leadf
logo-loader
viewNext Green Wave

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

CSE:NGW
Market: CSE
Market Cap: $60.61 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Next Green Wave named herein, including the promotion by the Company of Next Green Wave in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Next Green Wave continues to show management plan is working with more...

Next Green Wave (CSE: NGW- OTCQX: NXGWF) CEO Michael Jennings joined Steve Darling from Proactive with news the company continues to see positive cash flow, EBIDTA, and net income. Jennings talks about the last 7 months and how they continue to execute on their original business...

1 week, 1 day ago

2 min read