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Be the first with the news that moves the market- Nextleaf Solutions (CSE:OILS) has secured new patents for its proprietary method of extracting and separating cannabinoids and terpenes
- The patents apply to a variety of jurisdictions, including the US, Spain, Portugal, Poland, Malta, Ireland, Denmark and Cambodia
- Nextleaf Solutions now has a stack of 35 issued patents with a further 65 pending
- The company has also announced a non-executive employee equity plan and will issue a total of 88,701 common shares at a price of C$0.315 each
- Nextleaf Solutions (OILS) is currently up 1.59 per cent and is trading at $0.32 per share, with a market cap of $34.9 million
Nextleaf Solutions (CSE:OILS) has secured new patents for its proprietary method of extracting and separating cannabinoids and terpenes.
Based in Vancouver, the company develops technologies for the extraction and distillation of THC and CBD oils, and supplies a range of products via Nextleaf Labs, a Health Canada-licensed processor.
Its industrial-scale facility has the capacity to process 600 kilograms of dried biomass each day.
Nextleaf Solutions’ most recent batch of patents to be issued apply to a variety of jurisdictions, including the US, Spain, Portugal, Poland, Malta, Ireland, Denmark and Cambodia.
The patents will help to extend the company’s existing portfolio related to the removal of fats and waxes in the extraction and purification process.
Without these extraction processes, cannabis products can contain chlorophyll, fats and other impurities, leading to undesirable flavours and aromas.
To date, Nextleaf Solutions has a 100 per cent application-to-issued success rate, which has resulted in a secured stack of 35 patents with a further 65 pending.
Today’s announcement drew attention to the particular importance of European intellectual property protection, due to a steep increase in demand for medical cannabis and CBD products in growing markets of legalisation.
Prohibition Partners, a market intelligence firm with a focus on the global cannabis industry, has projected that the European cannabinoid market is expected to be worth more than C$53 billion by the end of 2024.
Paul Pederson, CEO of Nextleaf Solutions, further stressed the need for European patent protection.
“We expect these patents will have a major impact on the production and sale of standardised cannabinoid-based products in Europe over the twenty-year life of the patents.
“These are jurisdictions that collectively manufacture and export over 70 per cent of all drugs and medicines consumed globally, making European IP protection very important to our long-term global strategy,” he said.
Separately, Nextleaf Solutions announced a non-executive employees equity plan, designed to align the efforts of the company’s workers with its long-term business strategy and reduce cash compensations. As such, a total of 88,701 common shares will be issued at a price of C$0.315 each.
Nextleaf Solutions (OILS) is currently up 1.59 per cent and is trading at $0.32 per share at 11:14am EDT.
