- Nextleaf Solutions (OILS) onboards new partner and delivers initial bulk CBD order
- Nextleaf has completed a bulk CBD distillate delivery to a U.S.-listed, Canadian-based global cannabis company.
- The Canadian cannabis continues to grow and the global demand and acceptance of CBD-based products continues to increase
- According to New Frontier Data, 54 per cent of consumers admit to bring a CBD product in 2021 compared to 33 per cent in 2018
- Nextleaf Solutions Ltd. (OILS) is down 1.96 per cent and is trading at C$0.25 at 3:06 pm ET
Nextleaf Solutions Ltd. (OILS) has completed an inaugural bulk CBD distillate delivery to a U.S.-listed, Canadian-based global cannabis company.
Nextleaf anticipates similar orders on an ongoing basis.
While the Canadian cannabis sector continues to mature as the world's largest federally legal cannabis jurisdiction, the global demand and acceptance of CBD-based products continues to increase.
In December 2020, Israel signed a regulatory amendment permitting the use of CBD in cosmetics and food products, and in February 2021 plant-derived CBD was added as a legal ingredient in cosmetics by a key market regulator for trade in the European Union.
According to New Frontier Data, U.S. consumer spending on CBD reached $3.8 billion USD in 2020 and the demand is expected to reach as high as $8 billion USD by 2025.
In a separate report from New Frontier Data titled "2021 U.S. Cannabis Consumer Evolution: Archetypes, Preferences, and Behaviours," 54 per cent of consumers say they have tried a CBD-only product in 2021, compared to 33 per cent in 2018.
"Amidst the global acceptance of CBD as a therapeutic drug, Health Canada has begun the process of reviewing CBD and regulating it differently than THC," said Paul Pedersen, CEO of Nextleaf Solutions.
"We believe this is the beginning of a long-term relationship and we look forward to updating our stakeholders and the broader market as we progress," concluded Pedersen.
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.
Nextleaf owns 13 U.S. patents and has been issued over 70 patents globally.
Nextleaf Solutions Ltd. (OILS) is down 1.96 per cent and is trading at C$0.25 at 3:06 pm ET.