Next Green Wave Receives City Council Approval To Move Forward With Second Facility
Vancouver, British Columbia--(Newsfile Corp. - February 27, 2019) - Next Green Wave Holdings Inc. (CSE: NGW) (OTCQB: NXGWF) ("Next Green Wave" or the "Company"), is pleased to announce that it has been granted Conditional Use Permits (CUP's) for nursery and both non-volatile and volatile extraction operations for its 3,240 ft² indoor facility (Site 'C') by the City of Coalinga, CA. The Company has also received approval for the facility site design allowing for construction preparations to commence.
Obtaining this latest nursery CUP will enable Next Green Wave to accelerate its seed and seedling production program (including clones) for its own yield, as well as sale to licensed commercial growers and resellers. Furthermore, the facility will help expedite innovative tissue culture research and the development of new high-quality cannabis strains using Intrexon's (NASDAQ:XON) Botticelli™ platform. Successfully completing this research project will allow Next Green Wave to produce and sell seeds or clones that have standardized plant attributes and are pathogen and pesticide free, thus providing a premium, unique product to the cannabis industry.
"We would like to thank the City of Coalinga, its Council members and the Planning Commission for their continued support," stated Leigh Hughes, CEO of Next Green Wave. "Once regulatory approval and occupancy is granted, this facility has an immediate impact on our revenues and our ability to bring Intrexon Corporation into our nursery research and innovation project. This is a pivotal moment for Next Green Wave as we actuate our second facility."
Next Green Wave is licensed for both volatile and non-volatile extraction on its 35,000 ft² facility (Site 'A') and now has obtained a CUP for volatile and non-volatile extraction on Site C. Non-volatile extraction permits use of C02, ethanol, water and other methods that are not volatile during the extraction procedure. Manufacturing of products such as edibles, topical products, infusion, packaging, and labelling will be vital to developing our high-quality brands and the ability of providing tolling services to other cannabis companies not licensed to process their own biomass material or finished products.
Site C will undergo construction to accommodate the extraction equipment, nursery vegetative grow rooms, and research and development area. The construction period is estimated to be completed within 6-8 weeks before final occupancy approval can be issued by the City of Coalinga.
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About Next Green Wave
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.
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.