TORONTO, April 29, 2021 /CNW/ – The Green Organic Dutchman Holdings Ltd.
To date, TGOD has realized $2.64 million from the sale of various excess assets and has recently closed the first round of bidding on its Valleyfield Facility, after receiving multiple viable bids.
“We are pleased with the level of bids for the full Valleyfield Facility, which upon closing would allow us to potentially retire all debt and provide additional expansion working capital,” commented Sean Bovingdon, TGOD’s CEO and interim CFO.
With the continued regulatory progress in the United States 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.
This includes the potential sale or spin-off for an Initial Public Offering of HemPoland, its wholly owned subsidiary, for which TGOD has retained Canaccord Genuity as an advisor, and the potential for mergers and acquisitions in the Canadian cannabis LP sector.
The Company continues to work on expanding distribution across all Canadian provinces for these strains, as well as for its Highly Dutch mainstream portfolio which includes its Organic Afghan Black hash in both 30% THC and 40% THC formats.
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.
TGOD’s common shares and warrants issued under the indentures dated November 1, 2017, December 19, 2019, June 12, 2020, October 23, 2020 and December 10, 2020 trade on the TSX under the symbol “TGOD”, “TGOD.WT”, “TGOD.WS”, “TGOD.WR”, “TGOD.WA”, and “TGOD.WB” respectively, and TGODF trades in the US on the OTCQX.
This news release includes statements containing certain “forward–looking information” within the meaning of applicable securities law and other factors that could cause actual events or results to differ materially from those projected in the forward–looking statements, including those risk factors described in the Company’s most recent Annual Information Form filed with Canadian securities regulators and available on the Company’s issuer profile on SEDAR at www.sedar.com.