$NXGWF $NGW March 15, 2019 - Next Green Wave Holdings Inc. (CSE: NGW) (OTCQB: NXGWF) ("Next Green Wave" or the "Company"), is pleased to announce the signing of definitive agreements in respect of its previously announced transaction to take a strategic investment in Organic Medical Growth OMG3 INC. ("OMG"), a Canadian based company focused on producing and commercializing CBD products derived from medicinal and industrial cannabis in Colombia.
Next Green Wave now has access to the Colombian cannabis market which has an estimated potential to supply medicinal cannabis to 6 million patients. Through OMG's current distribution channel of 7,300 pharmacies, Next Green Wave has the opportunity to license its collection of brands and products into the Colombian market.
Organic Medical Growth Company Update
OMG, with its experienced management team, continues to execute according to its strategic roadmap. Further developments that have taken place since the signing of the memorandum of understanding between the parties on February 14, 2019 include the following:
OMG has signed a joint venture with Cannabolland Cluster S.A.S ("Cannabolland"), a vertical biotech cluster based in Piedemonte Llanero region, Meta (Colombia) that groups companies with cannabis licenses with the aim of structuring the companies, consolidating the licenses, providing technical knowledge and infrastructure. As per the joint venture agreement, OMG has now access to the planned production of cannabis on 5,000 hectares of land with possible extension of the cultivation licenses for all types of production to the geographical area of the cluster (up to 12,000 acres). The six companies within Cannabolland, that include 2,500 associated growers, have 3 psychoactive (THC) and 3 non-psychoactive (CBD) licenses, as well as 2 transformational (extraction) licenses. In collaboration with its strategic and distribution partner Ortix S.A.S,
OMG is working on the launch of 9 cannabis-based topical products under the OMG brand. The first 2 products from the OMG portfolio in Colombia will be distributed across Ortix network of 7,300 stores within the next 60 days.
OMG is actively pursuing a go-public transaction and focusing on becoming a significant producer and supplier of medicinal cannabis products and services in Colombia alongside companies such as PharmaCielo and Khiron Life Sciences Corp. OMG is positioning itself to become one of the lowest costs, high-margin businesses operating in Colombia while delivering premium quality cannabis products to their consumers.
"To see how quickly OMG is growing their business opportunities in Colombia is exciting for Next Green Wave," stated Leigh Hughes, CEO of Next Green Wave. "As OMG grow their distribution channels, it opens up the platform for our brands outside of California and gives us scope to do more in a low-cost, high-margin environment in Colombia."
Next Green Wave Enters into Definitive Agreements with Organic Medical Growth https://finance.yahoo.com/news/next-green-wave-enters-definitive-073000293.html