Nextleaf completes first shipment of Glacial Gold cannabis vapes and distilled oils to Ontario Cannabis Store, the sole distributor to retailers in the province

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VANCOUVER, British Columbia , April 20, 2022 (press release) –

Nextleaf Solutions Ltd. (“Nextleaf“, or the “Company“) (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA), a federally regulated manufacturer and distributor of cannabis vapes and oils, announced today it has completed its initial shipment of Glacial Gold™ vapes and distilled oils to the Ontario Cannabis Store (“OCS”), and provided an update on its cannabis sales in British Columbia (“B.C.”).

Wholly-owned by the Province of Ontario, the OCS is the sole distributor in the province and all Ontario cannabis retailers must purchase their inventory through the OCS. Vapes and distilled oils under the Company’s award-winning prohibition-era brand, Glacial Gold™ will be available at retail stores across Ontario and at in early May 2022. 

“Shipping our initial order to the OCS is a major milestone as we look forward to growing our relationship with the provincial distributor by delighting consumers in Ontario the way we have delighted consumers in B.C. with quality products at accessible price points,” said Nextleaf CEO and co-founder Paul Pedersen.   

British Columbia Market[1]

Glacial Gold™ continues to see strong consumer demand and sell-through during the brand’s initial six months in the British Columbia market. Nextleaf is pleased to provide the following key metrics in B.C. for the quarter ended March 31, 2022:

  • Nextleaf is a top-10 supplier of vapes and oils
  • Glacial Gold™ Anytime 1:1 is the #1 selling CBD forward vape SKU
  • Glacial Gold™ is the #2 brand in CBD & balanced oils by revenue
  • Glacial Gold™ is the #6 brand in 1-gram vapes by revenue
  • 44% increase in market share quarter-over-quarter in the oil category
  • 14% increase in market share quarter-over-quarter in the vape category
  • Glacial Gold™ has seven SKUs in the 1-gram vape sub-category, second amongst all brands

Glacial Gold™ continues to outsell the largest brands in Canada in the key categories of vapes and CBD oils. During Q1 2022, Nextleaf sold more vapes and oils in B.C. than Canopy Growth, Tilray Brands, Aurora Cannabis, The Valens Company, Medipharm Labs, Sundial Growers, and TerrAscend. “Nextleaf’s patented technology has enabled Glacial Gold to outperform some of the largest regulated cannabis companies in the world in vapes and CBD oils,” said Pedersen.

Nextleaf has been issued 10 U.S. patents for what it believes to be the most efficient technology to produce high-purity cannabinoid distillate in a regulated market.

[1] British Columbia market share according to BC Cannabis Wholesale sales data (January – March 2022).

Nextleaf Issues Shares and Options

Nextleaf has issued an aggregate of 866,741 common shares at a deemed price of $0.135 per share to scientific and technical consultants of the Company, as compensation for services provided.

The Company has awarded non-executive employees of the Company options to purchase up to 70,000 common shares of the Company pursuant to the Company’s Stock Option Plan, exercisable at a price of $0.175 per share.

The Company has issued 500,000 warrants to purchase common shares of the Company to the holder of the convertible note issued on March 31, 2021 (the “Note”). The warrants were issued as consideration for revision of terms of the Note, and are exercisable at a price of $0.162 per share for a period of 36 months from the date of issuance.

About Nextleaf®

Nextleaf is a federally regulated manufacturer and distributor of cannabis vapes and oils under its award-winning prohibition-era brand, Glacial Gold™. The Company’s multi-patented ingredient processing technology transforms cannabis and hemp biomass into high-purity distillate at an industrial scale. Nextleaf is a low-cost producer of cannabis oils, and supplier of THC and CBD ingredients to qualified wholesale partners across Canada. Nextleaf is the first publicly traded company to be issued a U.S. patent for the industrial extraction and purification of cannabinoids. The Company has been issued 17 U.S. patents, and over 90 patents globally, on cannabinoid processing including distillation and acetylation. Nextleaf develops proprietary cannabinoid-based formulations and delivery technology through its Health Canada Research Licence with sensory evaluation of cannabis via human testing. For more information visit and www.Glacial.Gold

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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Jason Irving
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