- Nextleaf Solutions (OILS) has provided a corporate update following the release of its second-quarter financial results for the 2021 fiscal year
- The company partnered with two new cannabis companies in the second quarter to advance its THC and CBD oils
- With capital expenditures tapering off significantly and overheads tightening, Nextleaf expects to be well-positioned to grow its business to business segment in 2021
- Nextleaf Solutions Ltd. (OILS) closed trading up 2.08 per cent on the day at $0.245 per share
Nextleaf Solutions (OILS) has provided a corporate update following the release of its second-quarter financial results for the 2021 fiscal year.
The company reported a second-quarter revenue increase of $932,000 compared to Q2 2020.
With capital expenditures tapering off significantly and overheads tightening, Nextleaf expects to be well positioned to grow its B2B segment consistently as the market moves toward equilibrium.
“We believe a diverse revenue model, with commonalties, will allow us to build a very sustainable business in the medium term, while smoothing revenues as the B2B market normalizes,” said Nextleaf CFO Charles Ackerman.
“Due to a focus on automation, as Nextleaf’s facility utilization increases, further operational synergies should be realized, providing the ability to drive costs down and provide more value to our partners,” he added.
In the second quarter, Nextleaf Solutions continued to execute on its corporate strategy and advance its commercial operations.
The company partnered with two new customers in the second quarter, including a NASDAQ-listed global cannabis company and a licensed producer in Ontario.
“We are thrilled that our two newest partners are leveraging Nextleaf’s competitive advantage to power their established brands,” said Nextleaf Solutions CEO Paul Pedersen. “We continue to expand our B2B wholesale business, supplying some of the world’s largest cannabis producers with THC and CBD oils produced by Nextleaf’s patented cannabis oil refinery.”
Nextleaf Solutions is an innovative cannabis processor that owns one of the largest portfolios of U.S. patents for the extraction, distillation, and delivery of cannabinoids.
Nextleaf Solutions Ltd. (OILS) closed trading up 2.08 per cent on the day at $0.245 per share.