Next Green Wave, the Australian-backed seed-to-consumer cannabis business has secured all state and local licenses, which will see the company hit the accelerator on its proposed Californian operations.
The cannabis upstart has almost reached completion of phase-one of a major 35,000 sq.ft. facility, a USD $8M state-of-the-art indoor site located within the City of Coalinga, featuring 18 pressurised, climate-controlled rooms.
The site encompasses a nursery, flowering space for cultivation as well as drying areas for harvesting.
The government approvals will see the site into production and pave the way for further expansion.
The recent Next Green Wave licenses specifically permit:
- Indoor Cultivation – Adult Use (up to 15,000 square foot)
- Indoor Cultivation – Medicinal (up to 5,000 square foot)
- Nursery Adult
- Nursery Medicinal
- Distribution – Adult
- Distribution – Medicinal
- Volatile Extraction – includes non-volatile extraction, infusion and manufacturing
Commenting on the award of all licenses, executive chairman Leigh Hughes said:
With the completion of our 35,000 ft² premium indoor Facility-A imminent, we have received all of the state licenses necessary to move into production in 2019.
This is a major milestone to see us into full operation in 2019,” he said.
The approvals are welcome news for investors, with NGW making quick progress, having listed on the Canadian Stock Exchange as recently as October 2018.
The business received strong backing from Australian investors, with BW Equities, a blue-chip Melbourne-based group joining forces with Perth’s Trident Capital and Sydney’s Regal Funds Management to raise more than half of the company’s CAD$21 pre-IPO raise.
Next Green Wave is progressing a vertically-integrated business model, which will see the company oversee seed and growing operations, right up to consumer-focussed sales activities.
The business is one of only a select group to be fully-permitted to conduct operations across the entire cannabis value chain.