Nextleaf Solutions Ltd. (CSE:OILS) (OTCQB:OILFF), the world's most innovative cannabis extractor, has announced that the United States Patent and Trademark Office has granted the company a patent for a process resulting in a solventless cannabis concentrate.
The group noted that it adds to the company's dynamic and expanding US patent portfolio. Nextleaf owns 12 issued US patents and over 60 issued patents globally for the extraction, purification, and delivery of cannabinoids.
"The world's largest cannabis company launching the industry's first patent infringement lawsuit against a multi-national pharmaceutical company in December 2020 demonstrates the value of patents and intellectual property in the cannabis industry, similar to biotech and life sciences," commented Paul Pedersen, CEO of Nextleaf Solutions in a statement.
READ: Nextleaf Solutions enters into cannabis extraction agreement with licensed Canadian producer and distributor
Nextleaf's latest US patent covers a process whereby trichomes are made brittle from exposure to low temperatures and separated from plant material during agitation and through a series of filtration. The result is a proprietary full melt bubble hash concentrate, a product category that makes up approximately 10% of the cannabis market in the United States.
This patent further enriches the company's intellectual property around differentiated formats and delivery technology. Netleaf commercializes its intellectual property in Canada through its wholly-owned subsidiary, Nextleaf Labs Ltd, a cannabis processor licensed under the Cannabis Act.
"We're excited to start 2021 with the 2nd largest portfolio of U.S. patents among all cannabis companies, and a validated extraction platform to produce low-cost cannabis distillate from Canada's abundant supply of biomass inputs," said Pedersen.
"With the results of the 2020 U.S. elections, the passing of the MORE Act in December, and the Democratic Party gaining control of the U.S. Senate, we believe cannabis legalization in the United States will become a reality within three years. I expect our robust U.S. patent portfolio will make OILS a target for large pharmaceutical and multi-national CPG companies entering the cannabinoid market upon U.S. legalization."
Launch of CBD Oils in Canada
Nextleaf Labs also revealed that it delivered approximately 100 kilos of CBD distillate to one of Canada's top-selling cannabis brands during the month of December.
"We see this as the beginning of a long-term partnership, allowing OILS to bring its high-purity CBD distillate to the Canadian market at a great value. With our Partner distributing branded CBD products in over 1,000 points of retail across Canada, and Nextleaf's competitive advantage producing low-cost cannabis distillate, we think this is an incredible opportunity to monetize our patented technology and scale CBD oil production," said Nextleaf CFO, Charles Ackerman.
Nextleaf Labs' bulk cannabis distillate supply agreement is with a British Columbia-based licensed producer and one of the largest distributors of cannabis products in Canada. Nextleaf expects to continue supplying CBD distillate to the partner for the purposes of manufacturing CBD based products, with distribution of the partner's branded consumer products through their existing sales channels.
Nextleaf is the world's most innovative cannabis extractor, having developed the 2nd largest portfolio of US patents among all cannabis companies.
The company wholesales THC and CBD oils and provides extraction services through its wholly-owned subsidiary Nextleaf Labs Ltd. The group's automated closed-loop extraction plant in Metro Vancouver has a design capacity to process 600 kg per day of dried cannabis biomass into distilled oils.
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