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Next Green Wave to raise C$6M to expand its brands in California

The Canadian company is a vertically integrated producer of medical and recreational cannabis with a 35,000 square foot production facility in California
canadian money
The private placement consists of 6,000 unsecured convertible notes at $1,000 per note

Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF) announced its intention to raise C$6 million to expand its brands and products in California.

The Vancouver-based company is a vertically integrated producer of medical and recreational cannabis with a 35,000 square foot production facility in California.

The cannabis company is conducting a non-brokered private placement of 6,000 unsecured convertible notes at $1,000 per note, issuable in two tranches.

READ: Next Green Wave kicks off cannabis production in California

"The closing of this offering will allow Next Green Wave the financial flexibility to be aggressive in rapidly expanding its operations and distribution of its brands and products in California," said CEO Leigh Hughes.

"These funding partners have selectively invested in cannabis companies and this commitment ensures we protect our shareholder value moving forward."

Both tranches will consist of 3,000 notes issuable upon an irrevocable draw down notice delivered by the company to the subscribers.

Shares of Next Green Wave closed Wednesday at C$0.49 in Toronto and US$0.36 in the US.

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