Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF) announced Wednesday that the cannabis company will raise up to C$3 million in a non-brokered private placement, which will be used to accelerate and roll out Next Green Wave's brands and products throughout California.
The company said it has received a lead order of C$1.5 million from a publicly listed cannabis investment company and expects to complete the offering shortly.
The firm said it will offer up to 9.1 million common shares at a price of C$0.33 for gross proceeds of up to C$3 million. The firm noted it has reserved a 10% overallotment.
Funds raised will be used for the acceleration and rollout of Next Green Wave's brands and products throughout California, including making certain payments for the SDC Ventures LLC acquisition, according to the company in a statement.
The firm said the products will be developed in partnership with: Carey Hart, Sketchy Tank, Junkyard LA, Toy Machine Skateboard, WEARESDC, OSS, and recently launched King Louie and Loki the Wolfdog CBD pet products.
Earlier this week, the firm announced it was teaming up with King Louie, and will be launching premium flower THC products and concentrates throughout his new 'Life of Louie' album world-tour and appearances at dispensaries in Southern California.
Shares of Next Green Wave were at C$0.31 on Wednesday.
Contact Katie Lewis at [email protected]