TORONTO, AUGUST 13, 2019 – The Green Organic Dutchman Holdings Ltd. (the "Company" or "TGOD") (TSX: TGOD) (US: TGODF) is pleased to report its financial and operational results for the three and six months ended June 30, 2019.
- Is nearing completion of construction at its Hamilton site and Phase 1 at its Valleyfield site, with investment amounting to $53.1 million in the second quarter of 2019, bringing the total additions year to date to $100.9 million.
- Achieved revenues of $2.9 million, a 20% increase over the prior quarter derived primarily from Europe. In Canada, the Company launched its pilot "Grower's Circle", which included sales to a small number of medical patients to test the market and the Company's distribution capabilities. The Company launched two new products in Q2 and expects to start a similar pilot in the Ontario recreational market during Q3-2019.
- Experienced a net loss of $16.6 million for Q2-2019. Management continued to maintain a disciplined approach to operational costs as it prepares for commercialization of its products in Canada and internationally.
Other key updates in the quarter
- Announced provincial board supply agreements with Alberta Cannabis and BC Cannabis Stores, expanding its footprint in Western Canada.
- Achieved its organic certification for the Valleyfield facility from Pro-Cert, an internationally recognized organic certification organization.
- Signed a distribution agreement with Mediakos UG haftunsbeschraenkt to be the exclusive distributor of CannibiGold, HemPoland's premium hemp CBD brand, for the German pharmacy market. In addition, the Company launched its Global Strategic Hemp Division.
- Entered into a multi-year agreement with Neptune Wellness Solutions Inc. for extraction, formulation and packaging services. As part of the agreement, the Company will have exclusivity on extraction, formulation and packaging of certified organic products within and for the Canadian market.
"Q2 was pivotal for the Company as we began commercial production in the second phase of our Hamilton site and expanded our product line for the Grower's Circle."
– Brian Athaide, CEO of TGOD.
Athaide went on to say that TGOD's "product quality feedback from the Grower's Circle has been overwhelmingly positive, confirming that patients appreciate having access to premium certified organic cannabis, an underserved segment of the market. With double digit quarterly growth in Europe and construction nearing completion in Canada, the team continues to deliver on our ambitious business plan with executional excellence. We now have our first purchase order from the OCS in hand and look forward to shipping our first recreational sales this week," continued Athaide.
ABOUT THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD.
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US: TGODF) is a publicly traded, premium global organic cannabis company, with operations focused on medical cannabis markets in Canada, Europe, the Caribbean and Latin America, as well as the Canadian adult-use market. TGOD also has organic hemp CBD oil operations in Canada, and through its wholly owned subsidiary HemPoland distributes premium hemp CBD oil in the EU. 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 planned capacity of 219,000 kgs and is building 1,643,600 sq. ft. of cultivation and processing facilities across Ontario, Quebec, Jamaica and Denmark.
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.
& Keep Up to Date
Get the latest pot stock recommendations, cannabis news
and industry updates straight to your inbox!