Next Green Wave Eliminates All Debt
Vancouver, B.C. — October 6, 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 financial updates:
Loan Fully Repaid
As of September 30, 2021, the Company has used its cash-on-hand to fully repay the last of its outstanding debt, and as a result, the Company’s only remaining liabilities on its Balance Sheet are trade payables, outstanding tax payments and accrued liabilities (the “Liabilities”).
As of September 30, 2021, The Liabilities total less than US$1 Million dollars* and the Company’s current cash balance, plus accounts receivable, exceed US$6 Million dollars*.
Financial Updates
With Q3 2021 now concluded, the Company has now been operating with positive cash flow for 19 consecutive months and NGW will be pre-releasing its Q3 2021 results (Revenue and Adjusted EBITDA*) on October 13, 2021.
“Our Company’s profitability and strong cash position has allowed us to achieve our short-term goal of eliminating all significant debt and possessing one of the cleanest balance sheets in the cannabis industry. Our current asset base and minimal liabilities position NGW to pursue broader and longer-term goals in the future in this competitive and rapidly changing cannabis market. This is just the beginning!”
Michael Jennings
Chief Executive Officer, Director
Next Green Wave Holdings Inc.
