Next Green Wave Launches New Sauce Carts
Vancouver, B.C. — November 9, 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 updates:
Sauce Cart Launch
After months of R&D testing, the Company is pleased to officially announce the launch of NGW’s 2.0 Sauce Carts (the “New Carts”). These carts still feature our popular premium, single-source, strain-specific, non-distilled, full-spectrum sauce. However, based on consumer and retail feedback, NGW has made some key product changes. Most notably, the third party hardware quality has been upgraded to properly deliver the Company’s premium cured sauce. We are now filling and packaging these units in-house to ensure the overall quality of each unit. The packaging has also been upgraded to match NGW’s premium flower and to give retailers several options for display. The Company sold over 2,000 New Carts in the first week at margins that are consistent with its other premium flower product lines. With our new internal production processes in place, we will now be able to scale growth to meet this demand.
“Launching the 2.0 Sauce Carts, from a brand perspective, completes our pivot away from lower margin commoditized products to a total focus on higher margin premium products. In both the premium indoor flower and premium indoor sauce cart categories, we can both leverage the artisanal quality of our products and achieve high margins in ways we cannot in the other branded product categories.”
Michael Jennings
Chief Executive Officer, Director
Next Green Wave Holdings Inc.
AGM Results
The Company held its Annual General Meeting on Friday November 5. All resolutions presented to the shareholders were approved with over 98% of votes cast being in favor of each resolution (see SEDAR filing of the Company’s Information Circular dated October 1, 2021).
As a result:
• Dale Matheson Carr-Hilton, Chartered Professional Accountants were re-appointed as the Company’s auditor;
• The Number of Directors was set at 4 with the following nominees elected as directors: Mike Jennings, Glen Harder, Curtis Floyd, and Norm Mayr;
• The Company’s Incentive Stock Option Plan was re-approved; and,
• The shareholders have approved the adoption of an Advance Notice Policy (the "Advance Notice Policy"), establishing a framework for advance notice of nominations of directors by shareholders of the Company.
The purpose of this Advance Notice Policy is to provide shareholders, directors and management of the Company with direction on the nomination of directors. The Advance Notice Policy is the framework by which the Company seeks to fix a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
For all subsequent meetings of shareholders of the Company:
• In the case of an annual meeting of shareholders, notice of a director nomination must be given to the Company not less than 30 nor more than 65 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is called for a date that is less than 40 days after the date (the "Notice Date") on which the first public announcement of the date of the annual meeting was made, notice by the Nominating Shareholder may be made not later than the tenth (10th) day following the Notice Date.
• In the case of a special meeting of shareholders (which is not also an annual meeting) called for the purpose of electing directors (whether or not called for other purposes), notice of a director nomination must be given to the Company no later than the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting of shareholders was made.
The Advance Notice Policy is effective immediately.
The Company would also like to confirm it will be releasing its Q3 2021 Financial Statements on November 30, 2021.
The Company has granted 600,000 stock options to three directors under its stock option plan, exercisable at a price of CDN$0.50 per share, with an expiry date of five years, and will vest 25% every 6 months for a period of two years.
About Next Green Wave
Next Green Wave is an integrated premium seed-to-shelf craft cannabis producer offering products through its in-house brand portfolio and wholesale flower for other large cannabis manufacturers. The Company owns and operates a 35,000 sq. ft. indoor facility in Coalinga, CA, which is home to our nursery, cultivation, distribution, and future packaging business. Marketing, product design, and formulation are produced in-house; please follow along at www.nextgreenwave.com or on Twitter, Instagram, or LinkedIn.
For more information regarding Next Green Wave, please contact:
Matthew Jewell
CFO
Tel: +1 (604) 684-6844
IR@nextgreenwave.com
AI
