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Nextleaf Solutions Ltd. (OILFF) is a leading biotech firm and licensed cannabis processor with a focus on innovation and market expansion. The company offers a diverse product range, including vapes, oils, softgels, and infused prerolls under its acclaimed brands Glacial Gold and High Plains. With a commitment to quality and value, Nextleaf's multi-patented extraction technology sets the global standard for processing cannabis at scale. Through strategic partnerships and a customer-centric approach, Nextleaf aims to provide consumers with high-potency, differentiated products across various formats.
Nextleaf Solutions (CSE: OILS) (OTCQB: OILFF) has launched an innovative virtual tour of their Coquitlam B.C. processing facility, showcasing their multi-patented extraction technology. The on-demand, self-guided, 4-part tour was made possible by a grant from the Canadian Digital Adoption Program (CDAP). It offers unprecedented transparency in cannabis processing with user-navigated content.
The tour includes 360-degree video at four stops: Primary Extraction, Distillation, Manufacturing, and The Vault. Each stop features additional embedded educational videos. The specialized footage was created by Ben Taft, Founder of 360 Immersion. Nextleaf aims to build trust and legitimacy in the cannabis industry through this initiative.
The company has been integrating digital adoption strategies across its operations, including investments in ERP software and an EQMS system for quality assurance, to support operational effectiveness and future growth.
Nextleaf Solutions (CSE: OILS) (OTCQB: OILFF) announces 12 new product listings across 5 categories, launching between September 2024 and early 2025. The company currently manufactures 40 products for national distribution. New offerings include CBN softgels, RSO (Rick Simpson Oil), and all-in-one vape products. Nextleaf's Glacial Gold brand was the #1 softgel brand in Western Canada in September 2024. The company's aggressive pricing strategy and in-house production have contributed to Glacial Gold's growing market share. Approximately 70% of FY 2024 YTD revenue was generated through its CPG strategy. Nextleaf also announces the permanent appointment of Sam Kassem as Chief Financial Officer.
Nextleaf Solutions (CSE: OILS) (OTCQB: OILFF) has announced the permanent appointment of Emma Andrews as Chief Executive Officer. Andrews has been with the company for 6 years, previously serving as Director of Marketing and most recently as Interim CEO since September 8, 2023. The Board of Directors expressed confidence in Andrews' leadership, citing her contributions to refining the company's vision, enhancing culture, and delivering record revenue while maintaining a debt-free and cash-flow positive business.
Dr. Sherry Boodram, an Independent Director for the past 5 years, voiced strong support for Andrews' appointment, highlighting her lasting impact on the company. Nextleaf Solutions, described as a leading life science firm and licensed cannabis processor, continues to operate under Andrews' guidance.
Nextleaf Solutions (CSE: OILS) (OTCQB: OILFF) reported strong financial results for Q3 FY2024 ending June 30th, 2024. The company achieved gross revenue of $4,012,000, a 50% year-over-year increase, and net revenue of $3,050,508, representing 37% growth. Nextleaf maintained its debt-free status and reported an Adjusted EBITDA of $725,339 for the nine months ended Q3 FY2024.
Key highlights include:
- Gross margin of 29% in Q3 FY2024
- Launch of 10 new products across various categories
- Maintained top positions for Glacial Gold softgels in British Columbia
- Record sales in Ontario and Alberta
The company's Q4 FY2024 outlook focuses on new product launches, inventory building, infrastructure upgrades, and enhanced marketing initiatives.
Nextleaf Solutions (CSE: OILS) (OTCQB: OILFF) has provided a strategic update on their Commercial Partners Program™. The program focuses on mutually beneficial agreements, strategic alignment, and leveraging core capabilities. Nextleaf offers services including rapid innovation, contract manufacturing, white labeling, toll-processing, and bulk ingredient sales.
A key highlight is the partnership with Miracle Valley, a licensed producer from Mission, BC. Nextleaf will launch Miracle Valley's Crafty Cuts Pre-roll Sampler and Premium Craft Flower in the Ontario retail market, marking Miracle Valley's re-entry into the Canadian recreational market after focusing on exports since late 2022.
The company views the competitive landscape as a collaborative race, aiming for mutual success within the industry. Nextleaf has also identified opportunities to optimize operations by transitioning select activities to offsite partners.
Nextleaf Solutions reported a record net revenue of $3.4 million for Q2 2024, marking a 7% increase from the previous quarter and a 57% rise compared to Q2 2023. The company achieved gross margins of 28%, up from 20% in the same period last year. Despite the revenue growth, the company posted a loss of $1.01 million due to a non-cash share-based compensation expense. Adjusted EBITDA was $232,682 for Q2 2024, with a six-month total of $554,638. Key achievements include nine new product launches, strong growth in cannabis softgel and THC oil SKUs, and a successful first shipment of white label vapes. The company also reduced its CRA liability by $740,000 and launched a new category of MAX THC infused pre-rolls.
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