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Next Green Wave Holdings eyes catalysts to drive it to profitability this year

The group is a vertically integrated cannabis firm and is also focused on increasing revenue

Next Green Wave -
NGW has launched a flashspip store in San Diego - the city's only dedicated CBD retailer

Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF) told investors on Thursday it was expecting a number of catalysts to carry it into profitability this year as it posted a corporate update. 

The Coalinga, California-based group is a vertically integrated cannabis firm and is also focused on increasing revenue, it added. 

"... we are now at the stage where we can show the world the fruit of our labor and move into sales and tangible profits," said Michael Jennings, the group's chief executive.

READ: Next Green Wave opens brand-new retail and event space in San Diego

The firm outlined key developments:

  • Launched CBD retail store in San Diego - the city's only dedicated CBD retailer, and has 50 products already on the shelves
  • Successfully harvested over 1,500 pounds of premium flower
  • 100% of all its product (premium flower) submitted passed CAT3 compliance testing - so far, the firm said all flower tested over 20% in total cannabinoids, with some of the newer strains testing as high as 28% THC and over 32% total cannabinoids.
  • Entered into extraction agreement to process flower - securing a tolling contract with a leading extractor to process its flower into exclusive full-spectrum oils.
  • Expanded brand and product portfolio
  • Selling exclusive full-spectrum oils and concentrate
  • Appointed two members to the board - Robert Dzisiak and David Wilson, adding decades of experience in both finance and operational management.

Next Green Wave and its WEARESDC brand house have been developing products, packaging and branding to meet the preferences of the California cannabis consumer, it said

New product launches.

The firm has also set a schedule for the hard launches of new products and brands that it will be bringing to market over 2020.

"NGW has over 20 cannabis varieties in cultivation and is now processing and producing pre-rolls, full-spectrum oils, CBD topicals, CBD pills and CBD tinctures," it said in a statement.

"These products will be made available through our growing list of dispensary and online delivery partners and announced in upcoming months."

Next Green Wave owns and operates a 35,000 sq ft indoor state-of-the-art cultivation facility and is currently expanding extraction and other operations on its cannabis zoned campus. The group also has a seed library of over 120 cannabis strains which include multiple award-winning genetics.

Contact the author at [email protected]

Quick facts: Next Green Wave

Price: 0.39 CAD

CSE:NGW
Market: CSE
Market Cap: $62.21 m
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