- The Green Organic Dutchman has announced its intention of constructing nearly 1.4 million square feet of cannabis cultivation facilities
- The company is growing to scale, steadily adding licenses, new facilities and distribution agreements with foreign operations
- The company recently received approval from Health Canada to begin cultivation work in a 20,000-square-foot Ontario facility, the second of three planned buildings where some 17,500 kilograms of cannabis are expected to be produced
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) is steadily building toward its stated goal of operating nearly 1.4 million square feet of cannabis cultivation facilities across Ontario, Quebec and Jamaica (http://nnw.fm/F4q6W), receiving authorization from Health Canada earlier this month to expand cultivation operations into a new 20,000-square-foot state-of-the-art building located in Ontario (http://nnw.fm/77tPH).
The company is establishing a global profile with its expansion into Europe while continuing to permeate the North American continent. Its wholly owned subsidiary, HemPoland, advanced TGOD’s European market aspirations this month through an agreement with Mediakos UG haftungsbeschraenkt for the distribution of TGOD’s CannabiGold, a premium hemp CBD brand, to the German pharmacy market (http://nnw.fm/p4f3Y).
The Ontario facility, which is part of a complex containing three buildings that will have a combined annual production capacity of 17,500 kilograms of cannabis once they are completed later this summer, will begin planting in the near future. The Green Organic Dutchman expects to produce about 200,000 kilograms (about 440,000 pounds) of cannabis every year when all of its operations reach full capacity, growing to scale.
TGOD has been cultivating on a small scale in Ontario since 2016 and began distributing its first commercial crop to a small, exclusive loyalty pool of patients and investors earlier this year. In Jamaica, home to a great deal of cannabis tourism, TGOD has been operating a retail store, and its rising sales volumes led the company to open a second legal cannabis retail store in Montego Bay, the second-largest city in the country (http://nnw.fm/PEt0e).
The company’s first quarter fiscal report noted that investments grew over the previous quarter by $7.4 million. The report also observed that revenues grew by 28 percent over the previous quarter to $2.4 million, primarily as a result of HemPoland’s activity.
“The Company is now bringing to market high quality, premium certified organic cannabis flower and hemp-derived CBD oils,” CEO Brian Athaide stated in a news release. “With the construction of the Hamilton facility nearing completion and our flagship Valleyfield facility on track, TGOD will soon be able to sell at scale in Canada and rapidly grow the organic segment that is currently being significantly under-served by the market.”
The company’s partnership with Symrise also accelerates plans to participate in the $20 billion U.S. functional beverage category, including wellness, energy and sport recovery, the company reports. Meanwhile, Mediakos UG is distributing a broad portfolio of products to a pharmacy network with more than 15,000 members and a potential reach of over 10 million customers.
For more information, visit the company’s website at www.TGOD.ca
NOTE TO INVESTORS: The latest news and updates relating to TGODF are available in the company’s newsroom at http://nnw.fm/TGODF
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 888-902-4192 (U.S. Mobile Phones Only)
For more information please visit https://www.networknewswire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.networknewswire.com
212.418.1217 Office
[email protected]
