- Nextleaf Solutions (OILS) has announced that its application for a Controlled Substances Dealer’s License is now formally under review by Health Canada
- The license will allow Nextleaf Labs to conduct research and development, intellectual property development, laboratory analysis, and distribution
- Nextleaf has engaged CannDelta CEO and co-founder Dr. Sherry Boodram to aid in the application process
- Nextleaf is a federally regulated producer of cannabis oil
- Shares in Nextleaf Solutions Ltd. (OILS) are down 3.70 per cent, trading at $0.26 per share
Nextleaf Solutions (OILS) has announced that its application for a Controlled Substances Dealer’s License is under review by Health Canada.
Health Canada targets a processing service standard of 270 calendar days from the date of receipt of an application.
Once accepted, the license will allow Nextleaf Labs to conduct research and development, intellectual property development, laboratory analysis, and distribution of its psychedelic compounds.
To aid in the application process, Nextleaf has engaged CannDelta Inc., a cannabis company led by CEO and co-founder Dr. Sherry Boodram. Dr. Boodram has served as an independent board member of Nextleaf since October of 2019.
Prior to founding CannDelta, Dr. Boodram spent several years with Health Canada’s Medical Cannabis Program and Controlled Substances Program as a Senior Regulatory Compliance and Enforcement Officer.
Nextleaf owns 17 U.S. patents and has been issued 95 patents globally. With a full laboratory already operating under its existing Health Canada cannabis licenses, the company plans to expand its current site once the Dealer’s License has been approved.
The new license would allow the company to develop a suite of standardized naturally-derived prodrugs ranging from acetylated cannabinoids to psilocybin.
This may present new revenue drivers through opportunities for short-term and long-term partnerships with other industry stakeholders.
Paul Pedersen, co-founder and CEO of Nextleaf, commented on the development.
“We anticipate,” he said, “that a Dealer’s Licence will be a major catalyst with respect to Nextleaf’s Specialty Molecules Division, which is focused on the development and commercialization of novel psychoactive compounds for their potential therapeutic benefits.”
Nextleaf is a federally regulated producer of cannabis oil that owns one of the largest portfolios of U.S. patents for the extraction and distillation of cannabinoids.
Shares in Nextleaf Solutions Ltd. (OILS) are down 3.70 per cent, trading at $0.26 per share as of 10:13 am ET.