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.
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.
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!”
Chief Executive Officer, Director
Next Green Wave Holdings Inc.
About Next Green Wave
Next Green Wave is a fully integrated premium seed to shelf craft cannabis producer offering products through its in-house brand portfolio and wholesale flower for other large cannabis manufacturers. The Company owns and operates a 35,000 sf indoor facility in Coalinga, CA which is home to our nursery, cultivation, distribution, and future extraction business. NGW has an exclusive seed library consisting of 120 cannabis strains and hybrids including award-winning cultivars and is producing high quality tissue culture plantlets through its proprietary cloning technology with bio-tech leader Precigen. Marketing, product design and formulation are produced in-house, please follow along us at www.nextgreenwave.com or on Twitter, Instagram, or LinkedIn.