Final Regulatory Approval of Conditional Use Permits for Next Green Wave’s Extraction and Innovation Facility
Next Green Wave Begins Construction On Second Facility
Vancouver, British Columbia – March 8, 2019 – Next Green Wave Holdings Inc. (CSE:NGW) (OTCQB:NXGWF) (“Next Green Wave” or the “Company”), is pleased to announce that it has received final regulatory approval from the City of Coalinga for its Conditional Use Permits (CUP’s) for nursery and both volatile and non-volatile extraction operations on its 3,240 ft² indoor facility (Site ‘C’). The Company has also begun construction according to the approved site design by the City of Coalinga on February 26th, 2019.
Obtaining final regulatory approval and beginning construction on Site C sees us meeting yet another key milestone for the Company,
stated Leigh Hughes, CEO of Next Green Wave.
We have to again thank the City of Coalinga for assisting us throughout this process and supporting us in getting the second facility operational in the coming months.
To date Next Green Wave has been issued the following:
35,000 ft² Facility A
- Indoor Cultivation License (medical and adult)
- Nursery License (medical and adult)
- Distribution License (medical and adult)
- Volatile Extraction License
- Non-volatile Extraction License
3,200 ft² Facility C
- Non-Volatile Extraction CUP
- Volatile Extraction CUP
- Nursery CUP
The Company also announces that pursuant to its Stock Option Plan, it has granted 1,000,000 stock options at a price of $0.60 per common share to an advisor of the Company. As per the Company’s Stock Option Plan, the 1,000,000 of the options granted are exercisable until March 7, 2022. The Options and underlying common shares are subject to vesting periods as determined by the Board. Grant of the options is subject to the approval of the CSE.
Next Green Wave (NGW) is a vertically integrated seed-to-consumer premium medicinal and recreational cannabis company operating in California – the world’s largest cannabis market. NGW has acquired licenses for its nursery/breeding, cultivation, extraction, and distribution operations covering both medical and recreational cannabis production and services. Construction of phase one indoor facility (35,000 ft²) is nearing completion and will produce premium cannabis products. NGW will push the innovation envelope and will develop premium brands that can be distributed across the globe. NGW has a library of more than 120 genetic cannabis strains which include several cannabis cup award winning genetics. The company has acquired over 15 acres of cannabis-zoned development land in Coalinga, California, providing future growth. 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.
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.