Next Green Wave's cultivar acquisition from CEO set to boost offering to California market

Next Green Wave Holdings Inc (CSE:NGW) (OTCQB:NXGWF) shares grew higher Tuesday as it revealed it had bought an extensive catalogue of cannabis genetics from its CEO.

Michael Jennings has given over 100% of his interests and benefits in a cannabis genetics inventory, including 112 cultivars to the company’s wholly-owned subsidiary, Crossgate Capital, U.S. Holdings Corp, the Vancouver-based company said in a regulatory release.

Jennings was paid a nominal consideration, the firm said.

The company said it expects the acquisition to allow it to further execute on its strategy to build a world-class nursery and to develop new cannabis hybrids for the California market.

In the first quarter, Next Green Wave plans to integrate its newly acquired cultivars from the Genetics Inventory into its breeding program.

The company anticipates that this will have a positive impact on the products it can then introduce into the California market in 2019.

“As a company, our vision is to build a world-class nursery that pushes the innovation envelope in the cannabis industry,” said Leigh Hughes, executive chairman.

“We have one of the world’s most exceptional breeders and cultivators-Michael Jennings-who is determined to execute Next Green Waves’ vision to develop a distinguished nursery for the medical and adult-use cannabis market in California.”

The legalization of cannabis in California has added pressure on cultivators to produce new strain varieties for the fast-evolving market, it noted.

Shares in Next Green Wave nudged up 1.82% to C$0.56.

Contact Giles at [email protected]

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Story by ProactiveInvestors