Momentum Public Relations
Press Release: June 27, 2019
Next Green Wave Holdings Inc. (CSE: NGW) (OTCQB: NXGWF) (“Next Green Wave”, “NGW” or the “Company”) announces that it has closed a non-brokered $2.75 million financing (the “Financing”) at a price of $0.25 per common share, and in exchange will issue a total of 11 million shares of NGW to the Cannabis Growth Opportunity Corporation (“CGOC“). In addition, the company will subscribe to a private placement to acquire $1.25 million common shares of CGOC at a price of $1.72 per share. The Financing will incur no finder’s fees and replaces its most recent offering announced on June 19, 2019.
Both companies respectively, have entered into a voting and resale agreement to hold their shares until February 1, 2020, as well as vote in favour of management on any issues requiring a shareholder vote.
The proceeds will be used to advance the Company’s strategic partner alliances in California and provide working capital to accelerate its operations.
Jamie Blundell, President and Chief Operating Officer of CGOC commented, “We have been strategic investors in Next Green Wave since June 2018 when they were still a private company and have continued to support their efforts through their go-public transaction in October 2018. They anticipate near-term revenue generation and at the low-end of their annual revenue expectations we believe their current valuation is extremely low especially compared to similar companies. We remain confident in their strategy as we see tremendous growth ahead and believe this is a perfect entry point for investors.”
Next Green Wave CEO and Executive Director, Leigh Hughes stated: “Due to comparative weakness in the cannabis sector while markets adjust and earnings expectations naturally become heightened, we have chosen to collaborate with a strong industry partner who shares our vision and will assist us to move towards revenue at the earliest possible opportunity – our near-term focus is on production, product roll-outs and sales – we believe that the Company can achieve this milestone without further financing. ”
About Next Green Wave
NGW is a California-based vertically integrated medicinal and recreational premium cannabis company. The Company’s first state-of-the-art facility (35,000 ft.2) is in production, with further plans to develop the 15 acres of cannabis zoned land it is situated on. NGW has a seed library of over 120 strains which include award-winning genetics and cultivars. Recent acquisition of SDC Ventures LLC and its brand partners will provide NGW with significant exposure and distribution points throughout California. The investment in OMG3 will also provide NGW further access to distribution through Colombia. To find out more visit www.nextgreenwave.com or follow us on Twitter, Instagram, or LinkedIn.
About CGOC
CGOC is an investment corporation that offers unique global exposure to the emerging global cannabis sector. CGOC’s main objective is to provide shareholders long-term total return through its actively managed portfolio of securities, both public and private, operating in, or that derive a portion of their revenue or earnings from products or services related to the cannabis industry.
On behalf of the board,
Leigh Hughes,
CEO and Executive Chairman
Next Green Wave Holdings Inc.
For more information regarding Next Green Wave, contact:
Caroline Klukowski
VP Corp. Development
Tel: +1 (778) 589-2848
IR@nextgreenwave.com