Next Green Wave Announces US$1,000,000 Monthly Adjusted EBITDA for January

Vancouver, British Columbia--(Newsfile Corp. - February 1, 2021) - Next Green Wave Holdings Inc. (CSE: NGW) (OTCQX: NXGWF) ("Next Green Wave", "NGW'' or the "Company") is pleased to announce the following January 2021 updates:

FINANCIAL HIGHLIGHTS

The Company's Adjusted EBITDA* was approximately US$1,000,000 for January 2021, on revenues of approximately US$1,600,000. This after already recording approximately US$1,000,000 Adjusted EBITDA* in both October 2020 and November 2020, click HERE for the press release.

For a summary of our Q4 2020 results, click HERE

EXPANSION UPDATE

The construction timeline for the Company's next premium indoor cultivation facility ("Facility B") is on schedule. NGW expects engineering and architectural designs to be complete by the end of Q1 2021, construction to commence in Q2 2021 and that it will obtain a certificate of occupancy in Q4 2021.

For more information click HERE

NGW x COOKIES

NGW is pleased to confirm it has signed a 2 year supply and production agreement with COOKIES. COOKIES is one of the most well-respected, top-selling and premiere cannabis brands in California and throughout the world.

Read more about it HERE

NGW NAMED TO OTCQX BEST 50

On Jan 28, 2021, the Company was named to the 2021 OTCQX® Best 50, a ranking of top performing companies, across all industries, traded on the OTCQX Best Market in 2020. Next Green Wave was ranked 41st overall and 4th among all public cannabis companies. Of the cannabis companies that made the list, Next Green Wave is the only cannabis company with a market cap of less than 500 million.

For the full press release, click HERE.

"We continue to be excited by the reception of, and demand for, our products throughout the California market, which was mostly unaffected by the State of California's stay-at-home orders. This consistent demand is a true testament to not only the demand for our products, but the community of recurring customers NGW has garnered and continues to grow. As we commence our build of the much larger Facility B in Q2 2021, we are excited to be able to service more of the rapidly growing demand for our products and expand our reach into new markets across California, the largest addressable market in the United States. We expect to continue to do all this while maintaining our industry-leading profit margins."
- Michael Jennings CEO Next Green Wave

Michael Jennings
Chief Executive Officer, Director
Next Green Wave Holdings Inc.

About Next Green Wave

Next Green Wave is a fully integrated premium seed to shelf craft cannabis producer offering products through its in-house brand portfolio and wholesale flower for other large cannabis manufacturers. The Company owns and operates a 35,000 square foot indoor facility in Coalinga, CA which is home to our nursery, cultivation, distribution, and future extraction business. NGW has an exclusive seed library consisting of 120 cannabis strains and hybrids including award-winning cultivars and is producing high quality tissue culture plantlets through its proprietary cloning technology with bio-tech leader Precigen. Marketing, product design and formulation are produced in-house, please follow along us at www.nextgreenwave.com or on Twitter, Instagram, or LinkedIn.

For more information regarding Next Green Wave please contact:

Ryan Lange
CMO
Tel: +1 (604) 684-6844
[email protected]

Neither Canadian Securities Exchange (the "CSE") nor its Regulation Services Providers (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

*All financial information is provided in U.S. dollars and is unaudited and is subject to change. Any preliminary unaudited long-term financial projections provided herein have not been prepared in accordance with IFRS. Management uses non-IFRS financial measures, in addition to IFRS financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate the Company's financial performance. One example of a non-IFRS financial measure is Adjusted EBITDA, which has limitations as an analytical tool as it excludes from net income as reported, interest, tax, depreciation, other income and expenses, non-cash grow costs expensed for biological assets and unsold inventory, ‎and the non-cash fair value effects of accounting for biological assets and inventories. Management believes that these non-IFRS financial measures reflect the Company's ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business, as they facilitate comparing financial results across accounting periods and to those of peer companies. Management also believes that these non-IFRS financial measures enable investors to evaluate the Company's operating results and future prospects in the same manner as management. These non-IFRS financial measures may also exclude expenses and gains that may be unusual in nature, non-cash, infrequent or not reflective of the Company's ongoing operating results. As there are no standardized methods of calculating these non-IFRS measures, the Company's methods may differ from those used by others, and accordingly, the use of these measures may not be directly comparable to similarly titled measures used by others. Accordingly, Non-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with IFRS financial Measures.

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" and such forward-looking statements and forward-looking information represent only NGW's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of NGW's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts" "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but are not limited to, the Company's expectations for long-term (YE 2020 and YE 2021) revenue and adjusted EBITDA profitability, the ability of the Company to successfully achieve business objectives (including completion of construction and increasing production capacity), and expectations for other economic, business, and/or competitive factors. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects NGW's current beliefs and is based on information currently available to NGW and on assumptions NGW believes are reasonable.

Forward-looking information is subject to 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 information. Such risks, uncertainties and other factors include, among others: 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; the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers; and risks and delays resulting from the COVID-19 pandemic. 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 has 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73264