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BZAM Ltd., a prominent Canadian cannabis producer, has announced a delay in releasing its Q4 and full year 2022 financial results, now scheduled for April 28, 2023. This delay, attributed to additional time needed by KPMG for final audit procedures, shifts the accompanying conference call with analysts to May 1, 2023, at 10:00 a.m. ET. BZAM emphasizes its commitment to transparency and quality, operating multiple facilities across Canada and managing various well-known brands, including BZAM, TGOD, and Highly Dutch Organic. The Company’s shares trade on the Canadian Securities Exchange under the symbol BZAM and on the OTCQX as BZAMF.
BZAM Ltd. (CSE: BZAM, OTC: BZAMF), a leading cannabis producer, will disclose its Q4 2022 consolidated financial results on April 26, 2023, after market close. The company will also host a conference call on April 27, 2023, at 10:00 a.m. ET, with CEO Matt Milich and CFO Sean Bovingdon addressing analysts. A replay will be available until May 4, 2023.
BZAM is focused on sustainability and offers a variety of cannabis brands. The audiocast can be accessed via the provided link.
The Green Organic Dutchman Holdings Ltd. (TGODF) announced a name change to BZAM Ltd., pending regulatory approval. This change reflects the company's expanded portfolio and vision to become a leading cannabis source in Canada. Trading under the new ticker symbols, BZAM on CSE and BZAMF on OTCQX, is expected to begin soon. Additionally, Bassam Alghanim has been appointed Chairman of the Board. The name change was approved by shareholders, and details about the effective date will follow. The company aims to attract a wider consumer base with its various cannabis brands.
The Green Organic Dutchman Holdings Ltd. (TGOD) announced the release of 1,142,857 common shares from an indemnity escrow account to vendors involved in the acquisition of Galaxie Brands Corporation. Additionally, 1,120,226 common shares will be issued to its largest shareholder following the acquisition of BZAM Holdings Inc. at a price of $0.596 per share. Both transactions are classified as related party transactions under Multilateral Instrument 61-101, with the Company relying on exemptions from formal valuation and minority shareholder approval due to their market capitalization not exceeding 25%.
The Green Organic Dutchman Holdings Ltd. (TGODF) announced the appointment of Mr. Bassam Alghanim to its Board of Directors, following the resignation of Tony Moschella. Mr. Alghanim brings over 40 years of experience as an investor and businessman, having previously led Alghanim Industries and Gulf Bank. His expertise is expected to enhance TGOD's growth strategy. He will serve on the Board until the next Annual General Shareholders Meeting, where shareholders will vote on the Board's future constitution.
The Green Organic Dutchman Holdings Ltd. (TGODF) announced a Debt Settlement Transaction involving the issuance of 6,500,000 common shares at $0.40 each to settle $2.6 million in debt with two major shareholders. This transaction, considered a related party deal, will adhere to securities regulations and requires regulatory approval. Additionally, TGOD revealed that Chief Operating Officer Michel Gagné will depart on January 31, 2023. The company prioritizes sustainable cannabis production and is expanding its market presence across Canada.
The Green Organic Dutchman Holdings Ltd. (TGOD), a Canadian cannabis producer, announced a shares-for-debt transaction on November 30, 2022. The company will issue 3,486,888 common shares at $0.7337 each, totaling approximately $2,558,330, to settle debts from its subsidiaries. This share issuance is subject to regulatory approvals, including acceptance by the Canadian Securities Exchange. TGOD focuses on sustainable cannabis production and boasts a diverse brand portfolio while operating facilities across Canada.
The Green Organic Dutchman Holdings Ltd. (TGODF) announced the granting of options to purchase 5,010,100 common shares at $0.69 each, with 2,005,000 options awarded to directors and executive officers, and 3,005,100 to employees and consultants. These options will vest over three years and expire in five years. Additionally, 330,000 restricted share units (RSUs) were awarded, contingent on certain vesting conditions. The grants are part of the company's incentive plans, effective as of November 25, 2022.
The Green Organic Dutchman Holdings Ltd. (TGODF) reported Q3 2022 net revenues of $9.92 million, a 36% increase from Q3 2021, with nine-month revenues up 55% to $32.1 million. Gross profit for the nine months surged 103% to $13.9 million. The company achieved a 34% reduction in general and administrative expenses. Key initiatives included the successful sale of HemPoland for $6.81 million and the completion of a merger with BZAM Holdings, projected to double net revenue. Despite strong growth, the gross profit margin showed variability, reflecting an inventory provision.
The Green Organic Dutchman (TGOD) has successfully completed the acquisition of BZAM Holdings, resulting in BZAM's shareholder owning approximately 49.5% of TGOD. With this merger, TGOD aims to enhance its organic cannabis production capabilities. The management team will undergo changes with the inclusion of two BZAM nominees on the board. Additionally, TGOD has amended its credit agreement, extending the maturity date and reducing the interest rate upon meeting specific financial targets.
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