FAIRFAX, Va., Jan. 26, 2015 /PRNewswire/ -- Nextgen Holdings, LLC, a wholly owned subsidiary of Next Generation Management Corporation (NGMC), is pleased to announce that it has secured a coveted medical marijuana cultivation facility near Portland, Oregon.
Identifying and securing cultivation facilities is very competitive due to the existing moratoriums in many counties throughout Oregon. "The 3,200 square foot facility will give us a head start in preparation for the recreational license process beginning in January 2016. Initial cultivation will be for legal medical marijuana patients who possess a valid OMMP card," said Darryl Reed, NGMC CEO.
"By selecting high yielding, highly desirable, hybrid strains that flower in 50 - 70 days, NGMC's facility could produce revenues topping $1.5 million annually, assuming no crop loss to disease, unforeseen regulatory changes and stability in the price," Mr. Reed said.
"The Company continues to execute an aggressive expansion plan to serve the medical marijuana community in Oregon. We anticipate a similar boom in Oregon as occurred in Colorado once that state adopted recreational rules," NGMC's CEO said.
"As we continue identifying additional cultivation facilities, we have secured the services of marijuana cultivation experts who will incorporate state of the art technology to maximize yields, grow desirable strains, and shorten time to harvest," Mr. Reed concluded.
About Nextgen Holdings, LLC:
Next Generation Management Corporation's wholly-owned subsidiary was formed to hold its Oregon cannabis assets.
("Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains or may contain forward-looking statements such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense reduction, and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements, or for prospective events that may have a retroactive effect.)
Contact: Paul Knopick
SOURCE Next Generation Management Corporation