Canada NewsWire
TORONTO, Nov. 13, 2018
TORONTO, Nov. 13, 2018 /CNW/ - The Green Organic Dutchman Holdings Ltd. (the "Company" or "TGOD") (TSX: TGOD) (US:TGODF) reported its financial and operational results for the third quarter of fiscal 2018, ended September 30th, 2018. These filings are available for review on the Company's SEDAR profile at www.sedar.com
Q3 Highlights:
The Company:
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"TGOD is on track to becoming the largest organic cannabis brand in the world as we continue to aggressively expand our global footprint, including Jamaica, Europe and Latin America, establishing leadership in organic cannabis." said Brian Athaide, CEO of TGOD. "We are excited with the quality and yield of our first commercial crop and are seeing our substantial investments in research and development leading to high quality product with industry leading margins. We are on schedule to scale up our new facilities to bring annual capacity of 170,000 organic kgs online. With international sales in Q4 2018, anticipated supply and distribution agreements, domestic sales commencing in Q1 2019, and additional global M&A opportunities, we expect a number of significant catalysts for our Company in the near term", continued Athaide.
"TGOD has secured its financial future by raising over $450 million, fully funding our current domestic and international plans, and we have no plans to return to the market for additional capital at this time." said Sean Bovingdon, Chief Financial Officer. "We have de-risked the capital side of our business and with our focus now on delivering medical and recreational sales in Canada and internationally. We expect to drive significant value for shareholders in 2019 and beyond."
ABOUT THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD
The Green Organic Dutchman Holdings Ltd. is a premium global organic cannabis company, with operations focused on medical cannabis markets in Canada, Europe, the Caribbean and Latin America and the Canadian adult-use market. The Company grows high quality, organic cannabis with sustainable, all-natural principles. TGOD's products are laboratory tested to ensure patients have access to a standardized, safe and consistent product. TGOD has a funded capacity of 170,000 kgs and is building 1,382,000 sq. ft. of cultivation facilities across Ontario, Quebec and Jamaica.
The Company, through its wholly-owned operating subsidiary The Green Organic Dutchman Ltd., holds a license (the "License") issued by Health Canada pursuant to the Access to Cannabis for Medical Purposes Regulations (the "ACMPR") which allows the Company to produce and conduct research at its 100 acre property near Hamilton, Ontario (the "Hamilton Facility") dried marijuana, marijuana plants and fresh marijuana, and to sell such cannabis products within Canada to licensed producers or licensed dealers qualified under Section 22(2) of the ACMPR. The License was amended on April 20, 2018 to include the production and sale of cannabis oil and on October 12, 2018 to include sales to medical clients.
TGOD's Common Shares and warrants issued under the indenture dated November 1, 2017 trade on the TSX under the symbol "TGOD" and "TGOD.WT", respectively.
Forward-Looking Information Cautionary Statement
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 the future legalization of recreational cannabis internationally, statements about the outcomes of zoning appeals in Hamilton, statements about future research, development and innovation by the Company, statements about production capacity, statements about costs and margins, statements about the offering, sales and pricing of any particular products by the Company in any jurisdiction, statements about raising capital, and statements regarding the future performance and shareholder value of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "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 and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. 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 TSX nor its 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.
SOURCE The Green Organic Dutchman Holdings Ltd.
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