Canada NewsWire
TORONTO, Nov. 10, 2020
TORONTO, Nov. 10, 2020 /CNW/ - The Green Organic Dutchman Holdings Ltd. ("TGOD" or the "Company") (TSX: TGOD) (US: TGODF), announced today its financial results for the third quarter of 2020 ended September 30, 2020, and leadership changes. These filings are available for review on the Company's SEDAR profile at www.sedar.com.
Leadership Changes
The Company announced that Brian Athaide has left his positions as Chief Executive Officer ("CEO") and board director effective immediately. TGOD Chief Financial Officer, Sean Bovingdon, has been appointed Interim CEO. In addition, Michel Gagné, Vice President of Operations, has been appointed Chief Operating Officer ("COO"), overseeing the Company's cultivation and processing operations, supply chain and product development. In his new role as COO, he will work closely with the CEO on the Company's overall strategy and execution.
The board of directors decided that a change in leadership was necessary to drive the Company forward as it enters its next phase of growth and continues to work towards achieving positive EBITDA and cash flow as rapidly as possible. Under the Company's new leadership, TGOD will operate with a renewed commitment to executional excellence and cost discipline as the Company drives revenue growth and operational stability.
"On behalf of the board of directors, we thank Brian Athaide for his contribution to TGOD and I am pleased that Sean has agreed to lead the Company at this critical juncture," commented Jeff Scott, Chairman of the board. "He recognizes the challenges we must confront, and I look forward to working with him and the rest of the TGOD team to pave a new way forward for the Company," added Mr. Scott.
Management Commentary
"During the third quarter, despite certain production challenges that have now been addressed, we continued to deliver growth following the launch of our mainstream brand, Highly Dutch, in Quebec as well as teas and RIPPLE dissolvable powders. Our focus will continue to be on improving the execution of our existing production while developing innovative and distinctive products to introduce into more stores across the country," commented Sean Bovingdon, Interim CEO of TGOD. "We saw encouraging numbers in October as we sold more flower, additional RIPPLE and tea variants, and launched hash in Quebec. We are looking to build on this growth while focusing on financial discipline throughout the Company," added Mr. Bovingdon.
Q3 Financial Highlights
Q3 Business Highlights
Subsequent to the Quarter
Conference Call
The Company will hold a conference call with analysts tomorrow, beginning at 9:00 a.m. (ET). An audiocast of the conference call will be available on a listen-only basis at:
https://produceredition.webcasts.com/starthere.jsp?ei=1398895&tp_key=a3ee2c0b4a.
Date: November 11, 2020 | Time: 9:00 a.m. Eastern Time
Participant Dial-In
Local – Toronto: 1-416-764-8688
Toll Free – North America: 1-888-390-0546
Conference ID – 68691087
A replay of the call will also be available through November 18, 2020 by dialing 1-416-764-8677 or 1-888-390-0541 (Passcode: 691087#).
About The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US–OTC: TGODF) 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 two 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 November 1, 2017, December 19, 2019, June 12, 2020 and October 23, 2020 trade on the TSX under the symbol "TGOD", "TGOD.WT", "TGOD.WS", "TGOD.WR" and "TGOD.WA", respectively, and TGODF trades in the US on the OTCQX. For more information on The Green Organic Dutchman Holdings Ltd., please visit www.tgod.ca.
Cautionary Statements
This news release includes statements containing certain "forward–looking information" within the meaning of applicable securities law ("forward–looking statements"). Forward looking statements in this release includes, but is not limited to, statements about revenues, production timelines, production volumes, general and administration costs, statements about the launch and distribution of the Company's new THC strains, mainstream cannabis and 2.0 products, statements about its operations in Quebec, and statements regarding the future cashflows and future performance of the Company. Forward–looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "should", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward–looking statements throughout this news release. Forward–looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties (including market conditions) and other factors that could cause actual events or results to differ materially from those projected in the forward–looking statements, including those risk factors described in the Company's most recently filed Annual Information Form available on SEDAR. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward–looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the TSX nor the TSX's Regulation Services Provider (as that term is defined in the policies of Toronto Stock Exchange) accept responsibility for the adequacy or accuracy of this release.
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SOURCE The Green Organic Dutchman Holdings Ltd.
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