Next Green Wave (fka NXGWF)

[MADDSTACKER]

VANCOUVER, BRITISH COLUMBIA – January 8th, 2019 – Next Green Wave Holdings Inc. (CSE:NGW) (OTCQB:NXGWF) (“Next Green Wave” or the “Company“), is pleased to announce that the Company’s Chief Executive Officer and director, Michael Jennings, has assigned 100% of his interests and benefits to a cannabis genetics inventory including 112 cultivars (the “Genetics Inventory”) to the Company’s wholly owned subsidiary, Crossgate Capital US Holdings Corp. (the “Acquisition”). Mr. Jennings was paid nominal consideration to effect the Acquisition*. The Company now has an additional 112 cultivars to add to its genetic nursery archive.
The Company anticipates the Acquisition to enable it to further execute on its strategy to build a world-class nursery and to develop new cannabis hybrids with desired traits for the California market. The legalization of cannabis in California has added pressure on cultivators to produce new strain varieties for the fast-evolving market. Next Green Wave expects the Acquisition will help the Company adapt to growing demand trends and expedite its development of hybrids that meet premium standards.
“As a Company, our vision is to build a world-class nursery that pushes the innovation envelope in the cannabis industry,” stated Leigh Hughes, Executive Chairman. “We have one of the world’s most exceptional breeders and cultivators—Michael Jennings—who is determined to execute Next Green Waves’ vision to develop a distinguished nursery for the medical and adult-use cannabis market in California.”
In Q1, the Company plans to integrate its newly acquired cultivars from the Genetics Inventory into its breeding program. The Company anticipates that this will have a positive impact on the products it can then introduce into the California market in 2019.
*Note: The Acquistion does not constitute a related party transaction as that term is defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.