Next Green Wave Holdings Inc. (CSE: NGW) (OTCQX: NXGWF) (“Next Green Wave”, “NGW” or the “Company”) is pleased to announce the following operational and financial updates:
- For each individual month between March 2020 to February 2021, the Company operated with positive cash flow, and achieved both positive Adjusted EBITDA* and positive Net Income (the “Milestones”). As a result, It has now achieved these Milestones for 12 consecutive months.
- On February 16, 2021, the Company submitted the full application (the “Application”) to the City of Coalinga (the “City”), for all required local cannabis licenses on its 50,000 square foot premium indoor facility (“Facility B”). The Company is working with the City to get the Application approved at the next planning commission meeting, scheduled to be held on March 23, 2021, and subsequently the City, which has scheduled a council meeting on April 1, 2021.
- Once the Application is approved by the City, the Company can begin the process of acquiring building permits to commence construction at its discretion. This timeline is consistent with the previously announced schedule from December 2020 (Click HERE for the press release).
“I couldn’t be more proud of our operational and financial accomplishments over the past 12 months. We not only established ourselves as a consistent producer of top quality cannabis products, but also established ourselves as a consistently profitable cannabis company. As such, to be consistent with other industry participants, we are going to move away from providing detailed financial results on a monthly basis, and will instead provide them on a quarterly basis; we will announce high level Q1 2021 results in April 2021. That being said, our Feb 2021 Adjusted EBITDA* results were consistent with the last couple of months.” – Michael Jennings CEO Next Green Wave
Michael Jennings
Chief Executive Officer, Director
Next Green Wave Holdings Inc.
