The Green Organic Dutchman Holdings Ltd. (the "Company" or "TGOD") (TSX: TGOD) (US: TGODF), a leading producer of premium certified organically grown cannabis, reports its unaudited interim financial results for the quarter ended March 31, 2021. These filings are available for review on the Company's SEDAR profile at www.sedar.com.
Management Commentary:
"This quarter's improving financials demonstrate how we are strengthening TGOD's foundations by executing our turnaround plan. From monetizing under-utilized assets to streamlining our organizational structure and strengthening our balance sheet, our new leadership team is making great strides towards completing the transformation of TGOD into a profitable and agile organic cannabis producer that stands to benefit from accelerated growth in Canada and abroad with opportunities in Germany, Mexico, Australia, and the United States," commented Sean Bovingdon, TGOD's CEO and Interim CFO. "The achievement of net income reflects the positive outlook for our cashflows in relation to our right-sized operations. We look forward to the potential lifting of COVID restrictions as vaccinations increase, which will allow for better access for consumers to our organically grown quality products, that are now consistently achieving THC levels greater than 20%."
First Quarter 2021 Financial Highlights:
Key Updates Subsequent to the Quarter:
Sale of Quebec Facility
On April 29, 2021, the Company provided an update on the potential sale of its Quebec Facility, stating that it had received multiple viable bids. Management and its advisors are currently working through the details of the bids and anticipate progressing towards signing a definitive purchase and sale agreement and closing by the end of June 2021. Many of the offers received include the ability for the Company to lease back the small portion of the Quebec Facility that is currently in use, such that the Company anticipates minimal disruption to current operations and no requirement for the Company to expend capital for any relocation.
United States Market Entry
With the continued regulatory progress in the US towards the decriminalization and legalization of cannabis in some form in various states, and the SAFE Banking Act passing through the US House of Representatives, the Company is accelerating its exploration of strategic options towards a potential US entry. Specific actions underway include discussions with investment advisors on potential acquisition and partnership opportunities, the potential expansion of the board to seven directors for the upcoming annual and special meeting of shareholders of the Company to add an additional nominee with US capital markets experience, and consideration of applying for a listing on the Canadian Stock Exchange which would allow for cannabis investment into the US.
Other Strategic Initiatives
The Company continues to review other strategic initiatives to maximize shareholder value. This includes the potential sale or spin-off for an Initial Public Offering of HemPoland, its wholly owned subsidiary, for which the Company has retained Canaccord Genuity as an advisor, and the potential for mergers and acquisitions in the Canadian cannabis LP sector. The Company also continues to pursue other international opportunities specifically focusing on Germany, Mexico, and Australia. The Company is one of very few licensed producers with access to the Mexican market, with 4 SKUs already well into the review process by the COFEPRIS. In Australia, the Company continues to make progress with its in-country partner for medical cannabis, LeafCann, and expects to move towards exporting product in the next few months.
The TGOD Promise
On May 4, 2021, the Company unveiled the TGOD Promise and relaunched its portfolio of premium organic flower. It developed CleanCraft™, a set of enhanced cultivation and processing methods to deliver on its promise that any core TGOD flower SKUs delivered to stores will offer an organically grown craft quality product with a THC level of at least 20% in every jar. As part of its commitment, older product stored in provincial warehouses that did not meet the Company's strict quality standards can be replaced with the new higher-quality flower, with any returned product being redirected for extraction purposes. TGOD's new premium flower products are available nationally.
Investor Conference Call to Discuss First Quarter Results
Management will host a conference call with analysts on May 13 at 10:00 a.m. Eastern Time to discuss the results. Participants may access the call by dialing 416-764-8688 (Toronto) or 1-888-390-0546 (North America); Conference ID 19888977. For those unable to participate on the live call, a playback will be available for one week after the conference call using this URL:
https://produceredition.webcasts.com/starthere.jsp?ei=1461248&tp_key=d815ed6d48.
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 December 19, 2019, June 12, 2020, October 23, 2020 and December 10, 2020 trade on the TSX under the symbol "TGOD", "TGOD.WS", "TGOD.WR", "TGOD.WA", and "TGOD.WB" 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.
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 future revenue, statements about production timing, efficiencies, sale of assets, statements about future production, statements about achievement of positive cash flow and value for shareholders, statements about reduction in general and administrative expenses, 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.
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