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Next Green Wave hits adjusted EBITDA of US$1M for second consecutive month

The company posted more than US$1.65 million of revenue in November

Next Green Wave facility
NGW owns and operates a 35,000 square-foot indoor cultivation facility

Next Green Wave Holdings Inc (CSE:NGW) (OTCQX:NXGWF) announced Tuesday that November brought the company’s second month in a row with adjusted EBITDA of roughly US$1 million.

The company posted more than US$1.65 million of revenue in November, along with total cash costs to achieve said revenue of approximately US$650,000. During the third quarter, NGW saw revenue above US$1 million each month.

NGW also announced that director Paul Chow has resigned to pursue other business opportunities. Chow was instrumental in NGW’s development from a private company to a publicly traded entity and played a pivotal role in helping shape the business, the company said.

READ: Next Green Wave Holdings reports eighth straight month of positive cash flow as it sees revenue increase in October

"Throughout 2020 we have shown that the company is consistently profitable quarter over quarter while transforming from a bulk cannabis seller into a highly popular consumer products goods company,” CEO Michael Jennings said in a statement. “We launched the NGW brand with premium packaged flowers in early 2020, and now we have branded products in every major premium category: flower, pre rolls, dabbable extracts, vape carts and edibles. As our Q4 results show so far, this transformation will allow NGW to consistently grow revenue and profit while we look to expand production capacity in 2021 and beyond."

NGW owns and operates a 35,000 square-foot indoor cultivation facility and possesses a seed library of over 120 cannabis strains, with multiple award-winning genetics among them.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

Quick facts: Next Green Wave

Price: 0.71 CAD

CSE:NGW
Market: CSE
Market Cap: $120.35 m
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on 10/19/2020

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