New Wave Holdings’ (SPOR.C) recent acquisition Way of Will completed the expansion of their Toronto-based facility, today, according to a press release.
Way of Will expanded their production facility from 8,000 sq ft to 20,000 sq ft, and also included the installation of additional manufacturing equipment and a packing area. The company intends to use the extra space to improve workflow, increase production capacity and meet product demand while increasing profit margins.
“This recent expansion has been a part of our business growth plan for the past year. We’ve got a lot of exciting things in the works and our upgraded facility will help ensure that our operation continues to run smoothly while we continue to grow and evolve,” said Willie Tsang, CEO and founder of Way of Will.
New Wave Holdings is involved in the investment game for the nutraceutical and psychedelic sector as well as support for adaptive and wellness products. Their subsidiaries contain health and beauty products involving non-psychoactive plants and fungi, and it’s expanding its distribution net through vertical integration in an attempt to provide end-to-end solutions and maximize margins.
Way of Will’s Toronto facility is home base for the production of most of their products, which are then sent out to wholesalers and retailers across Canada and the United States. The company has enjoyed steady positive sales in the 30% range or higher over the past few years, and anticipates another 200-300% growth in sales due to its recent merge with New Wave.
New Wave Holdings is trading at $0.13.