued an aggregate of 418,823 common shares at a price of $0.17 per share, representing an aggregate value of $71,200, to two non-executive employees and to one consultant of the Company, as compensation for services provided.

Nextleaf has also issued an aggregate of 911,765 common shares at a price of $0.17 per share, representing an aggregate value of $155,000, to two consultants of the Company as settlement for existing debts. The shares are subject to a four month period in accordance with applicable securities laws. Nextleaf also issued an aggregate of 250,000 stock options to the consultants, each option exercisable for five years at an exercise price of $0.25 and vesting immediately.

https://ceo.ca/@newsfile/nextleaf-solutions-awarded-us-patent-and-announces