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Nextleaf shares rise on closing $4 million financing after strong investor demand

Shares of the Vancouver-based cannabis company rose Wednesday with the news
distillate technology
NextLeaf's technology allows for low-quality, dried cannabis biomass to be processed into a high-purity distilled oil

NextLeaf Solutions Ltd (CSE:OILS) announced Wednesday that it has closed its previously announced non-brokered private placement of $4 million.

Shares of the Vancouver-based cannabis company rose about 4.6% on Wednesday afternoon to sit at C$0.68.

READ: NextLeaf boosts financing to C$4 million

The company increased the size of the placement due to investor demand, it said earlier this week.

Four insiders of the company subscribed for a total of 1,819,500 units, representing $727,800 of the gross proceeds from the private placement.

NextLeaf has a patented process for the commercial scale production of cannabinoid distillate, the precursor to every cannabis-infused product. The company’s technology allows for low-quality, dried cannabis biomass to be processed into a high-purity distilled oil.

The units issued under the financing deal will be subject to a four-month hold period.

--Updates share price--

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