Next Green Wave Begins Cannabis Production
VANCOUVER, British Columbia, April 18, 2019 (GLOBE NEWSWIRE) -- Next Green Wave Holdings Inc. (CSE: NGW) (OTCQB: NXGWF) ("Next Green Wave", “NGW” or the "Company"), is excited to announce that it has obtained an Occupancy Permit for its first advanced indoor production facility from the City of Coalinga. The Company is now authorized as a licensed producer and is immediately advancing with its cannabis production by moving in over 10,000 plantlets to activate its growth cycle.
Effective today, NGW will commence its cultivation program and receive its first plantlets to accommodate a perpetual harvest cycle comprised of approx. 50 yields per year. Each growth to point-of-sale cycle is expected to last four months. The building has been equipped with 14 climate-controlled flowering rooms which are expected to produce an average of 9,150 pounds of cannabis flower annually.
The raw material and biomass grown from NGW’s facility will be used for extraction for downstream consumer products such as oils, waxes, tinctures and extracts for custom vaporizer products associated with the company’s WEARESDC partner brands and other licensed cultivators in the wholesale supply-chain.
Leigh Hughes, CEO of Next Green Wave commented:
Beginning the production cycle is a critical milestone for us and a clear testament of our efforts. We completed all our due-diligence to ensure our supply-chain and facility protect the quality and integrity of our product and safety of our staff. We are poised for growth and ready to show our stakeholders and consumers that we are ready to amass a considerable stake of California’s premium cannabis market
Next Green Wave is a vertically integrated seed-to-consumer premium medicinal and recreational cannabis company operating in California. The company’s first state-of-the-art indoor facility (35,000 ft.2) is now entering production with future plans to expand the 15 acres of cannabis zoned land it is situated on. NGW has acquired a seed library of over 120 strains which include several award-winning genetics and cultivars. Recent acquisition of SDC Ventures will complement NGW’s branded products and accelerate the company to revenue through SDC’ existing partnerships and labels. The investment in OMG will provide NGW access to distribution through the licensing of our brands through Colombia. To find out more visit us at www.nextgreenwave.com or follow us on Twitter at @nextgreenwave, on Instagram, and LinkedIn.
On behalf of the board,
CEO and Executive Chairman
Next Green Wave Holdings Inc.
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Next Green Wave Forward Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements.” Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, the risk factors included in the preliminary prospectus, including without limitation dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing state, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits to complete construction of its proposed facilities in a timely manner; engaging in activities which currently are illegal under US federal law and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization, particularly in California, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; NGW’s limited operating history and lack of historical profits; reliance on management; NGW’s requirements for additional financing, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers. Readers are encouraged to the review the section titled “Risk Factors” in NGW’s preliminary prospectus. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although NGW has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. NGW no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.