Nextleaf Solutions Ltd. (OTCMKTS:OILFF) has announced about entering into a strategic agreement with Hempcrete Natural Building Ltd. an international construction company creating carbon neutral communities through sustainable, renewable, and stronger buildings. As per the agreement, Hempcrete Natural can commercialize (on a non-exclusive basis) certain Nextleaf intellectual property, specifically, a U.S. patent related to hemp biomass processing.
Trading Data
On Monday, OILFF stock fell 0.80% to $0.1013 with more than 86K shares, compared to its average volume of 64K shares. The stock moved within a range of $0.0875 – 0.1032 after opening trade at $0.0875.
Nextleaf Licenses U.S. Patent to Hempcrete Natural
Using Nextleaf’s patented technology, the hemp ash that is processed shows great promise as a major ingredient and replacement for fly ash in the manufacturing of Portland cement. According to studies, Portland cement production is responsible for 2-3% of global energy use and approximately 5% of man-made carbon dioxide emissions.
When leveraged as a biofuel during hemp ash production, power is generated, and metric tonnes of biomass can be diverted from landfills and used as a supplementary cementitious material. As per present estimates, around a billion kilograms of biomass are harvested every year, by the marijuana and hemp industry. Tonnes of waste are sent to settlement pits and landfills.
Nextleaf CEO and co-founder Paul Pedersen, comments that Nextleaf has identified carbon lifecycle management as an opportunity to minimize greenhouse gas emissions while launching a new vertical. They are thrilled to license the technology with a team that has vast expertise with hempcrete building materials.
Key Quote
“Nextleaf identified carbon lifecycle management as an opportunity to reduce greenhouse gas emissions while launching a new vertical. We are excited to license our technology to a team of subject matter experts with decades of experience with hempcrete building materials,” said Nextleaf CEO and co-founder Paul Pedersen.
Technical Data
OILFF stock is trading below the 20-Day and 50-Day Moving averages of $0.11 and $0.11 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.15.
