The Green Organic Dutchman Holdings (TSX: TGOD) (OTCQX: TGODF), a leading producer of premium, certified organically grown cannabis, today announced that its wholly owned Quebec subsidiary Medican Organic Inc. has entered into a binding agreement of purchase and sale with Cannara Biotech Inc. (TSX.V: LOVE) for the sale of the majority of its assets in Valleyfield, Quebec (the “Quebec Facility”). This includes all industrial and agricultural land, main hybrid greenhouse, rooftop greenhouse, all support buildings and certain related equipment. “This is a major transition point for the company, as we continue to execute our plans, allowing us to significantly reduce our debt while right-sizing our operations in Quebec without disruption,” said Sean Bovingdon, TGOD’s CEO and interim CFO. “Furthermore, we are pleased to be in position to provide for potential future growth in cultivation in Quebec through the leaseback of an appropriate portion of the Quebec Facility. Our portfolio of products is receiving positive reviews across the country, and we look forward to providing Quebec with locally grown products as demand continues to increase. Our balance sheet is being strengthened through the sale of excess assets and the elimination of term debt, and we expect annualized net cashflow savings of approximately $4 million in interest and overhead costs. This sets the foundation for the company to take advantage of other growth opportunities in Canada and the United States.”
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About The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings is a premium certified organically grown cannabis company focused on the health and wellness market. Its organic cannabis is cultivated in living soil, as nature intended. The company is committed to cultivating a better tomorrow by producing its products responsibly, with less waste and impact on the environment. Its Canadian facilities have been built to LEED certification standards and its products are sold in recyclable packaging. In Canada, TGOD sells dried flower and oil, and recently launched a series of next–generation cannabis products such as hash, vapes, organic teas and dissolvable powders. Through its European subsidiary, HemPoland, the company also distributes premium hemp CBD oil and CBD-infused topicals in Europe. By leveraging science and technology, TGOD harnesses the power of nature from seed to sale.
TGOD’s common shares and warrants issued under the indentures dated Dec. 19, 2019, June 12, 2020, Oct. 23, 2020, and Dec. 10, 2020, trade on the TSX under the symbol “TGOD,” “TGOD.WS,” “TGOD.WR,” “TGOD.WA,” and “TGOD.WB” respectively, and TGODF trades in the U.S. on the OTCQX. For more information about the company, please visit www.TGOD.ca.
NOTE TO INVESTORS: The latest news and updates relating to TGODF are available in the company’s newsroom at http://ibn.fm/TGODF
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