Next Green Wave Holdings Inc (CSE:NGW) (OTCQB:NXGWF) announced Monday that its executive chairman, Leigh Hughes, will take on the additional role of CEO as part of management changes announced at the California-focused cannabis company.
Hughes replaces Michael Jennings, who will take on the role of chief operations officer and head of research and innovation.
READ: Next Green Wave shares soar as it obtains all licenses for current cannabis facility in California
"This is a major advancement having Michael become the head of operations and lead our new research and innovation division in developing new cultivars to add to our genetic archive. I'm looking forward to taking ownership of this additional role and will focus my efforts on our growth strategy and mergers and acquisition opportunities," said Hughes in a statement.
Investors applauded the move, sending Next Green Wave shares up by 9.6% to C$0.57 in Monday’s morning trading session on the OTC Markets.
News of the management switch came as Next Green Wave announced that it a step closer to production thanks to the completion of all major construction on its first indoor cannabis production facility in Coalinga, California.
Pacific Gas and Electric (NYSE:PCG) has begun work to trench and install power cables from the local substation to connect to the Coalinga facility. The installation is set to be completed within a few weeks and will be subject to a final City inspection for the issuance of an occupancy permit.
Securing this permit is the final step required to allow Next Green Wave to begin production.
Contact Ellen Kelleher at [email protected]