Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Next Green Wave (NGW) has announced 2020 financial results, including four straight quarters of rising revenue and adjusted EBITDA
  • The company has multiple product lines in approximately 75 dispensaries throughout California
  • The company has also secured all conditional use permits from the City of Coalinga for its new 50,000 sq. ft. premium indoor cultivation facility
  • Next Green Wave is a fully integrated premium seed-to-shelf craft cannabis producer
  • Next Green Wave Holdings (NGW) is up by 6.67 per cent and is currently trading at C$0.80 per share

Next Green Wave (NGW) has announced 2020 financial results, including four straight quarters of rising revenue and adjusted EBITDA.

Dispensary Updates

The company has multiple product lines in approximately 75 dispensaries throughout California.

The dispensary count will continue to grow throughout the year and does not include the several COOKIES dispensaries which are expected to carry Next Green Wave products later in 2021.

Financial Updates

The company has released its audited financial statements for 2020 on SEDAR with Q1 2021 financial statements to be released on or around May 31, 2021.

Key metrics for the last six quarters:

Operational Updates

In April 2021, Next Green Wave secured all conditional use permits from the City of Coalinga, allowing it to move forward with obtaining building permits for its 50,000 sq. ft. premium indoor cultivation facility adjacent to its current cultivation facility.

Updated construction timeline for the facility:

  • Engineering and architectural designs fully complete in Q2 2021
  • Building permits obtained in Q2 2021
  • Construction commencing in Q3 2021
  • Certificate of Occupancy obtained in Q1 2022

Michael Jennings, Director and CEO of Next Green Wave, commented,

“After a transformational 2020, our team’s focus for 2021 is threefold: expanding production capacity, continuing to improve operationally and hitting our financial targets. Our 50,000 square foot expansion project is on schedule, and when operational, will increase our total annual output to approximately 20,000 pounds of premium indoor flower.

Our audited financials show we have increased our per plant yields by 22 per cent from 2019 to 2020, and we are currently producing approximately 600 pounds of premium flower per month.

Finally, after a record Q1 2021 for NGW financially, we are on pace to hit our annual targets and will give everything we have over the next three quarters to stay on that pace. This is just the beginning!”

Next Green Wave is a fully integrated premium seed-to-shelf craft cannabis producer.

Next Green Wave Holdings (NGW) is up by 6.67 per cent and is currently trading at C$0.80 per share as of 2:55 pm ET.

More From The Market Herald

" Nutritional High’s (CSE:EAT) California businesses aided by new ordinance vote

Nutritional High’s (EAT) OutCo acquisition will benefit from a recent vote by the San Diego County Board of Supervisors.

" VIVO Cannabis™ (TSX:VIVO) completes first shipment to Beacon Medical Germany GmbH

VIVO Cannabis’s (VIVO) subsidiary ABcann Medicinals has completed its first shipment of EU-GMP certified Canadian dried flower medical cannabis into Europe.
BioHarvest Sciences - David Tsur

" BioHarvest Sciences (CSE:BHSC) appoints David Tsur to its board of directors

BioHarvest Sciences (BHSC) has announced that, effective immediately, David Tsur will serve as a non-executive director of the company.

" Maple Leaf Green World (CSE:MGW) unveils new CBG wellness brand

Maple Leaf Green World (MGW) is launching a new health and wellness brand, RèNao Wellness.