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The Green Organic Dutchman (TGOD) announced its merger with BZAM Holdings, creating the sixth-largest Canadian licensed cannabis producer, enhancing market presence in Quebec, Ontario, and Western Canada. The combined entity projects net revenue of at least $100 million for 2023, with plans for positive adjusted EBITDA by mid-2023. Anticipated annual savings of $10 million will come from cost synergies. The transaction, expected to close by November 3, 2022, involves TGOD issuing shares totaling approximately 49.5% to BZAM's shareholders, strengthening TGOD's financial position.
The Green Organic Dutchman (TGOD) announced the launch of 7 new core SKUs in British Columbia and Alberta, along with 4 innovative products set to debut in Ontario this Fall. With record yields and increased capacity, the company seeks to meet market demands by offering larger size options. Key products include Highly Dutch Organic Cherry Mints, TGOD Organic Dried Flower, and the innovative Organic Gold Butter MAC Whole Flower. TGOD aims to enhance sales revenues through these expansions while maintaining its commitment to sustainable practices.
The Green Organic Dutchman Holdings Ltd. (TGOD) announced the successful sale of its Polish subsidiary, HemPoland, to RAMM Pharma Corporation for $1.2 million. The sale includes a $0.15 million non-refundable deposit received earlier and forgiveness of a $4 million debt owed by TGOD to HemPoland. This transaction is expected to provide additional working capital for TGOD, allowing the company to refocus on its core cannabis business in Canada.
The Green Organic Dutchman Holdings Ltd. (TGODF) announced the issuance of 937,500 common shares at $0.08 each to settle $75,000 in debt owed to a financial advisory firm. This issuance relies on securities exemptions and is pending regulatory approval. Additionally, the company granted options for 37,000 common shares to employees, with an exercise price of $0.085. These options will vest over three years and expire in five years. TGOD continues to focus on sustainable cannabis production and operates in various international markets.
The Green Organic Dutchman Holdings Ltd. (TGODF) reported significant financial results for Q2 2022, achieving record quarterly net revenues of $11.63 million, a 43% increase from Q2 2021. Gross profit reached $7.33 million, up 195% year-over-year. Adjusted EBITDA loss improved by 80%, settling at $4.27 million. The company also completed a $3.0 million sale of facility improvements. Year-to-date revenues reached $22.2 million, reflecting a 65% growth compared to the previous year, driven by premium product launches and market expansion.
The Green Organic Dutchman Holdings Ltd. (TGOD), a sustainable cannabis company, will announce its Q2 2022 financial results after market close on August 29, 2022. The Company plans a conference call on August 31, 2022, at 10:00 a.m. ET, featuring CEO Sean Bovingdon and VP Shane Dungey, with a Q&A session for analysts. TGOD provides products in Canada and internationally, adhering to certified organic processes. The call can be accessed via provided local and toll-free numbers, with a replay available until September 7, 2022.
The Green Organic Dutchman Holdings Ltd. (TGOD) announced the resignation of CFO Nichola Thompson, effective August 4, 2022. Ms. Thompson is leaving to pursue opportunities outside the cannabis industry. CEO Sean Bovingdon will serve as Interim CFO while the company searches for a permanent replacement through an executive recruitment firm. Bovingdon previously held the CFO position before becoming CEO in March 2021. The company aims to continue its commitment to sustainability and quality in the cannabis sector.
The Green Organic Dutchman (TGOD) is launching five new product SKUs for summer 2022 in Ontario, Canada's largest recreational cannabis market. The new offerings include Organic Maple Kush Pre-Rolls, Amsterdam n' Rosin Organic Vape, Rosin Charged Hash, Puffing Season Sativa, and Ube Coconut Vape. These products build on TGOD's previous successes, aiming to meet customer demand and enhance revenue streams. CEO Sean Bovingdon emphasized a strategic focus on high-quality, differentiated cannabis products, which has been crucial for financial milestones.
The Green Organic Dutchman Holdings Ltd. (TGOD) announced the grant of stock options for up to 89,000 common shares to its employees. Each option allows the purchase of a common share at $0.105 per share, vesting in three equal portions over three years and expiring after five years. The grant aligns with the company's Option Plan, adopted on May 12, 2021. TGOD emphasizes sustainability and quality in its cannabis production, operating primarily in Canada, South Africa, Australia, and Germany.
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