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ORIGINAL: Nextleaf Solutions Signs Cannabis Extraction Agreement with Eve & Co
2020-11-09 08:41 ET - News Release
VANCOUVER, British Columbia, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Nextleaf Solutions Ltd. ("Nextleaf Solutions", "OILS", or the "Company") (CSE: OILS) (OTCQB: OILFF), Canada’s most innovative cannabis extractor, is pleased to announce that its wholly-owned subsidiary Nextleaf Labs Ltd. (“Nextleaf Labs”), a Health Canada licensed standard processor, has entered into a Cannabis Extraction Agreement (the “Agreement”) with Natural MedCo Ltd.(“NMC”), a wholly-owned subsidiary of Eve & Co Incorporated (“Eve & Co”) (TSX-V: EVE) (OTCQB: EEVVF). NMC is based in Strathroy, Ontario and operates over one million square feet of licensed production and distribution through provincial adult-use channels and international markets.
Cannabis Extraction Agreement
Pursuant to the Agreement, NMC will provide cannabis biomass to be processed into distilled THC and CBD oils at Nextleaf’s closed-loop extraction plant in Metro Vancouver. The resulting bulk THC and CBD oils will be sold by Nextleaf Labs through its Commercial Partners Program and the wholesale market, with the net proceeds of such sales to be shared by Nextleaf Labs and NMC. The initial term of the Agreement will end on the earlier of (a) 12 months, and (b) the date upon which 5,000 kilograms of cannabis biomass has been processed, and automatically renews thereafter for successive one-year terms.
Nextleaf Solutions’ investment in IP and its existing fixed asset base provides a robust platform to scale, and a clear competitive advantage to supply low-cost cannabinoid distillate produced at the Company’s ultra-efficient cannabis oil refinery in British Columbia.
“We are excited for the opportunity to support the launch of Eve & Co’s female-focussed cannabis 2.0 product lines in Canada,” stated Nextleaf Solutions’ CFO, Charles Ackerman. “Given our partner’s European Union certificate of Good Manufacturing Practise Compliance, and their ability to distribute into Germany, we expect to have opportunities to supply global markets with bulk THC and CBD oils and differentiated products,” continued Ackerman.
“We are excited about the opportunity to work with Nextleaf, which is such a ground-breaking company, and the opportunities our partnership will bring,” said Melinda Rombouts, CEO and President of Eve & Co. “Alliance with this group adds another revenue stream, which aligns well with our 2.0 female-focussed product line and exports to the European Union.”
About Nextleaf®
OILS is Canada's most innovative cannabis extractor, developing technology for extracting and distilling cannabinoids. OILS wholesales THC and CBD oils and provides extraction services through its wholly owned subsidiary Nextleaf Labs Ltd., a Health Canada licensed processor. The Company owns a portfolio of over 50 issued patents and over 50 pending patents for the extraction, purification, and delivery of cannabinoids. The Company’s proprietary closed-loop extraction plant in Metro Vancouver has a design capacity to process 600 kg per day of dried cannabis biomass into distilled oils.
Nextleaf Solutions trades as OILS on the Canadian Securities Exchange, OILFF on the OTCQB Market in the United States, and L0MA on the Frankfurt Stock Exchange.
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www.nextleafsolutions.com
For more information please contact:
Jason McBride
604-283-2301 (ext. 219)
investors@nextleafsolutions.com
On behalf of the Board of Directors of OILS,
Paul Pedersen, CEO
About Eve & Co.
Eve & Co, through its wholly-owned subsidiary NMC, holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and extraction of cannabis oil and has received its European Union certificate of Good Manufacturing Practice. NMC was Canada’s first female-founded licensed producer of medicinal marijuana and received its cultivation licence from Health Canada in 2016. Eve & Co is led by a team of agricultural experts and has a licensed 1,000,000 square foot greenhouse located in Strathroy, Ontario.
For further information, please contact:
Melinda Rombouts
President and Chief Executive Officer
Eve & Co Incorporated
Telephone: (855) 628-6337
Rory Taylor
Interim Chief Financial Officer
Eve & Co Incorporated
Telephone: (855) 628-6337