VANCOUVER, Oct. 15, 2019 /CNW/ - PRESS RELEASE - PRESS RELEASE - Nextleaf Solutions Ltd., a Vancouver-based extraction technology company that owns a portfolio of eight issued and over 35 pending patents pertaining to industrial-scale extraction, purification and formulation of cannabinoids, has announced today it has entered into an agreement with its commercialization partner, Nextleaf Labs Ltd., a Standard Processor licensed under the Cannabis Regulations.
Through Nextleaf's existing intellectual property (IP) and infrastructure, OILS will be able to extract, refine, purify and formulate cannabinoids such as THC and CBD, the precursor ingredients for a variety of infused cannabis products becoming legal in Canada later this week.
"With this consolidation, we will expand on our foundation from developing intellectual property, into the delivery of toll processing and white labeling services to leverage OILS' IP through Labs' Standard Processing Licence," said Paul Pedersen, co-founder and CEO of OILS.
The 6,540-square-foot facility, located in the Greater Vancouver Area, was granted a Standard Processor licence on Sept. 6, 2019. The licensing process was led by Tom Ulanowski, president of Nextleaf Labs Ltd. "Nextleaf has developed efficient, scalable technology for the cannabis and hemp extraction industry, and has protected their IP in a number of jurisdictions where cannabis is--or will likely be--legal," said Ulanowski. "At this time, our focus is on commissioning the phase one custom extraction and purification system and finalizing commercial contracts, in time for the next wave of legal cannabis products."
In his previous role as Quality Assurance Person (QAP) and Qualified Person in Charge (QPIC) at British Columbia's first Licensed Producer, Ulanowski quality-assured hundreds of batches of cannabis, while helping to obtain multiple production and sales licences, win national industry awards, and increase output ten-fold via facility expansions, improvements to current practices, and the development of new processes and products. In 2018, Mr. Ulanowski led the effort to manufacture and bring to market the first legal concentrated cannabis product to be sold in Canada.
Ulanowski has also been integral in developing Kwantlen Polytechnic University's (KPU's) Cannabis Professional Series courses, and has taught hundreds of students around the world about cannabis production and the interpretation of national and international cannabis laws and regulations.
Under the share purchase agreement for the acquisition of Labs by Nextleaf, the company will issue 1,000,000 common shares to Ulanowski at a deemed price of $0.385 per share for aggregate consideration of $385,000. The shares issued under the agreement will be subject to a pooling arrangement which restricts the ability of the holder to transfer or trade the shares. The shares will be released from the pooling arrangement over a period of 18 months, with 25 percent of the shares released immediately upon completion of the acquisition and the balance released in three equal tranches every six months thereafter.