- Nextleaf Solutions (OILS) has announced its Q2 financial and operational results for the quarter ended March 31, 2022
- The company reported that in Q2, Nextleaf sold more vapes and oils in B.C. than Canopy Growth, Tilray Brands, Aurora Cannabis, Organigram, Sundial, etc
- For Q1 2022, Nextleaf reported revenue of $1,145,000, an increase of $1,014,000 as compared to revenue of $131,000 for Q1 2021
- Cost of sales for the quarter was $723,871, an increase of $114,225, compared to $609,646 for the quarter ended March 31, 2021
- Nextleaf is a federally regulated manufacturer and distributor of cannabis vapes and oils under its award-winning prohibition-era brand, Glacial Gold
- Nextleaf Solutions Ltd. was down 4.55 per cent, trading at $0.105 2:56 PM ET
Nextleaf Solutions (OILS) has announced its Q2 financial and operational results for the quarter ended March 31, 2022.
“Glacial Gold continues to establish itself as one of the best-selling brands in vapes and CBD oil. I’m proud of our team for competing head-to-head against the largest cannabis companies in the world and winning our key categories,” stated Nextleaf Co-Founder and CEO Paul Pedersen.
The company reported that during Q2, Nextleaf sold more vapes and oils in B.C. than Canopy Growth, Tilray Brands, Aurora Cannabis, Organigram, Sundial, The Valens Company, and Medipharm Labs.
For the quarter ended March 31, 2022, the company reported revenue of $1,145,000, an increase of $1,014,000 as compared to revenue of $131,000 for the quarter ended March 31, 2021.
The increase in revenue resulted from the transition Nextleaf made to a branded cannabis products company, with $825,710 in Glacial Gold product sales and $319,602 in cannabis concentrate sales for Q1 2022.
Cost of sales for the quarter ended March 31, 2022, was $723,871, an increase of $114,225, compared to $609,646 for the first quarter of 2021. The increase in cost of sales was a result of increased sales activity.
The use of cash in financing activities during the quarter ended March 31, 2022, was driven by convertible debenture repayments and facility lease payments.
Nextleaf also announced the addition of Sam Kassem to its Board of Directors, pending the issuance of his Health Canada security clearance. Kassem brings a CFA charter holder with over ten years of operational experience from servicing cannabis and hemp processors worldwide. Also, Tim Gillis has resigned from the Board to pursue other interests.
Nextleaf is a federally regulated manufacturer and distributor of cannabis vapes and oils under its award-winning prohibition-era brand, Glacial Gold.
Nextleaf Solutions Ltd. was down 4.55 per cent, trading at $0.105 2:56 PM ET.
