Nextleaf Solutions (OILS.C) received a patent from the United States Patent and Trademark Office for a process to make a solventless cannabis concentrate, thereby adding to the company’s patent portfolio, according to a press release.
At present, the company owns 12 issued U.S. patents and over 60 global patents involved in the extraction, purification and delivery of cannabinoids.
“We’re excited to start 2021 with the 2nd largest portfolio of U.S. patents among all cannabis companies, and a validated extraction platform to produce low-cost cannabis distillate from Canada’s abundant supply of biomass inputs. With the results of the 2020 U.S. elections, the passing of the MORE Act in December, and the Democratic Party gaining control of the U.S. Senate, we believe cannabis legalization in the United States will become a reality within three years. I expect our robust U.S. patent portfolio will make OILS a target for large pharmaceutical and multi-national CPG companies entering the cannabinoid market upon U.S. legalization,” said Paul Pederson, CEO of Nextleaf Solutions.
The U.S. patent involves a process where trichomes are reduced to low temperatures and made brittle, and are thereafter separated from the plant through a series of filtration. It creates a proprietary full melt bubble hash concentrate, which is a product category that makes up 10% of the cannabis market in the United States.
OILS is up 13.5% today to $0.255 ending a three month period wherein they couldn’t seem to rise above the $0.18 mark.