Next Green Wave Holdings Inc. (CSE: NGW) (OTCQB: NXGWF), is pleased to announce that the Company's Chief Executive Officer and director, Michael Jennings, has assigned 100% of his interests and benefits to a cannabis genetics inventory including 112 cultivars to the Company's wholly owned subsidiary, Crossgate Capital US Holdings Corp. Mr. Jennings was paid nominal consideration to effect the Acquisition*. The Company now has an additional 112 cultivars to add to its genetic nursery archive.
The Company anticipates the Acquisition to enable it to further execute on its strategy to build a world-class nursery and to develop new cannabis hybrids with desired traits for the California market. The legalization of cannabis in California has added pressure on cultivators to produce new strain varieties for the fast-evolving market. Next Green Wave expects the Acquisition will help the Company adapt to growing demand trends and expedite its development of hybrids that meet premium standards.
"As a Company, our vision is to build a world-class nursery that pushes the innovation envelope in the cannabis industry," stated Leigh Hughes, Executive Chairman. "We have one of the world's most exceptional breeders and cultivators-Michael Jennings-who is determined to execute Next Green Waves' vision to develop a distinguished nursery for the medical and adult-use cannabis market in California."
In Q1, the Company plans to integrate its newly acquired cultivars from the Genetics Inventory into its breeding program. The Company anticipates that this will have a positive impact on the products it can then introduce into the California market in 2019.
*Note: The Acquisition does not constitute a related party transaction as that term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.
ABOUT NEXT GREEN WAVE HOLDINGS INC.
Next Green Wave is a vertically integrated seed-to-consumer premium medicinal and recreational cannabis company operating in California, one of the world's largest cannabis markets. The Company's central operations are in the city of Coalinga which is located between two major markets of San Francisco and Los Angeles and has been awarded licenses for nursery, cultivation, extraction, and distribution. Next Green Wave is led by an experienced management team with a focus on international brand development. The Company currently owns over 15 acres of cannabis-zoned development land and is nearing completion on its first proprietary engineered 35,000 ft² facility.
On behalf of the Board,
Executive Chairman, Next Green Wave Holdings Inc.
For information relating to Next Green Wave or the contents of this News Release please contact Caroline Klukowski (VP Corporate Development) at 778.589.2848 or IR@nextgreenwave.com , or refer to the Company's documents that are filed electronically from time to time on SEDAR (www.sedar.com).
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Providers (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking information relating to the Company's growth and corporate strategy, and other statements that are not historical facts. Forward-looking information relates to management's future outlook and anticipated events or results, and may include statements or information regarding general market conditions; industry conditions; government regulation; unanticipated operating events of performance; the availability of capital on acceptable terms; stock market volatility; the Company's ability to implement its business strategy, including the development of a world class nursery and new cannabis hybrids; the Company's ability to source new business opportunities, including its ability produce and introduce new cannabis products into the California market in 2019; and the future plans or prospects of the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
Readers are cautioned not to place undue reliance on these forward-looking statements, which should not be construed as exhaustive and speak only as of the date of this News Release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.