TORONTO, March 19, 2019 /CNW/ - 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
year ended December 31, 2018. These
filings are available for review on the Company's SEDAR profile at
www.sedar.com
Q4 Highlights:
The Company:
- Ended the year with a strong balance sheet and liquidity,
including $263.5 million of cash and
restricted cash, to continue to fund its facilities expansion and
international growth.
- Completed the acquisition of HemPoland on October 1st, 2018 for total cash and deferred
consideration of approximately $18.6
million.
- Announced its first quarterly revenues through HemPoland
resulting in $1.9 million of revenue
for the fourth quarter.
- Accelerated construction spending at Hamilton and Valleyfield sites to $39.5 million in the fourth quarter, an increase
of 19%, or $6.4 million compared to
$33.1 million in the third quarter
2018.
- Completed a $76.2 million bought
deal financing priced at $6.85 per
unit.
- Experienced a loss from operations of $18.1 million ($44.5
million for the full 2018 fiscal year) as a result of
ramping up operations, numerous consumer research activities, and
administration in preparation for commercial production in
2019.
Year-End Highlights:
The Company excelled in the following areas:
Financing:
- Completed the largest Canadian cannabis IPO, which closed on
May 2nd, 2018, raising gross proceeds
of $132.3 million, including
overallotment.
- Completed two bought deals worth $101.2
million in gross proceeds.
- Completed private placements worth $77.6
million in gross proceeds.
- Received reiterated support from the investor community with
$63.4 million in warrants
exercised.
Construction:
- Accelerated construction spending at Hamilton and Valleyfield sites to $96.8 million throughout the year.
- Increased total planned global production capacity to 219,000
kgs with improved design and engineering updates at its Canadian
facilities.
International presence and key partnerships:
- Opened the first dispensary, with its partner Epican
Medicinals, in Kingston,
Jamaica.
- Formed joint venture with Knud
Jepsen in Denmark to focus
on production of cannabis and cannabis oils and develop and patent
innovative cannabis genetics.
- Created joint venture with LLACA Groupo Empresarial for
distribution of medical cannabis into approximately 7,600
pharmacies and stores in Mexico.
- Concluded a collaboration agreement with Velvet Management, a
new company created by the largest wine distributor in Canada, Philippe
Dandurand Wines focused on cannabis sales and
distribution.
- Secured exclusive licensing rights to Stillwater Foods' RIPPLE
SC patent pending soluble cannabinoid ingredient technology and
Evolab and CBx Sciences brands and proprietary cannabinoid
vaporization technologies for the Canadian market.
- Incorporated multiple subsidiaries around the world including
in the Netherlands, Greece, Colombia and Germany to execute the Company's global
vision.
Other key updates
- Appointed Mr. Prem Virmani as
the Company's Beverage Science and Research Division Chairman.
Invested over $2.8 million into
Research and Development related expenses in 2018.
- Appointed Brian Athaide as the
Company's CEO, and expanded executive team, bringing over 200 years
of combined experience and leadership from the consumer product
goods and pharmaceutical industries into the Company.
- Announced a spin-off transaction on July
19th, 2018 to provide TGOD shareholders with an opportunity
to participate in the seed round financing of a newly formed
company to focus on global opportunities and assets not core to the
Company's business.
"2018 has been a pivotal year for the Company. The
accomplishments our team has made have been nothing shy of
incredible", said Brian Athaide,
Director and CEO of the Company. "The Company has raised
substantial capital and grown the team with the addition of deep
expertise and exceptionally skilled professionals to both
management and our Board," continued Athaide. "We are very excited
for 2019 and we remain focused on delivering on the Company's
operational plans of producing and bringing to market high quality,
premium certified organic cannabis."
ABOUT THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD.
The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) 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. 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.
For more information on The Green Organic Dutchman Holdings
Ltd., please visit www.tgod.ca
View original content to download
multimedia:http://www.prnewswire.com/news-releases/the-green-organic-dutchman-reports-year-end-results-300815300.html
SOURCE The Green Organic Dutchman Holdings Ltd.