Vancouver, British Columbia--(Newsfile Corp. - November 9, 2021) - Next Green Wave Holdings Inc. (CSE: NGW) (OTCQX: NXGWF) ("Next Green Wave", "NGW" or the "Company"), a premium seed-to-shelf craft cannabis producer, is pleased to announce the following updates:
Sauce Cart Launch
After months of R&D testing, the Company is pleased to officially announce the launch of NGW's 2.0 Sauce Carts (the "New Carts"). These carts still feature our popular premium, single-source, strain-specific, non-distilled, full-spectrum sauce. However, based on consumer and retail feedback, NGW has made some key product changes. Most notably, the third party hardware quality has been upgraded to properly deliver the Company's premium cured sauce. We are now filling and packaging these units in-house to ensure the overall quality of each unit. The packaging has also been upgraded to match NGW's premium flower and to give retailers several options for display. The Company sold over 2,000 New Carts in the first week at margins that are consistent with its other premium flower product lines. With our new internal production processes in place, we will now be able to scale growth to meet this demand.
"Launching the 2.0 Sauce Carts, from a brand perspective, completes our pivot away from lower margin commoditized products to a total focus on higher margin premium products. In both the premium indoor flower and premium indoor sauce cart categories, we can both leverage the artisanal quality of our products and achieve high margins in ways we cannot in the other branded product categories."
Michael Jennings
Chief Executive Officer, Director
Next Green Wave Holdings Inc.
AGM Results
The Company held its Annual General Meeting on Friday November 5. All resolutions presented to the shareholders were approved with over 98% of votes cast being in favor of each resolution (see SEDAR filing of the Company's Information Circular dated October 1, 2021).
As a result:
- Dale Matheson Carr-Hilton, Chartered Professional Accountants were re-appointed as the Company's auditor;
- The Number of Directors was set at 4 with the following nominees elected as directors: Mike Jennings, Glen Harder, Curtis Floyd, and Norm Mayr;
- The Company's Incentive Stock Option Plan was re-approved; and,
- The shareholders have approved the adoption of an Advance Notice Policy (the "Advance Notice Policy"), establishing a framework for advance notice of nominations of directors by shareholders of the Company.
The purpose of this Advance Notice Policy is to provide shareholders, directors and management of the Company with direction on the nomination of directors. The Advance Notice Policy is the framework by which the Company seeks to fix a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
For all subsequent meetings of shareholders of the Company:
In the case of an annual meeting of shareholders, notice of a director nomination must be given to the Company not less than 30 nor more than 65 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is called for a date that is less than 40 days after the date (the "Notice Date") on which the first public announcement of the date of the annual meeting was made, notice by the Nominating Shareholder may be made not later than the tenth (10th) day following the Notice Date.
In the case of a special meeting of shareholders (which is not also an annual meeting) called for the purpose of electing directors (whether or not called for other purposes), notice of a director nomination must be given to the Company no later than the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting of shareholders was made.
The Advance Notice Policy is effective immediately.
The Company would also like to confirm it will be releasing its Q3 2021 Financial Statements on November 30, 2021.
The Company has granted 600,000 stock options to three directors under its stock option plan, exercisable at a price of CDN$0.50 per share, with an expiry date of five years, and will vest 25% every 6 months for a period of two years.
About Next Green Wave
Next Green Wave is an integrated premium seed-to-shelf craft cannabis producer offering products through its in-house brand portfolio and wholesale flower for other large cannabis manufacturers. The Company owns and operates a 35,000 sq. ft. indoor facility in Coalinga, CA, which is home to our nursery, cultivation, distribution, and future packaging business. Marketing, product design, and formulation are produced in-house; please follow along at www.nextgreenwave.com or on Twitter, Instagram, or LinkedIn.
For more information regarding Next Green Wave, please contact:
Matthew Jewell
CFO
Tel: +1 (604) 684-6844
IR@nextgreenwave.com
Neither Canadian Securities Exchange (the "CSE") nor its Regulation Services Providers (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
*All financial information is provided in U.S. dollars and is unaudited and is subject to change. Any preliminary unaudited long-term financial projections provided herein have not been prepared in accordance with IFRS. Management uses non-IFRS financial measures, in addition to IFRS financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate the Company's financial performance. One example of a non-IFRS financial measure is Adjusted EBITDA, which has limitations as an analytical tool as it excludes from net income as reported, interest, tax, depreciation, other income and expenses, non-cash grow costs expensed for biological assets and unsold inventory, and the non-cash fair value effects of accounting for biological assets and inventories. Management believes that these non-IFRS financial measures reflect the Company's ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business, as they facilitate comparing financial results across accounting periods and to those of peer companies. Management also believes that these non-IFRS financial measures enable investors to evaluate the Company's operating results and future prospects in the same manner as management. These non-IFRS financial measures may also exclude expenses and gains that may be unusual in nature, non-cash, infrequent or not reflective of the Company's ongoing operating results. As there are no standardized methods of calculating these non-IFRS measures, the Company's methods may differ from those used by others, and accordingly, the use of these measures may not be directly comparable to similarly titled measures used by others. Accordingly, Non-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with IFRS financial Measures.
Next Green Wave Forward Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements" and such forward-looking statements and forward-looking information represent only NGW's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of NGW's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts" "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but are not limited to, the Company's expectations for long-term (YE 2021, YE 2022 and YE 2023) revenue and adjusted EBITDA profitability, the ability of the Company to successfully achieve business objectives (including completion of construction and increasing production capacity), and expectations for other economic, business, and/or competitive factors. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects NGW's current beliefs and is based on information currently available to NGW and on assumptions NGW believes are reasonable.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking information. Such risks, uncertainties and other factors include, among others: dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing state, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits to complete construction of its proposed facilities in a timely manner; engaging in activities which currently are illegal under US federal law and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization, particularly in California, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; NGW's limited operating history and lack of historical profits; reliance on management; NGW's requirements for additional financing, and the effect of capital market conditions and other factors on capital availability, competition, including from more established or better financed competitors; the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers; and risks and delays resulting from the COVID-19 pandemic. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although NGW has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. NGW has no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/102580
