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Next Green Wave rises as testing of cannabis facility in California enters final stages

An occupancy permit from the City of Coalinga, according to Next Green Wave, is the final step to allowing the company to begin production at its 35,000-square-foot facility there

A room from the Next Green Wave production facility
Systems at the Coalinga, California, facility are being tested and calibrated

Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF) shares climbed Wednesday after it said it was in the final stages of testing at its 35,000-square-foot cannabis production facility in Coalinga, California.

PG&E Corporation (NYSE:PCG), according to Next Green Wave, is in the final testing phase of the completion of the electrical installation, which is expected to be carried out within a week. Next Green Wave said it can then move forward with a scheduled final inspection of the facility conducted by the City of Coalinga in order to receive an occupancy permit.

Shares of Next Green Wave climbed 3.4% to C$0.61 in Wednesday’s Canadian trading. They traded at US$0.46 on the OTC Markets.

READ: Next Green Wave's SD Cannabis acquisition set to drive revenue in 2019

The occupancy permit, according to Next Green Wave, is the final step to allowing Next Green Wave to begin production at the facility.

"After a very focused 11 months of build-out, we are now only weeks away from activating our operations in California and one step closer to becoming a fully integrated premium producer," CEO Leigh Hughes said in a statement.

Next Green Wave said it has completed the installation of dehumidifiers, lights, rolling benches, irrigation manifolds, water filtration, security and carbon dioxide distribution systems. All systems are currently being tested and calibrated, according to the Vancouver-based company.

Earlier this week, Next Green Wave said its acquisition of SD Cannabis Ventures LLC and its investment in Organic Medical Growth are poised to drive revenue in 2019 and help with the execution of its distribution and product development in California.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Price: 0.215 CAD

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