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Nextleaf finishes third quarter in red despite sizable revenue increase

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Canadian cannabis processing firm Nextleaft Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (FSE: L0MA) reported a net loss of C$317,264 for its third fiscal quarter, which ended June 30, bringing its losses for the fiscal year to date to C$1.1 million.

The losses are a big swing for Nextleaf, which a year ago reported net income of C$419,875 for the quarter and losses of just C$164,306 for the nine-month period.

The losses also came despite a major uptick in revenue for Nextleaf. Revenue for the most recent quarter was C$4 million, up 50% year-over-year from C$2.6 million, for a fiscal year total thus far of C$12.7 million. That’s up year-over-year from C$6.6 million.

“We’re entering a new phase of our long-term growth strategy. We are committed to building a sustainable legacy and this involves expanding our marketing tactics, investing deeper into inventory, innovation, and product development to remain competitive,” interim CEO Emma Andrews said in a press release.

“Our Q3 results show the incremental progress made in a few short months, and the exponential potential ahead of us as we continue to scale,” Andrews said.

During the quarter, Nextleaf debuted 10 new cannabis products, including three vape cartridges, three softgel products, three infused prerolled joints, and one bottled oil, all under the company’s Glacial Gold and High Plains brands. It also “achieved record sales” in the provinces of Alberta and Ontario, according to the release, which the company said was evidence of its “momentum.”

In an updated business forecast, Nextleaf also said it plans to roll out another five product lines in the fourth fiscal quarter, continue building its inventory, upgrade its infrastructure with more digitalized integration of various systems, and ramp up marketing efforts.

At the end of June, Nextleaf had C$9 million in total assets, including C$648,970 in cash, against C$4.3 million in total liabilities.

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