Nextleaf Solutions Ltd (CSE:OILS) (OTCMKTS:OILFF) announced Wednesday that it has received its thirteenth patent to protect the company’s methods for producing distilled THC and CBD oils at scale.
The Vancouver-based company’s newest patent pertains to a proprietary closed loop chilled solvent feed system to extract cannabinoid.
The patent, which was granted by the Canadian Intellectual Property Office, mirrors a previously granted patent in the US by the United States Patent and Trademark Office in November 2019.
READ: Nextleaf Solutions finalizes acquisition of intellectual property related to water-soluble CBD formulations
"When Nextleaf obtained the first patent for the industrial-scale extraction and purification of cannabinoids, it broadcast our teams' demonstrable talent for innovation,” Taran Grey, Nextleaf’s director of intellectual property said in a statement.
Grey said that the company expects more patents to be granted shortly.
Nextleaf boasts a 100% success rate in the patent application process, which is far higher than the life science industry average of less than 50%, according to the company’s release.
The extraction firm is focused on commercializing its portfolio through licensing its intellectual property to partners operating in other legal markets as well as supplying THC and CBD oils to partners through its Nextleaf Labs Inc. The company recently completed the acquisition of intellectual property related to water-soluble cannabinoid formulations.
Nextleaf also said that its CEO Paul Pedersen will be presenting the company’s story at the Gravitas Growth Conference on February 20 in Vancouver, British Columbia.
Shares of Nextleaf rose 4.6% in Canada to C$0.34 and 6.1% over the counter at US$0.27.
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