Next Green Wave Holdings Inc (CSE:NGW) (OTCQB:NXGWF) told investors Friday that it has received final approval from the City of Coalinga, California for its conditional use permits (CUPs) for nursery and extraction operations on its second 3,240 square feet indoor facility in the city.
In other news, the Vancouver company also began construction at the site according to the approved design by the City of Coalinga on February 26.
“Obtaining final regulatory approval and beginning construction on Site C sees us meeting yet another key milestone for the company,” said Leigh Hughes, CEO of Next Green Wave. “We have to again thank the city of Coalinga for assisting us throughout this process and supporting us in getting the second facility operational in the coming months.”
The conditional use permits for Next Green Wave’s second facility come after it was issued licenses for indoor cultivation, nursery work, distribution as well as volatile and non-volatile extraction at its first 35,000 foot facility in the city.
Separately, Next Green Wave also announced it has granted 1 million stock options at a price of $0.60 per share to an advisor of the company. The 1 million options are exercisable until March 7, 2022.
Next Green Wave is a cannabis company operating in California – the world’s largest cannabis market. It has acquired over 15 acres of cannabis-zoned development land in Coalinga where it is nearing completion of phase one of the construction of its first indoor 35,000 foot facility. It has a library of more than 120 genetic cannabis strains.
Next Green Wave shares slipped C$0.02 to end at C$0.55 on Thursday.
Contact Ellen Kelleher at [email protected]