In July, August and September this year, the cannabis grower and seller said it had operated with positive cash flow, and achieved both positive adjusted earnings before interest, tax and depreciation (EBITDA) and positive net income.
READ: Next Green Wave sees US$2.9 million in profit during its second quarter, sets new sales records for July and August
"It has now achieved these milestones for seven consecutive months," it told investors, adding that it had realized approximate revenues of US$3.5 million overall for its third quarter to end-September.
"Considering the challenges and obstacles this company has had to overcome over the last few years, we are extremely proud to announce the above accomplishments," said CEO Mike Jennings.
"Now that we have set baselines for production and revenue over the last two quarters, our objectives are threefold. First, continue to optimize operations and improve production metrics to maximize overall flower output at our production facility.
"Second, continue to grow revenue by increasing branded product sales volume and increasing downline product sales such as extracts, pre-rolls, vape cartridges and edibles. Finally, get our extraction facility online this year, which will add revenue through tolling and decrease internal production costs for downline products."
Jennings added that the firm's rapid expansion into retail was "in full bloom" across California, including Oakland, Los Angeles, San Joaquin Valley and San Diego areas.
It has launched several new artisanal grade products in cities across California, including San Diego, LA, Modesto, Sacramento and Oakland. Its line of gum drops is expected to hit the California market mid-October.
Earlier this month, Next Green Wave said it had started the final stages of both licensing and construction-related to its extraction facility and now expects it to be fully operational in the fourth quarter this year.
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