VANCOUVER: Nextleaf Solutions Ltd. has been issued more patents in North America, Asia, and Europe. These additional patents were awarded in jurisdictions including, but not limited to: the United States; Spain; Portugal; Poland; Malta; Ireland; Denmark; and, Cambodia.
These patents extend the Company’s existing patent portfolio to protect methodologies relating to the removal of fats and waxes during the extraction and purification process, achieving more efficient throughput rates and a higher quality distillate. Less refined cannabis extracts contain chlorophyll, fats, and other impurities that result in undesirable flavours and aromas.
With the latest patent issuances, OILS has advanced its intellectual property (IP) stack to over 35 issued patents, and 65 pending patents, for the industrial-scale extraction, and distillation of cannabinoids. With a 100% pending application to issued patent success rate, the Company has developed defendable IP around the most efficient methods for producing distilled THC and CBD at scale within a regulated environment.
OILS considers European IP protection to be particularly important due to the increasing demand for medical cannabis and CBD products in these rapidly legalizing markets. Prohibition Partners projects the legal European cannabinoid market will be worth more than US$39 billion by 2024, compared to US$37 billion for the more mature North American market by the same time.
The Company’s patent portfolio includes protection around the methodologies and technology necessary to efficiently process dried cannabis and hemp biomass into high-purity THC and CBD oils that are used in the manufacturing of cannabinoid formulations and products.
“We expect these patents will have a major impact on the production and sale of standardized cannabinoid-based products in Europe over the twenty year life of the patents,” said Paul Pedersen, CEO.
“These are jurisdictions that collectively manufacture and export over 70% of all drugs and medicines consumed globally, making European IP protection very important to our long-term global strategy”, continued Pedersen.