- Cannabis company, Nextleaf Solutions (OILS) has completed the acquisition of all issued and outstanding shares in Nextleaf Labs
- The company issued the seller one million of its common shares at C$0.385 each, for an aggregate payment of $385,000
- The newly acquired Nextleaf Labs has standard cannabis processing and research licenses from Health Canada, which Nextleaf Solutions will use
- The acquisition allows Nextleaf Solutions to commercialise its intellectual property portfolio by producing and selling THC/CBD-based oils and concentrates
- Nextleaf Solutions (OILS) is up 1.82 per cent and is currently trading at 28 cents per share
Cannabis company, Nextleaf Solutions (OILS) has completed the acquisition of all issued and outstanding shares in Nextleaf Labs.
The company paid the sole shareholder of Labs for the acquisition by issuing them one million common shares in Nextleaf Solutions. At C$0.385 per share, this resulted in an aggregate consideration of C$385,000 for the seller.
250,000 of those shares were immediately released to the seller on the closing of the acquisition transaction. The remaining 750,000 shares are subject to an escrow agreement, providing for the release of shares in three equal tranches.
Nextleaf Solutions will release 250,000 of the remaining 750,000 shares to the seller every six months, until complete. All of these issued consideration shares are subject to a hold period of four months and one day, in accordance with Canadian securities laws.
The newly acquired Nextleaf Labs has standard processing and research licenses for cannabis from Health Canada, under the Cannabis Act. Nextleaf Solutions’s acquisition brings these licenses into its portfolio, marking an important milestone for the company.
The company can now continue to commercialise its intellectual property portfolio through its Labs subsidiary. Nextleaf Solutions will achieve this by producing and selling THC and CBD-based oils and concentrates through Labs.
The company has a total of 40 issued patents for extracting, purifying, and formulating cannabinoids. Its intellectual property portfolio also has an additional 60 patents for such processes, which are still pending approval.
Nextleaf Solutions (OILS) is up 1.82 per cent and is trading at 28 cents per share at 12:19pm EDT.