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 for the month of March.
Financial Updates
The Company achieved record US$1.15 million in Adjusted EBITDA* for the month of March with approximately US$1.75 million in revenue. These results reflect a continuation of quarter-over-quarter increases over the last several periods.
Operational Updates
The Company secured the relevant local approvals from the City of Coalinga (as previously announced on March 1, 2021) allowing it to move forward with obtaining relevant building permits 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.
“Over the last 5 fiscal quarters NGW has maintained a high level of operational consistency, efficiency and commitment to quality while constantly strengthening our financial results quarter over quarter. Accordingly, as we close out what has generally been a down quarter for the industry as a whole, our team hit all time quarterly highs for top line revenue, adjusted EBITDA and positive cash flow. Furthermore, our ability to consistently improve financial results, regardless of season, continues to establish our position as one of the highest quality cultivators and efficient operators in the State of California. Finally, it is important to mention that we are progressing at a good pace to get our next facility up and running in early 2022. This is just the beginning!”
Michael Jennings
Chief Executive Officer, Director
Next Green Wave Holdings Inc.
