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Next Green Wave granted conditional-use permits for cannabis operations in California town

The company wins clearance from Coalinga, California, for a 3,240-square-foot indoor facility

A marijuana plant
The permits will allow Next Green Wave to accelerate its seed and seedling production

Next Green Wave Holdings Inc (OTCMKTS:NXGWF) (CSE:NGW) said Wednesday that the City of Coalinga, California, has granted the company conditional-use permits for a 3,240-square-foot indoor facility.

The medicinal and recreational cannabis company said in a statement that the permits cover nursery as well as non-volatile and volatile extraction operations. Vancouver-based Next Green Wave added that it has received approval for the facility site design, allowing for construction preparations to begin.

The permits will allow the company to accelerate its seed and seedling production program, including clones for its own yield as well as sale to licensed commercial growers and resellers.

READ: Next Green Wave moves toward stake in company with Colombian cannabis subsidiary

In addition, according to Next Green Wave, the facility will help expedite tissue culture research and the development of high-quality cannabis strains using the Botticelli platform from Intrexon Corp (NASDAQ:XON).

The successful completion of this research will allow Next Green Wave to produce and sell seeds or clones that have standardized plant attributes and are pathogen- and pesticide-free.

"Once regulatory approval and occupancy is granted, this facility has an immediate impact on our revenues and our ability to bring Intrexon into our nursery research and innovation project,” CEO Leigh Hughes said.

Shares of Next Green Wave climbed US$0.02 to US$0.45 in Tuesday’s OTC Markets trading. They traded at C$0.60 in Canada.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

Quick facts: Next Green Wave

Price: 0.38 CAD

Market: CSE
Market Cap: $60.61 m

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