Leef Brands Inc (OTC: LEEEF) is a vertically integrated cannabis extraction and manufacturing company that produces and sells bulk concentrates to licensed cannabis brands in California and New York. Revenue comes from transactional B2B sales of extracted cannabis products, including distillate oil, hydrocarbon extracts, and solventless concentrates, supplied wholesale to third-party brands. The company operates as a processor and bulk supplier rather than a consumer-facing brand, competing with other bulk concentrate manufacturers in two state-licensed markets. LEEEF reported net revenue of $34.8 million for FY2025, up 22% from $28.5 million in FY2024, with gross margin expanding from 27% to 30% over the same period. The company posted a net loss of $17.6 million in FY2025. Cultivation commenced at Salisbury Canyon Ranch in Santa Barbara County, California, a 1,900-acre property with 179.9 acres of licensed outdoor cannabis cultivation, bringing biomass supply partially in-house and driving a gross margin of 41% in the second half of FY2025.

Revenue model

Transactional B2B wholesale sales of bulk cannabis concentrates to licensed cannabis brands. Revenue is volume-driven, with pricing subject to market conditions in California and New York. No subscription or royalty component is disclosed in the 10-K filed 2026-03-26.

Products and services

Three extraction product lines: ethanol extraction (distillate oil), hydrocarbon extraction, and solventless extraction. Products are sold as bulk concentrate to third-party cannabis brands. The company also holds a 179.9-acre licensed outdoor cannabis cultivation operation at Salisbury Canyon Ranch, Santa Barbara County, California, which supplies biomass internally to extraction facilities.

Customers and end markets

Licensed cannabis brands in California and New York. The company sells exclusively B2B into the licensed distribution channel. No individual customer concentration figures are disclosed in the 10-K filed 2026-03-26.

Value-chain role

Vertically integrated cannabis processor. The company cultivates cannabis biomass at its own ranch property, extracts and processes it into bulk concentrates at its manufacturing facilities, and sells finished bulk product to downstream cannabis brands. It holds a Type 6 (ethanol) and Type 7 (hydrocarbon) manufacturing license in California and a Type 1 Processor (Adult-Use) license in New York.

Geographic exposure

California (primary market): extraction and manufacturing facility in Mendocino County; 1,900-acre cultivation property in Santa Barbara County. New York (early-stage): manufacturing facility in Hobart, under construction as of the 10-K filed 2026-03-26, with limited production begun in Q4 2025.

Source: SEC 10-K, filed 2026-03-26

Industry: Medicinal Chemicals & Botanical Products