VANCOUVER, British Columbia, Sept. 24, 2019 (GLOBE NEWSWIRE) -- Next Green Wave Holdings Inc. (CSE: NGW) (OTCQX: NXGWF) ("Next Green Wave", “NGW” or the "Company") announces that it has completed the installation and activation of its research and innovation laboratory under license from biotech leader Intrexon (NASDAQ: XON). Under the agreement, these milestones will advance Intrexon’s Botticelli™ next generation plant (non-GMO) propagation platform and begin the rapid optimization and production of Next Green Wave’s proprietary cannabis cultivars.
Per their agreement announced on March 22, 2019, Intrexon and NGW have achieved the following milestones:
- Optimization of Botticelli™ protocol for Next Green Wave's hemp CBD strains.
- Completion of tissue culture lab at NGW production site to begin Botticelli™ optimization of NGW’s proprietary nursery stock.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/476dbdcb-ace3-4efa-aaa6-b0f421fa3efc
“The opening of this research facility is a huge milestone on our path to establish a world-class cannabis nursery. Combining Intrexon’s proprietary Botticelli™ tissue culture platform with NGW’s proprietary stock and cultivation team, we aim to push the limits of the current cannabis performance paradigm. After a successful optimization phase, we will begin the Botticelli™ plantlet production for our own internal cultivation and also supply our industry leading plantlets to other licensed cultivators in California,” stated Michael Jennings, CEO of NGW.
In the U.S. market, legal cannabis revenue is projected to exceed $31.3 billion by 2022*, with California representing around a third of that market. Current cannabis cultivation is predominantly dependent on clonal propagation by using cuttings of mother plants. This creates barriers to meeting product demand and also risk of disease susceptibility. In addition, plants derived from repeated cuttings lose vigor in performance. Botticelli™ offers potential for a sustainable, scalable, and more economical solution than conventional clones.
“We are excited to have achieved optimization of Botticelli™ protocol for hemp CBD strains, as a proxy for cannabis, and feel confident about the potential of our platform for cannabis cultivation. We are looking forward to seeing the Botticelli™ platform enabled and integrated with NGW’s production, validating its value-add for the cannabis industry,” commented Sekhar Boddupalli, President, Intrexon’s Ag Bio Division.
NGW is also pleased to announce that its current nursery production, derived using traditional cloning methods, has reached inventory levels sufficient to begin sales to other retail and licensed producers. The nursery has the capacity to produce up to 80,000 plantlets per month to fulfill both internal use and external sales. Additionally, the company has now completed its second harvest of a variety of premium cannabis flower and entered a perpetual cycle to harvest two rooms every 10-14 days.
About Next Green Wave
NGW is a fully integrated premium cannabis producer with 8 legacy brands and over 45 products through its subsidiary WEARESDC. Based in Coalinga, California the company owns and operates a state-of-the-art cultivation facility and is currently expanding operations on the cannabis zoned property it is situated on. NGW has a seed library of over 120 strains which include multiple award-winning genetics and cultivars and is developing its nursery cloning operations with bio-tech leader Intrexon. To find out more visit us at www.nextgreenwave.com or follow us on Twitter, Instagram, or LinkedIn.
* Source: Arcview Market Research Group
On behalf of the board,
Michael Jennings, CEO
Next Green Wave Holdings Inc.
For more information regarding Next Green Wave, contact:
Caroline Klukowski
VP Corp. Development
Tel: +1 (778) 589-2848
IR@nextgreenwave.com
Next Green Wave Forward Looking Statements
This press release 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.” 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, including closing of Tranche 1 and Tranche 2 of the Notes; 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 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.