TORONTO, Oct. 10, 2018
/CNW/ - The Green Organic Dutchman Holdings Ltd. (the
"Company" or "TGOD") (TSX:TGOD, US:TGODF) is pleased
to provide the following update on its operations.
$75 Million Bought Deal
Financing
TGOD is committed to becoming the largest organic cannabis brand
in the world, and the Company is on an excellent path with the
additional $75 million bought deal
financing announced last week. This additional capital will be used
to advance the Company's rapid and strategic international
expansion plan, with the next phases of growth to focus on
Europe and Latin America. With potential consumer
populations of nearly 750,000,000 and 650,000,000 respectively,
these markets represent a key development opportunity in the
Company's global growth plan. The Company will utilize the funds
from the financing to establish strategic product manufacturing,
which adheres to the Company's proprietary organic growing
principles, and robust sales and distribution capabilities across
Europe and Latin America. Within these markets and
beyond, TGOD will continue to invest in global cultivation
opportunities and technology partnerships to deliver unique and
innovative forms of its premium organic product to consumers.
International Expansion
TGOD has made substantial progress towards its goal of having
operations in 12 countries on 3 continents by the end of 2018 with
its recently announced investments in Jamaica and Poland, and the planned expansion in
Denmark.
In Jamaica, TGOD's partner
Epican is on track to open 5 dispensaries by Q1 of 2019, including
the flagship store in Kingston
that opened in July. Cultivation on the Company's newly leased land
is on schedule for completion in the fourth quarter of 2018. This
new site brings TGOD's productive capacity in Jamaica to 14,000 kgs, a large portion of
which will be dedicated to TGOD branded products for export to
global markets.
Last week, TGOD closed the acquisition of HemPoland.
Europe is home to three-quarters
of a billion potential consumers, and HemPoland is a leading
manufacturer and marketer of premium CBD oils within this market.
This acquisition provides TGOD with access to HemPoland's
significant distribution network, state-of-the-art hemp oil
extraction technology and the premium top selling Cannabigold
brand. The transaction also provides immediate revenue for TGOD.
The Company has also made excellent progress with its joint venture
partner in Denmark, in developing
R&D and cultivation capabilities. An application has been filed
for a cannabis cultivation license from the Danish authorities, and
approval is expected during the last quarter of
2018.
TGOD is focused on building the leading organic cannabis brand
in the world, and will be bringing leading technologies
to its production in Jamaica, Poland and Denmark. This will ensure TGOD's brand has the
best efficacy and product delivery for medical patients and adult
use consumers across all product forms.
Facility Construction
In Canada, TGOD continues to
make progress on construction in both Hamilton and Valleyfield. The facilities consist of high
efficiency sites conforming to GMP standards with LEED
certification. Timelines remain on schedule with cultivation
beginning Q1 2019 in Hamilton,
Ontario and in Q2 in Valleyfield,
Quebec.
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Brand Development
The Company has been working with consumers around the globe to
gain valuable insights to shape the development of the TGOD brand.
The response to organically-certified cannabis has been very strong
across both the recreational and medicinal markets and the response
to the TGOD brand name has been strong across multiple countries
and languages.
Please visit the Company's previously issued press release for a
look and feel of TGOD's premium organic cannabis brand by clicking
here.
TGOD is preparing to launch a "Founders Club" to select medical
patients in January 2019. The Company
will then expand its product offerings to more patients during the
first half of 2019, and further to recreational markets in the
second half of the year. TGOD expects to have full national
distribution across all provincial and territorial adult use market
during 2019.
Strategic Talent Acquisition
TGOD continues to make significant progress on the buildout of
its skilled leadership team with unprecedented experience in CPG
and branded product, pharma and retail. Management is focused on
quality of execution and being a leader in leveraging the
experience of its team to shape the future path of the global
cannabis industry. With the newest additions to our senior team,
the Company now has over 200 years of CPG experience
The Company has also added Tim
Seymour to its advisory board to assist with US strategies,
including planning for a NYSE listing.
On Behalf of the Board of Directors,
The Green Organic Dutchman Holdings Ltd.
ABOUT THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD.
The Green Organic Dutchman Holdings Ltd. is a research &
development company licensed under the Access to
Cannabis for Medical Purposes Regulations ("ACMPR") to
cultivate medical cannabis. The Company carries out its principal
activities producing cannabis from its facilities in Ancaster, Ont., pursuant to the provisions of
the ACMPR and the Controlled Drugs and Substances
Act (Canada) and its
regulations.
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 kg
and is building 1,382,000 sq. ft. of cultivation facilities in
Ontario, Quebec and Jamaica.
The Company has developed a strategic partnership with Aurora
Cannabis Inc. (TSX:ACB) whereby Aurora has invested approximately
C$78.1 million for 20% offtake from
TGOD's local production. In addition, TGOD has raised approximately
C$350 million and has over 20,000
shareholders.
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
and cannabis-infused products in Canada, statements about future research,
development and innovation by the Company, statements about the
offering of any particular products by the Company in any
jurisdiction and statements regarding the future performance 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.