Next Green Wave moves toward stake in company with Colombian cannabis subsidiary

Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF) said Thursday that it has reached a preliminary agreement to invest in a company with Colombian medical cannabis subsidiary.

The company said in a statement that it has entered into a memorandum of understanding with Organic Medical Growth OMG3 Inc, a Montreal company whose wholly-owned Colombian unit, Proymed SAS, produces non-psychoactive cannabidiol products.
 

READ: Next Green Wave secures DTC eligibility after trading on the OTCQB venture market

If completed and approved by the Canadian Securities Exchange, the deal would give Next Green Wave access to the Colombian cannabis market, which has a potential 6 million people, according to the company.

Proymed, according to Vancouver-based Next Green Wave, is in the final stages of gaining licenses in Colombia for tetrahydrocannabinol, the psychoactive form of marijuana, and is close to completing international distribution agreements.

Organic Medical Growth, according to Next Green Wave, is pursuing an initial public offering.

Shares of Next Green Wave fetched C$0.56 in Wednesday’s Canadian trading. They slipped US$0.01 to US$0.44 on the OTC Markets.

Earlier this month, Next Green Wave announced that its shares trading on the OTCQB venture market are now eligible for electronic clearing and settlement through the Depository Trust Co in the US.

Contact Dennis Fitzgerald at [email protected]

Story by ProactiveInvestors