Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA), a federally regulated producer of cannabis oil with one of the largest portfolios of U.S. patents for the extraction and distillation of cannabinoids, recently announced that its wholly-owned subsidiary Nextleaf Labs Ltd.’s Controlled Substances Dealer’s License is now under formal review by Health Canada.

A Dealer’s License will allow Nextleaf Labs to conduct a variety of activities related to psilocybin and psilocin, including research and development (“R&D”), intellectual property (“IP”) development, production of base substance materials, laboratory analysis, as well as the sale and distribution of the psychedelic compounds to authorized individuals (or their compounding pharmacies), researchers, and companies conducting clinical trials, each with appropriate approval. From the date of receipt of an application for a Dealer’s License, Health Canada aims to meet a processing service requirement of 270 calendar days.

Following the issuance of a Dealer’s Licence from Health Canada, Nextleaf’s present facility will enhance its capabilities in extraction and IP development for psilocybin and other psychedelic compounds, with a comprehensive laboratory currently operational under its existing Health Canada cannabis licenses.

The Company will be able to build a suite of standardized naturally-derived prodrugs ranging from acetylated cannabinoids to psilocybin using its current IP stack, the development of its Specialty Molecules Division, and the receipt of a Dealer’s Licence. This could result in new revenue streams through short- and long-term collaborations with other industry stakeholders.

Nextleaf holds 17 patents in the United States and has been granted 95 patents worldwide. As huge global pharmaceutical corporations enter the space, the Company continues to strengthen its robust IP portfolio, seeking federally controlled manufacture of novel psychoactive products.

“With our Company’s unprecedented track record securing issued U.S. patents for the extraction of cannabinoids, Nextleaf is well positioned to mirror that success with psilocybin extraction,” said Paul Pedersen, co-founder and CEO of Nextleaf. “We anticipate that a Dealer’s Licence will be a major catalyst with respect to Nextleaf’s Specialty Molecules Division, which is focused on the development and commercialization of novel psychoactive compounds for their potential therapeutic benefits.”

The post Nextleaf Updates on Status of Health Canada Application for Psychedelics Dealer’s License appeared first on CannabisFN.

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Nextleaf Updates on Status of Health Canada Application for Psychedelics Dealer’s License