Nextleaf Solutions sees 2Q revenue jump as its cannabis brand Glacial Gold outsells competitors on vapes and oils in British Columbia

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For the three months ended March 31, 2022, the company reported revenue of $1,145,000 compared to $131,000 for the same period in 2021

Nextleaf Solutions Ltd (CSE:OILS, OTCQB:OILFF) has reported strong revenue growth for fiscal 2Q as its brand Glacial Gold outsold competing brands across two product categories in British Columbia. 

For the three months ended March 31, 2022, the company reported revenue of $1,145,000 compared to $131,000 for the same period in 2021. 

The company said during the quarter, it sold more vapes and oils in British Columbia than its competitors, including Canopy Growth, Tilray Brands, Aurora Cannabis, Organigram, Sundial, and Medipharm Labs.

Nextleaf increased its market share 44% in the oil category and 14% in the vape category compared to the year-ago quarter.

Nextleaf CEO Paul Pedersen said Glacial Gold continued 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," Pedersen said.

Other highlights from the quarter include Glacial Gold Distilled CBD 200 Oil becoming available nationally through Nextleaf’s Quebec-based medical cannabis distribution partner Mendo, Glacial Gold CBD and THC products becoming available in Nova Scotia through Nova Scotia Liquor Corporation cannabis stores, and the launch of three new Glacial Gold vape SKUs in British Columbia, including two new flavours.

The company also narrowed its net loss during the quarter to $607,000 from $1,209,000 in 2Q 2021.  

Nextleaf is a federally regulated manufacturer and distributor of cannabis vapes and oils under its award-winning prohibition-era brand Glacial Gold.

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