Next Green Wave Signs MOU with Organic Medical Growth to Enter the Colombian Medical Cannabis Market
Next Green Wave Holdings Inc. (CSE:NGW) (OTCQB:NXGWF) (“Next Green Wave” or the “Company”), is pleased to announce that it has entered into a memorandum of understanding “MOU” to take a strategic investment in Organic Medical Growth OMG3 INC. (“OMG”), a Canadian based company operating a wholly owned Colombian subsidiary called Proymed S.A.S “Proymed”. Proymed is a medical cannabis company focused on producing and commercializing non-psychoactive (CBD) products derived from medicinal and industrial cannabis. Proymed is finalizing its transformation and psychoactive (THC) licenses in Colombia as well as finalizing international distribution agreements.
Subject to completion of a definitive agreement and applicable regulatory approvals including the approval of the Canadian Securities Exchange, Next Green Wave will have access to the Colombia cannabis market which has an estimated potential to supply 6 million patients.
As well as taking this strategic investment, Next Green Wave will collaborate and provide commercial strategic support to OMG, through Proymed, including the following:
- Adoption of nursery, cultivation and manufacturing techniques that will enable OMG to produce high quality cannabinoid oil through large scale production and in compliance with GMP standards;
- Planning and design of necessary infrastructure for its outdoor and indoor facilities; and
- Licensing of Next Green Waves medicinal consumer product goods and brands across OMG’s entire distribution network subject to countrywide regulation approval.
Positioned to be the Lowest-Cost High-Margin Colombian Producer
OMG is actively pursuing an IPO and focusing , through Proymed, on becoming a significant producer and supplier of medical cannabis products and services in Colombia alongside companies such as PharmaCielo and Khiron Life Sciences Corp. OMG is positioning itself to become one of the lowest cost, high margin businesses operating in Colombia model while delivering premium quality cannabis products to their consumers.
OMG has a defined strategic roadmap with a highly experienced management team. Key highlights from OMG’s unique offering include the following:
- OMG, through Proymed, has an exclusive offtake agreement to purchase the entire cannabis production of the Asomiravalle Norte Association. This association of 28 producers is located in the state of Valle Del Cauca. The association’s activities span across 100 hectares of land with the option to expand the production to 1000 hectares over the next 10 years.
- OMG has an exclusive distribution agreement with SALUTTI S.A.S. who owns 100% of ORTIX S.A.S.
- ORTIX S.A.S. gives OMG exclusive distribution of cannabis products to its network of over 7000 pharmacies in Colombia.
- OMG is developing its distribution channels to export cannabis products in other established markets including Germany.
“We are excited to become a strategic partner of OMG as they position themselves to be a leader in the production and distribution of medical cannabis in Colombia,” stated Leigh Hughes, CEO of Next Green Wave. “With the likes of PharmaCielo Ltd. and Khiron Life Sciences Corp gaining recent global exposure in the cannabis world, it is clear that Colombia has brilliant potential for a low-cost, high-margin business model. Our partnership will benefit both parties by accelerating OMG to become a leader in the Colombian market whilst giving Next Green Wave future licensing opportunities and distribution beyond the California market.”
“We are very pleased to further position ourselves in the Colombian cannabis industry. The country has some of the best cultivation environments in the world and with the current legal framework, Colombia could soon become the world’s leader in both production and export of medicinal cannabis. OMG’s strategic alliance with Next Green Wave will act as a springboard to kickstart our operations both in Colombia and internationally,” said Jorge Diaz, CEO of OMG. “The expertise, know-how, and product lines Next Green Wave have developed will allow OMG to expedite its go to market strategy and we look forward to fully use the synergy of our teams as we plan to go public.”
On behalf of the Board,
CEO and Executive Chairman, Next Green Wave Holdings Inc.
About Next Green Wave
Next Green Wave (CSE: NGW) is a vertically integrated seed-to-consumer premium medicinal and recreational cannabis company operating in California – the world’s largest cannabis market. NGW has acquired licenses for its nursery/breeding, cultivation, extraction, and distribution operations covering both medical and recreational cannabis production and services. Construction of phase one indoor facility (35,000 ft²) is nearing completion and will produce premium cannabis products. NGW will push the innovation envelope and will develop premium brands that can be distributed across the globe. NGW has a library of more than 120 genetic cannabis strains which include several cannabis cup award winning genetics. The company has acquired over 15 acres of cannabis-zoned development land in Coalinga, California, providing future growth. To find out more visit us at www.nextgreenwave.com or follow us on Twitter at @nextgreenwave, on Instagram, and LinkedIn.
About Organic Medical Growth OMG3 Inc.
OMG, through its wholly owned subsidiary Proymed, is focused on becoming a global leader in the production and distribution of cannabis products. Proymed has secured agreements for the production and distribution of non psychoactive cannabis in Colombia. Proymed is finalizing its transformation and psychoactive licenses in Colombia as well as finalizing international distribution agreements. To find out more visit us at www.organicmedicalgrowth.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.” 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.
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