Nextleaf Solutions rides high on revenue growth, debt-free milestone

The Canadian cannabis processor crawled out of net negative.

Canadian biotech and cannabis processing company Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) reported its fiscal year 2023 results, showing a rise in revenue and the achievement of a debt-free status.

The company disclosed total gross revenue of nearly $10 million for the fiscal year, up $4.6 million compared to the previous fiscal year. The revenue increase was coupled with gross profit of $2.3 million.

Nextleaf also reported positive cash flow for four consecutive quarters.

A good portion of the revenue growth is attributed to the company’s performance in the fourth quarter of the fiscal year. In that quarter alone, Nextleaf generated approximately $3.3 million in revenue, 77.7% increase versus the same period in the previous year.

Nextleaf also retired its senior note, resulting in the company becoming debt-free.

The company introduced 15 new cannabis products in the Canadian market, including softgels, ingestible oils, and vapes. Nextleaf also extended its market reach to Alberta and Manitoba, with its brand Glacial Gold gaining traction in Alberta’s softgel and oil segments.

“This was a monumental year for our business,” interim CEO Emma Andrews said in a statement. “2023 delivered the framework for financial stability. This provided the confidence that we have the tenacity, talent, technology, and tactics to ride the waves inherent in this industry. Despite the complexity, we’ve remained very focused on delivering one simple premise … value.”

“We’ve worked through growing pains and roadblocks, overcoming setbacks and stigma. It has fortified our team, and I’m proud of how far we’ve come. We’ve put in a lot of hard work to get here, and we’re just getting started. There’s a collective understanding of the unique inflection point we are at.”

Adam Jackson

Adam Jackson writes about the cannabis industry for the Green Market Report. He previously covered the Missouri Statehouse for the Columbia Missourian and has written for the Missouri Independent. He most recently covered retail, restaurants and other consumer companies for Bloomberg Business News. You can find him on Twitter at @adam_sjackson and email him at adam.jackson@crain.com.


One comment

  • RCR

    January 31, 2024 at 9:51 pm

    This company is going places in 2024 and beyond… They are sitting on so much IP and patents. Don’t want to miss the boat.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.