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“In alignment with our B2B extraction and processing business, this launch into B2C branded products allows us to fulfill the value of our IP through commercialization, diversify revenue streams, and utilize the cannabis plant to its full potential,” said Nextleaf CEO, Paul Pedersen. “Our established advantage in processing efficiency, and low-cost, high purity cannabinoid ingredients translates easily into manufacturing Glacial Gold products at scale.”
About Glacial Gold
Best known for its award-winning cannabis concentrates (2017 Karma Cup, 2016 Canadian Cannabis Awards), Glacial Gold built traction around a portfolio of accessibly priced extracts and specialty concentrates, formulated with quality at the forefront. The brand earned deep loyalty with consumers for providing unparalleled value and gained recognition through distribution on a national scale.
Glacial Gold pioneered many processing techniques as part of its product development, such as triple-distilled, cold extraction that helped differentiate Glacial Gold from its competitors.
“Our entire team is motivated to see a legacy brand with deep roots in our BC backyard, make the successful leap into the recreational market and legal-era,” said Nextleaf CTO, Ryan Ko.
“We’ve been building towards this gold-rush and we’re ready to shake things up.”
– Nextleaf Solutions Director of Marketing, Emma Andrews
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Nextleaf and Glacial Gold have signed a copyright release which will include rights for Nextleaf to use the “Glacial Gold” brand identity on any products and formulations at the Company’s discretion, in addition to an existing online presence and audience base across multiple channels. The Company plans to refresh the brand as part of its launch strategy, while still retaining the brand’s fun, engaging, authentic identity.
Following receipt of its Sales Amendment in April 2021, Nextleaf, through its wholly-owned subsidiary Nextleaf Labs Ltd. (“Nextleaf Labs” or “Labs”), filed initial applications with the provincial distribution boards for British Columbia and Alberta as part of the preliminary listing process, prior to entry into retail. Additional expansion across Canada is targeted for later this year.
“Our initial launch will include a broadly appealing, market-validated product assortment featuring distillate produced through Nextleaf Labs,” said Nextleaf Director of Marketing, Emma Andrews. “We have our sights set on additional product formats that consumers have come to know and love from Glacial Gold, as well as innovation that will welcome in the next generation of consumers. This is a brand everyone can enjoy.”
OILS also plans to leverage the Human Trials Amendment to its Research Licence during formulation and product development, as well as during retail roll-out to engage and educate buyers and decision-makers. “We can offer unparalleled value and access through our unique combination of IP and licenses,” said Andrews. “We’ve been building towards this gold-rush and we’re ready to shake things up.”
Extension of Early Warrant Exercise Incentive Program
Nextleaf is also pleased to announce it has extended its warrant exercise incentive program designed to encourage exercise of up to 10,400,000 of its outstanding share purchase warrants (the “Warrants“) through July 15, 2021 and has amended the expiry date of the Warrants from May 15, 2021 to July 15, 2021. As previously announced, the Company amended the exercise price of the Warrants to $0.265 per common share of the Company (each, a “Share“).
Under the incentive program, the Company is offering an inducement to each holder of Warrants (each, a “Warrantholder“) who exercises their Warrants prior to July 15, 2021. All Warrantholders who exercise their Warrants prior to July 15, 2021 will receive one additional share purchase warrant (each, an “Incentive Warrant“) for each Warrant exercised. Each Incentive Warrant will entitle the holder to purchase one additional Share at $0.35 per Share until July 15, 2022 (the “Term“), subject to acceleration. If, for any ten consecutive trading days during the Term, the closing price of the Shares on the Canadian Securities Exchange (the “CSE“) exceeds $0.44 then, upon the Company sending to the holders of the Incentive Warrants notice of acceleration of the expiry date by way of a news release, the Incentive Warrants will only be exercisable for a period of 30 days following the date of such news release. Any Shares issued upon exercise of the Incentive Warrants will be subject to a statutory four-month and one day hold period from the date of issuance of the Incentive Warrants.
If, for any 10 consecutive trading days during the unexpired term of the Warrants the closing price of the Shares on the CSE exceeds $0.33, then, upon the Company sending to the Warrantholders notice of acceleration of the expiry date by way of a news release, the Warrants will only be exercisable for a period of 30 days following the date of such news release.
Nextleaf Issues Shares
As part of the acquisition of Glacial Gold rights and associated material, the Company issued 440,000 common shares at a deemed price of $0.25 per share.
Nextleaf has issued an aggregate of 427,500 common shares at a deemed price of $0.25 per share to consultants of the Company, as compensation for services provided.
Nextleaf is an innovative cannabis processor that owns one of the largest portfolios of US patents for the extraction, distillation, and delivery of cannabinoids. Through its wholly-owned subsidiary Nextleaf Labs Ltd, a licensed processor, the Company is a low-cost producer of cannabis distillate and private label THC & CBD oils. Nextleaf’s proprietary closed-loop automated extraction plant in Metro Vancouver has a design capacity to process 600 kilos of dried cannabis into oil per day. The Company owns 13 US patents and has been issued over 70 patents globally. Nextleaf is developing delivery technology through its Health Canada Research Licence with sensory evaluation of cannabis via human testing. The Company’s proprietary RAPID Emulsion Technology by OILS™ powers differentiated ingestible cannabis products.
For more information please contact:
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”. All statements other than statements of historical fact contained in this press release, including, without limitation, those regarding the Company’s ability to capitalize on its IP portfolio, 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 CSE has not reviewed or approved the contents of this press release.
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