Select Page

Nextleaf Solutions announces they are debt-free, cash flow positive

Media Partners, Stratcann

This post is presented by our media partner Stratcann
View the original article here.

In its 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.

The company is now debt-free, which is attributed to reduced operating expenses, increased revenue, and improved gross margin. Nextleaf reports total gross revenue for the fiscal year-end (FY) 2023, totalling nearly $10 million, with a gross profit of $2.3 million.

The cannabis producer’s year-over-year gross revenue increased by $4.6 million, representing a growth of 186.1% compared to the previous year. In just the fourth quarter of 2023, Nextleaf generated around $3.3 million in revenue, a 24% increase from the previous quarter and a 77.7% year-over-year growth from Q4 of FY2022. 

Located in Port Coquitlam, BC, Nextleaf offers an array of cannabis 2.0 products, such as cannabis oils, capsules and vape pens.

Nextleaf has experienced significant commercial growth in Fiscal Year 2023, marked by a series of impactful initiatives and successes. In 2023 it launched 15 new products into the Canadian non-medical market, including three softgel SKUs, four ingestible oil SKUs, and eight vape SKUs. It also recently launched an in-house brand called High Plains that includes infused pre-rolls.

The company’s products are now distributed in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Nova Scotia. The company’s Glacial Gold brand is the top-selling cannabis softgel brand in BC, a category that had seen an uptick in sales in BC in 2023. It was the number four selling softgel in Ontario in Q4 2023.

“This was a monumental year for our business. 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,” shares Emma Andrews, Interim CEO.

“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,” continues Andrews, “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.”


This post was originally published by our media partner here.

Grow Up Toronto – May 27-29, 2024
Delta Hotels Toronto Airport & Conference Centre

Grow Up Alberta – Sept. 29 – Oct. 1, 2024
Edmonton Convention Centre • Edmonton, AB

News from Grow Up Media partners