Next Green Wave Holdings Inc (CSE:NGW) (OTCQB:NXGWF) announced Thursday that its shares trading on the OTCQB venture market are now eligible for electronic clearing and settlement through the Depository Trust Company (DTC) in the United States.
New York-based DTC provides safekeeping through electronic recordkeeping of securities balances. It also acts as a clearinghouse to process and settle trades in corporate and municipal securities. The settlement services that the DTC provides are designed to lower costs and risk as well as increase the efficiency of the market.
“As a direct result of Next Green Wave’s DTC eligibility, the company is now accessible to all US investors and institutions,” said Next Green Wave Holdings CEO Leigh Hughes. “It allows the company’s trading in the capital markets to be strengthened.”
DTC eligible securities are electronically cleared and settled through the clearinghouse. This speeds up the receipt of stock and cash and accelerates the settlement process for investors and brokers. Most of America's biggest broker-dealers and banks are DTC participants.
Next Green Wave has acquired more than 15 acres of cannabis-zoned development land and is nearing the completion of its 32,000 square foot facility in California.
The Canadian cannabis company provides medical and recreational cannabis to the California market.
Hughes earlier touted the California market as not only being one of the largest in the world, but also highlighted its “dynamic, edgy cannabis culture.”
Contact Uttara Choudhury at [email protected]