Australian-backed North American Cannabis play Next Green Wave is preparing for its next phase of product development through a convertible note offering, which is set to support further commercialisation following the company’s release of two retail products.
The convertible note will consist of a non-brokered private placement of 6,000 unsecured convertible notes at the price of $1,000 per convertible note.
The Company has said the placement will be conducted in two tranches, providing Next Green Wave the flexibility to execute its rapid growth strategy, which aims to commercialise the entire cannabis market value chain with its unique seed-to-consumer model.
Commenting on the capital raising, Next Green Wave CEO Leigh Hughes said:
“The closing of this Offering will allow Next Green Wave the financial flexibility to be aggressive in rapidly expanding its operations and distribution of its brands and products in California.
“These funding partners have selectively invested in cannabis companies and this commitment ensures we protect our shareholder value moving forward.”
Next Green Wave has recently completed a 35,000 sqft manufacturing facility in Coaliga California which it intends to operate for the production of retail CBD products. The plant will be a major driver of the company’s success, with plans to support the growth of its cannabis retailing business.
Through an acquisition of California-based cannabis manufacturer and brand network SD Ventures (SDC) Next Green Wave has already delivered two readily available commercial products: Loki’s Naturals Love Biscuit and Loki’s Naturals CBD tincture.
The products are intended to support the health of canines and are marketed through the popular Instagram account Loki the Wolfdog. The Instagram account is among eight brands acquired through SDC which collectively hold an audience of 25 million people.
The Company has shown an impressive ability to attract investment, with NGW listing on the CSE in October 2018.
Next Green Wave was heavily supported by Australian funds, receiving the backing of blue chip groups such as Trident Capital, BW Equities and Regal Funds Management.
