Thank you for your support and the confidence that you have placed in Next Green Wave. Over the past year the Board has overseen the Company’s transition from a newly formed private corporation, into a publicly listed company on the Canadian Securities Exchange that is on a pathway to becoming the most innovative premium consumer packaged cannabis goods creator in California.
Over the next three years, Next Green Wave will strive to become a top 5 cannabis brand in California through our market share acquisition target we have set in the premium recreational segment. We will also prioritize our capital to build out world-class nursery, cultivation and distribution capabilities that separate us from the rest of our cannabis peers. Our mission is to unlock the full potential of the cannabis plant, in ways that cater to all people around the world.
Growth through Activating our Facilities
Construction began officially on our 35,000 square foot premium indoor facility A on April 19. This facility includes 14 flowering rooms, 4 vegetative rooms (including a mother room), a nursery and all the ancillary support facilities and equipment to accommodate integrated commercial premium production operations. It is expected that in Q1 of 2019 this facility will be officially opened by the City of Coalinga and operational with plants in the ground.
We are on track for the full retrofit and activation of our 3,240 square foot Facility C, which will be used for our non-volatile and volatile extraction activities. Facility C will also be used for research and development and we are excited about the prospect of working with other partners to bring new product lines to the cannabis space through this facility.
Building a Strong and Diversified Team and Community
As we strive to become the number 1 premium cannabis consumer packaged goods company in California, we have recognized that we need to create a world-class and unified management team. Since our IPO in October, we have made key hires to our Marketing, Human Resources, Investor Relations, Finance and Operations team.
On October 29, we completed our first successful job fair in Coalinga. With the support of the entire community including the City Mayor, Police Chief and City Manager, we had over 180 people in attendance and are now onboarding the first phase of successful applicants who will work in Facility A.
A Focus on Strategy and an Unbreakable Governance Charter
In order to unlock our full potential in the cannabis industry, we appointed KOMAND Consulting who help companies become more data-driven in their strategic decision making. Beginning with an in-depth strategic workshop in August, we have now implemented a detailed execution plan and a strong executive KPI dashboard that will ensure Next Green Wave is accountable and building on a strong foundation.
A Bright and Exciting 2019
Next Green Wave is highly focused to ensure that we exceed the expectations of all stakeholders in 2019. We are excited to be able to share some key milestones in Q1 of 2019 including;
- The official opening of our 35,000 square foot Facility A
- The completion of the retrofit of our 3,240 square foot Facility C
- Announcing the planning phase for our 50,000 square foot Facility B
- Having our first plants in the ground in our Facility A
- Revealing the plans of our research & development activity in 2019
- Launching our first official brand and products that will be ready for distribution throughout California
In closing, the Board remains committed to ensuring our company cautiously balances its strategic growth with sound risk management practices that exceed the industry standards. The Board is confident it has the right business model and the right objectives to be on the path to execution, drive growth and create stakeholder value.
As a young company, we are excited for our future and we look forward to sharing our next journey together in 2019.
This update contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements.” Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, the risk factors included in the preliminary prospectus, including without limitation dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing state, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits to complete construction of its proposed facilities in a timely manner; engaging in activities which currently are illegal under US federal law and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization, particularly in California, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; NGW’s limited operating history and lack of historical profits; reliance on management; NGW’s requirements for additional financing, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers. Readers are encouraged to the review the section titled “Risk Factors” in NGW’s preliminary prospectus. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although NGW has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. NGW no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.