Next Green Wave Achieves Positive Cash Flow and Profitability

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NGW Releases Q1 Results and Announces Brand Sale

Vancouver, B.C. — June 4, 2020 — Next Green Wave Holdings Inc. (CSE: NGW) (OTCQX: NXGWF) (“Next Green Wave”, “NGW” or the “Company”) is pleased to announce the following operational and financial milestones:

  • In the months of March, April and May 2020, the Company operated with positive cash flow, and achieved both positive EBITDA and positive Net Income.*
  • In the months of April and May 2020, the Company surpassed US$1Million of revenues in each month exclusively (March 2020 was US$900k) and in the last 3 consecutive months, the Company earned revenues over US$2.9 Million.*
  • The Company has entered the final stages of both licensing and construction related to the extraction facility and expect this to be fully operational in Q3 2020.

Q1 2020 Financial Results Now Available on SEDAR (www.sedar.com)

The Company would like to highlight some Q1 2020 achievements:

  • Surpassed US$1 Million in Revenues.*
  • As shown in the table below, the Company has materially increased its quarter over quarter revenue, while significantly reducing both its cash-out operating expenses and marketing expenses.
  • Have increased plant quality with some strains testing as high as 40% total cannabinoids.
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“Considering the challenges and obstacles this Company, and the industry, have had to overcome, the Company is proud to announce the accomplishments above.  We have been achieving results that are starting to meet our expectations from both a financial and operational standpoint, however, even though we have produced some extremely high-end finished product recently, there is still room to grow.” – Mike Jennings CEO Next Green Wave

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Video link – https://youtu.be/qHdao2bQuh0

 

As part of the growing demand for Next Green Wave premium flower, the company has launched a new lineup of products under the NGW brand. The new Next Green Wave flower and concentrates can be found across California including San Diego, LA and Oakland. The new flower was released first locally in Coalinga at Have A Heart and quickly expanded through our other retail partners and distributors.

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The company is pleased to announce today that it has closed a sale of selective assets:

  • trademarks and intellectual property rights relating to SD Cannabis and Hartluck,
  • inventory relating to the Hartluck brand
  • SD Cannabis packaging, and;
  • the rights to the lease to the CBD retail store in San Diego

(collectively, the “Acquired Assets”) to SDC Parts, LLC (“SDC Parts”). Pursuant to an asset purchase agreement dated May 29, 2020 among the Company, Crossgate Capital US Holdings Corp., SDC, SDC Parts and certain principals of SDC Parts (the “Asset Purchase Agreement”), the Company sold the Acquired Assets to SDC Parts.

Pursuant to the terms of the Asset Purchase Agreement, the Company received 5,163,406 common shares of the Company that were owned by certain principals of SDC Parts in exchange for the Acquired Assets. These shares were returned to the Company treasury.

 

Subsequent to the closing of the transaction, the Company’s issued and outstanding shares have been reduced from 164,670,189 to 159,506,783 common shares.

 

“This is a mutually beneficial arrangement between SDC Parts and the Company and allows the Hartluck and SD Cannabis brands to seek the attention and capital needed to expand, while allowing Next Green Wave to continue to focus on developing its core business model in developing its cannabis business. This transaction also allows us to tighten our share capital structure and returns several million shares to the treasury. We look forward to working with SDC Parts to help both company’s grow and succeed. ” – Mike Jennings CEO Next Green Wave

 

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The Company is also pleased to announce the details of its first shareholder call scheduled to take place on June 4, 2020 at 1:30PM PST. Pre-registration is mandatory and can be completed by clicking HERE. After registration, you will receive a confirmation email containing information on how to join the call.

 

Michael Jennings

Chief Executive Officer, Director
Next Green Wave Holdings Inc.

 

About Next  Green Wave

Next Green Wave is a fully integrated premium seed to shelf craft cannabis producer offering products through its in-house brand portfolio and wholesale flower for other large cannabis manufacturers. The Company owns and operates a 35,000 sf indoor facility in Coalinga, CA which is home to our nursery, cultivation, distribution, and future extraction business.  NGW has an exclusive seed library consisting of 120 cannabis strains and hybrids including award-winning cultivars and is nearing completion of developing tissue culture cloning technology with bio-tech leader Precigen. Marketing, product design and formulation are produced in-house, please follow along us at www.nextgreenwave.com or on Twitter, Instagram, or LinkedIn.

 

For more information regarding Next Green Wave please contact:

 

Paul Chow
Director

Tel: +1 (604) 609.6167

[email protected]

 

*Forecasts assume no meaningful impacts or disruptions to our operations as a result of the COVID-19 pandemic beyond the new protocols and safeguards already implemented throughout the Company

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