CGOC investment to enable NGW's market leadership in California
TORONTO, Aug. 2, 2018 /CNW/ - Cannabis Growth Opportunity Corporation (CSE: CGOC) today announced an investment in Next Green Wave (NGW), a vertically integrated cannabis company producing medicinal and recreational cannabis products for customers throughout the State of California. The deal is an example of CGOC's approach to investing in privately-held companies poised for high growth.
Led by world class cannabis experts known for producing award winning seeds and plants, NGW is well positioned to control the complete seed to sale process. With the changing regulatory environment in California, this investment will help NGW have a supply advantage over its competitors in offering cannabis to medical and recreational marijuana dispensaries.
"As we aim to help create a vibrant, global cannabis industry where investors can benefit from its long-term benefit, we're looking at companies like NGW who are poised to lead in their market," says Jamie Blundell, President and COO of CGOC. "NGW is an example of a private investment we're making where we can lever our relationships and expertise to help them grow."
CGOC is investing $750,000 CAD in NGW. NGW currently has four sites permitted for medicinal and recreational marijuana operations. With this investment, the company will be able to finish construction on the first of four facilities.
"We're looking for partners like CGOC to help us as we drive to meet the high future demand for medical and recreational cannabis in California," says Leigh Hughes, Executive Chairman of NGW. "Their team is as committed as we are to our expansion and we plan to fully lever their expertise and experience helping other cannabis organizations as we move forward with our upcoming listing on the CSE in Q3 of 2018."
NGW's team has spent many years cultivating some of the best cannabis seeds in the world under the Loud Seeds brand. Loud Seeds has been inducted into the High Times Seed Bank Hall of Fame for producing winning cannabis strains six times at the Cannabis Cup.
"We're very excited about our market opportunity," added Mike Jennings, NGW's CEO. "We have the best products and the right profile to capitalize on what is happening in California. CGOC's investment is a critical enabler for us to do so."
About Next Green Wave
Next Green Wave (NGW) is a wholly owned subsidiary of Crossgate Capital Corporation incorporated in Vancouver, British Columbia, and conducting business in Coalinga, California. NGW is an integrated seed-to-sale cannabis company holding conditional use permits (CUPs) for both medicinal and recreational operations and sales within the state. The company has acquired CUPs for the following: cultivation; volatile and non-volatile extraction; nursery; and distribution. NGW has acquired more than 11 acres within the municipal "green zone" of Coalinga and has started construction of a 35,000 sf indoor facility with an anticipated completion date scheduled for the fourth quarter 2018.
CGOC is a unique investment corporation incorporated under the laws of Canada. CGOC's investment objectives are to provide holders of common shares long-term total return through capital appreciation by investing in an actively managed portfolio of securities of public and private companies operating in, or that derive a portion of their revenue or earnings from, products or services related to the cannabis industry. http://cgocorp.com/. To access the company's most recent webinar, please visit http://cgocorp.com/investors/ and register for the news feed.
This press release is not an offer of securities for sale in the United States, and the securities described in this press release may not be offered or sold in the United States absent registration or an exemption from registration. The securities have not been and will not be registered under the United States Securities Act of 1933.
SOURCE Cannabis Growth Opportunity Corporation
For further information: Jamie Blundell, President and Chief Operating Officer, Cannabis Growth Opportunity Corporation, 647-946-2205, [email protected]