Canadian listed cannabis business Next Green Wave has appointed Executive Chairman Lee Hughes, a Western Australian, as Chief Executive Officer to lead the company as it completes its first production facility.
The management shakeup will accelerate its products to market while also repositioning its research and innovation division, with outgoing CEO Mike Jennings to lead the research unit as COO.
Mr Hughes is an experienced company director and winner of Western Australia’s prestigious 40 under 40 business award in 2012. He has a strong background in integrated marketing communications, with more than 15 years’ industry experience.
Next Green Wave boasts a strong Australian connection with three respected finance groups, Melbourne-based BW Equities, Perth’s Trident Capital and Regal Funds Management from Sydney, tipping in more than half of the company’s CAD$21 pre-IPO raise.
Mr Hughes’s rise through the leadership ranks at Next Green Wave coincides with the completion of construction at its inaugural production facility, located in Coalinga, California.
The major 35,000 sq.ft indoor cannabis production facility boasts industry-leading technology, including 18 pressurised, climate-controlled rooms.
Teams are now mobilised to connect the infrastructure to Pacific Gas and Electric’s (PG&E) power grid.
PG&E has commenced work to trench and install power cables, with the installation expected to be completed within a few weeks.
Commenting on the reshuffle at Next Green Wave, Executive Chairman and Chief Executive Officer Leigh Hughes said:
This is a major advancement having Michael become the head of operations and lead our new research and innovation division in developing new cultivars to add to our genetic archive.
“I’m looking forward to taking ownership of this additional role and focus my efforts on our growth strategy and mergers and acquisition opportunities,” he said.
Next Green Wave is one of only a handful of organisations to be fully permitted, with the licenses removing all typical distribution barriers.
The company has a unique business model with a vision of operating across the entire value chain, from nursery and cultivation activities to manufacturing and distribution.