Next Green Reports Q4 Results And Corporate Appointments
Next Green Wave Holdings Inc. (CSE: NGW) (OTCQX: NXGWF) has generated approximately $4.7 million in revenue, compared to $3.6 million in the prior period and $150,000 in the corresponding quarter of 2019.
The Vancouver, British Columbia-based company posted an Adjusted positive EBITDA of $2.3 million versus a $2.15 million loss in the fourth quarter of last year.
Next Green's earnings report comes on the heels of the company's signing a supply and production deal with the California cannabis brand Cookies.
Some of the fourth quarter highlights include the company's intention to build out an indoor cultivation facility spanning 50,000 square feet adjacent to its 35,000 square foot facility in Coalinga, California.
The company also launched an operation and packaging facility, and made some changes in its management. Next Green appointed lawyer Glen Harder to board chairman, and Todd Hybels — who previously served as facility director — to Chief Operating Officer.
"We transitioned from a startup into a fully-fledged cannabis CPG company that has consistent revenue growth quarter over quarter, is positive cash-flow month after month and has achieved true profitability for the last three quarters," Next Green CEO Michael Jennings commented.