Cannabis Stock News - Nextleaf (CSE: OILS) Enters Newfoundland Market Through Strategic Partnership with Atlantic Cultivation
Vancouver, British Columbia - November 16, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA) ("Nextleaf" or the "Company"), a federally regulated manufacturer and distributor of cannabis extracts, is pleased to announce its entry into the Newfoundland and Labrador market through a strategic partnership with Atlantic Cultivation Inc. ("Atlantic").
Nextleaf is supplying Atlantic with semi-finished goods to power several unique products under their Crooked Dory brand. The initial order of cannabis extracts has been shipped to Atlantic, with Crooked Dory products available now in the Newfoundland and Labrador market.
"We are excited to support Atlantic's authentic Newfoundland brands by supplying cannabis oils, extracts, and technology," said Nextleaf Co-Founder and CEO, Paul Pedersen. "Atlantic is currently the #1 cannabis distributor in the Newfoundland and Labrador market, with incredible brands and infrastructure to produce and distribute products that delight consumers."
"Atlantic is very excited to partner with and provide Nextleaf processed products across Newfoundland and Labrador. Nextleaf's quality and processing efficiency allow us to offer exceptional quality products at the lowest prices in the province. We are proud to have their products become a staple offering in our wholly owned retail chain," said Atlantic Founder and COO Chris Crosbie.
According to the most recent data available from the Newfoundland and Labrador Liquor Corporation ("NLC"), annual sales of cannabis is growing rapidly at a double-digit growth rate within the region. The NLC reported total retail cannabis sales increased by 17.2% for a total of over $61 million for its fiscal year 2022.1
Along with its direct delivery distribution platform to licensed cannabis retailers, Atlantic operates eight retail locations throughout Newfoundland and Labrador.
About Atlantic Cultivation Inc.
Atlantic Cultivation Inc. is owned by a team of Newfoundlanders and Labradorians that believes in offering great quality cannabis to the people in Newfoundland and Labrador and throughout the country. We have created an amazing team obsessed with Quality, Community and Fun. Our cannabis cultivation and processing facility is in St. John's, NL. We also own and operate Atlantic Cannabis retail locations across the province. Visit one of our locations to find exciting cannabis products from us and our partners.
About Nextleaf Solutions Ltd.
Nextleaf® is a federally regulated manufacturer and distributor of cannabis vapes and oils under its award-winning prohibition-era brand, Glacial Gold™. The Company currently sells its branded products through authorized distributors and retailers in 4 provinces in Canada. Nextleaf is a low-cost producer of cannabis oils, and supplier of THC and CBD ingredients to qualified wholesale partners across Canada. The Company's multi-patented ingredient processing technology transforms cannabis and hemp biomass into high-purity distillate at an industrial scale. The Company has been issued 19 U.S. patents, and over 100 patents globally, on cannabinoid processing including extraction, distillation and acetylation. Nextleaf develops cannabinoid-based formulations and delivery technology through its Health Canada Research Licence with sensory evaluation of cannabis via human testing. For more information visit www.nextleafsolutions.com and www.Glacial.Gold
Nextleaf trades as OILS on the Canadian Securities Exchange, OILFF on the OTCQB Market in the United States, and L0MA on the Frankfurt Stock Exchange.
Jason McBride, Corporate Development
604-283-2301 (ext. 219)
On behalf of the Board of Directors of the Company,
Paul Pedersen, CEO
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of applicable securities laws. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding the Company's anticipated delivery of its products to provincial markets across Canada and those regarding the Company's strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words "believe", "expect", "aim", "intend", "plan", "continue", "will", "may", "would", "anticipate", "estimate", "forecast", "predict", "project", "seek", "should" or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company's expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to the risk factors discussed in the Company's MD&A for the most recent fiscal period. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law. The Canadian Securities Exchange has not reviewed or approved the contents of this press release.
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