Next Green Wave Holdings Inc. (CSE: NGW) (OTCQX: NXGWF) (“Next Green Wave”, “NGW” or the “Company”), a premium seed-to-shelf craft cannabis producer, is pleased to announce operational and financial updates:
Dispensary Updates
The Company now has placed multiple product lines in approximately 75 dispensaries throughout California, ranging from Sacramento to Palm Springs to San Diego. The dispensary count will continue to grow throughout the year and does not include the several COOKIES dispensaries, which are expected to have Company products later in 2021.
Financial Updates
The Company has released its audited financial statements for the 12 month period ending December 31, 2020 which can now be found on SEDAR.
The Q1 2021 financial statements will be released on or around May 31, 2021, however, key metrics for the last five quarters are reported below.
Operational Updates
In April 2021, the Company secured all conditional use permits from the City of Coalinga (as previously announced on April 6, 2021) allowing it to move forward with obtaining the building permit for its 50,000 sq. ft. premium indoor cultivation facility (“Facility B”) that’s located adjacent to its current cultivation facility.
The updated construction timeline for Facility B is as follows:
- Engineering and architectural designs fully complete in Q2 2021.
- Building permits obtained in Q2 2021.
- Construction commencing in Q3 2021.
- Certificate of Occupancy obtained in Q1 2022.
“After a transformational 2020, our team’s focus for 2021 is threefold: expanding production capacity, continuing to improve operationally and hitting our financial targets. Our 50,000 square foot expansion project is on schedule, and when operational, will increase our total annual output to approximately 20,000 pounds of premium indoor flower. As previously stated, construction is set to begin in the next few months. Regarding operational improvements, as a multi-generational cultivator, I am extremely proud of the supporting data acknowledging our continually improving cultivation techniques and resulting yields. Our audited financials show we have increased our per plant yields by 22% from 2019 to 2020, and we are currently producing approximately 600 pounds of premium flower per month. Finally, after a record Q1 2021 for NGW financially, we are on pace to hit our annual targets and will give everything we have over the next three quarters stay on that pace. This is just the beginning!”
Michael JenningsChief Executive Officer, Director
Next Green Wave Holdings Inc.
