Nextleaf Solutions (OILS) has been granted an amendment to its standard processing license.
Health Canada has now given the company the green light for the sale of cannabis extracts, edibles, and topical products, directly to provincially-authorized distributors and retailers across Canada.
The company sells through its wholly-owned subsidiary, Nextleaf Labs Ltd.
"The receipt of this licence amendment marks a significant milestone for Nextleaf, our commercial partners, and our investors. The sales licence helps Nextleaf service our partners more efficiently. Speed-to-market and the ability to test products effectively are often just as important to our partners as the price per molecule. This sales amendment, alongside our recently announced research licence amendment, and our unrivaled technology positions Nextleaf as a top tier extraction partner. Lastly, the amendment allows us to create and manufacture our own brands and add to our bottom-line revenue as the industry waits for market equilibrium in the extracts segment," said Nextleaf CEO Paul Pedersen.
The company's proprietary closed-loop automated extraction refinery, is capable of processing up to 600 kilograms of cannabis or hemp biomass daily with only two to three operators per shift and ;ocated at Nextleaf Labs in Metro Vancouver, British Columbia.
Nextleaf is an innovative cannabis processor that owns one of the largest portfolios of U.S. patents for the extraction, distillation, and delivery of cannabinoids.
Nextleafs Solutions is up 1.89 per cent on the day, with shares of the company trading at C$0.27 at 11:49 am ET.