Nextleaf Launches New Cannabis Brand High Plains

Nextleaf Solutions Ltd. OILFF OILS L, a federally regulated manufacturer and distributor of cannabis extracts including vapes, oils, and softgel capsules, is launching its new brand High Plains.

High Plains will launch four initial one-gram vape cartridge SKUs with flavor profiles including Fruitquake, Cotton Cannon, Wild Watermelon, and Blueberry Dream. The first vape products will be available in British Columbia this fall, with additional SKUs coming to Ontario in the new year.

Nextleaf Receives Extension of Convertible Note Financing

Nextleaf has amended the terms of the senior secured note issued to an institutional investor on March 31, 2021.

In consideration for the amendments to the payment terms and maturity date of the note, the company has agreed to:

• Pay to the investor a forbearance fee equal to CA$100,000, which amount shall be added to the original principal amount owing under the note.

• Amend the conversion price of the note to $0.08 per share.

• Cancel an aggregate of 7.9 million warrants held by the investor and issue new warrants to the investor to purchase up to an aggregate of 7.9 million common shares, with such new warrants exercisable for a period of five years from the date of issuance at the subject price.

The new warrants will be subject to a four-month hold period from their issuance date under applicable Canadian securities laws.

Nextleaf Issues Shares and Options

Nextleaf has issued an aggregate of 843,233 common shares at a deemed price of $0.08 to $0.11 per share to technical, operational, and corporate advisory consultants of the company, as compensation for services provided.

Photo by Tim Foster on Unsplash

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