Nextleaf Solutions reports record revenue

| Sarah Clark

Bucking industry trends, BC-based cannabis company Nextleaf Solutions reported their third profitable quarter this week

Nextleaf reported $4.1 million in revenue, paying nearly $1 million in excise taxes while bringing in $132,821 in income. The quarter, ended December 31st, 2023, was the company’s highest gross sales period, generating more than $4.1 million.

This is an increase from the same quarter in 2022 when the company had $1.4 million in revenue and reported $559,013 in losses.

Nextleaf sells cannabis extract products like oils, soft-gels, and vape pens in markets across Canada. It also provides toll-processing services for other producers. The company’s house brands, including its Glacial Gold and High Plains Cannabis brands, only launched into Alberta in August 2023.

The company anticipates launching nine new products nationwide in Q2 2024, including Glacial Gold infused pre-rolls. 

In its recent 2023 financial report, BC-based cannabis processor Nextleaf Solutions Ltd. says it achieved four quarters of consistently positive cash flow in the past fiscal year. 

“I have a personal affinity towards Alberta and its success for us as a Company, having spent over 20 years there,” said Emma Andrews, Interim CEO, in a press release. “This was my first full quarter as interim CEO, so I spent time visiting retailers in Alberta to support our Company’s launch. It was gratifying to see first-hand how the products are gaining immediate traction and how the value proposition is resonating early on with retailers, particularly with our softgel SKUs,” 

As of December 31, 2023, Nextleaf Solutions had working capital of $1,033,496 (up from $780,408 as of September 30, 2023).