Next Green Wave Holdings is moving forward with expansion plans for a 50,000 square foot premium indoor cultivation facility in Coalinga California. Facility B will be located on 2 acres of Company-owned land directly adjacent to the current 35,000 square foot cultivation and distribution facility. When fully operational the Company will have a combined production capacity of close to 20,000 pounds of premium flower per year representing close to a 150% increase based on current production levels.
The City of Coalinga has approved the expansion and the Company will work towards the following timetable:
- Engineering and Architectural designs fully complete by Q1 2021
- Construction commencing Q2 2021
- Certificate of Occupancy obtained Q4 2021.
The Company will finance the construction through current cash flows and debt. At this time, the Company does not anticipate the need to do a dilutive equity financing in order to complete Facility B.
"Moving into the growth stage of our business model is a huge milestone and testament to the momentum Next Green Wave established in 2020 as a premium CPG producer and brand in the California cannabis market. Expansion will allow us to capitalize on that momentum by increasing our branded product footprint throughout the state and by solidifying strategic partnerships in the bulk wholesale market. Furthermore, we are looking forward to working with the City of Coalinga on not only achieving Company growth, but also supporting the City's growth through significantly increased tax revenue and job creation. It is a great partnership." - Michael Jennings CEO Next Green Wave
For more information:
Next Green Wave
Caroline Klukowski
VP Corp. Development
Tel: +1 (778) 589-2848
IR@nextgreenwave.com
nextgreenwave.com