VANCOUVER, BRITISH COLUMBIA – October 16, 2018 (PRNewswire) – Next Green Wave Holdings Inc. (CSE : NGW)(“Next Green Wave” or the “Company“), is pleased to announce that it has entered into a letter of intent (“LOI”) whereby the Company intends to acquire 100% of Loud Seeds, LLC (“Loud Seeds”) along with the Loud Seeds brand and all of its related assets (the “Transaction”). As consideration for the Transaction, Next Green Wave intends to distribute $2,000,000 in common shares of the Company to the shareholders of Loud Seeds. Completion of the Transaction is subject to the satisfaction of a number of conditions, including completion of due diligence by the Company, obtaining all required regulatory approvals.
Michael Jennings, CEO and Director of NGW, is a principal in Loud Seeds. The Transaction is therefore a related party transaction and will be subject to the requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Transaction was approved by all the independent directors.
Loud Seeds is a multiple cannabis cup winner for its seeds and clones, has flourished as innovators in developing premium quality cannabis products to meet the dynamic consumer demands. The principals over the past 20 years have developed a vast collection of award-winning strains and have been inducted into the High Times Hall of Fame and the Top 40 Seed Banks of all time.
- Loud Seeds brings an extensive catalogue of cannabis genetics into Next Green Wave accelerating its nursery and cultivation ability
- Loud Seeds is a six-time High Times Cannabis Cup winner
- Loud Seeds has been inducted into the High Times Hall of Fame and listed in the Top 40 Seed Banks of all time