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The Green Organic Dutchman Holdings Ltd. (TGODF) has appointed Chris Schnarr to its Board of Directors, effective January 24, 2022, pending regulatory approvals. Schnarr brings over 30 years of experience across various industries including cannabis and biotech. He has served on the boards of 10 public and three private companies, with extensive experience in audit and governance. His addition is expected to enhance governance within TGOD as the company aims to execute its strategy and add value for shareholders. Schnarr has been granted options to purchase 500,000 common shares at $0.10 each.
The Green Organic Dutchman Holdings Ltd. (TGOD) has appointed Louis Sterling as an independent board member, effective immediately, subject to regulatory approval. Sterling, a private investor with significant experience in the health and wellness sectors, replaces Jeffrey Scott, who resigned to focus on other business interests. TGOD's Chair, Angus Footman, expressed confidence in Sterling's expertise to enhance the company’s growth strategy and increase market share in the U.S. Additionally, Sterling has been granted options to purchase up to 300,000 common shares at an exercise price of $0.11 each.
The Green Organic Dutchman Holdings Ltd. (TGOD), a sustainable cannabis company, has restructured its senior sales team to enhance sales strategies post-acquisition of Galaxie Brands Corporation. Rachel D'Silva joins as VP Sales, aiming to manage key accounts and drive growth. Robert Gora will continue overseeing independent retail and medical channels. The announcement also noted the departure of CGO Gayle Duncan. This change reflects TGOD's focus on innovative product launches and sales optimization across Canada.
The Green Organic Dutchman Holdings Ltd. (TGODF) announced the issuance of stock options and restricted share units (RSUs) to directors, officers, employees, and consultants. A total of 2,516,000 options were granted, with the majority (1,500,000) going to new directors and officers at an exercise price of $0.14. The options vest over three years and expire after five years. Additionally, 100,000 RSUs were awarded to newly appointed directors and an officer, vesting over two years. These moves are part of TGOD's share option and RSU plans aimed at incentivizing key personnel.
The Green Organic Dutchman (TGOD) announced an amendment to its credit agreement on November 30, 2021. The amendment increases the credit facility's term portion from $17 million to $20 million while maintaining a total revolving credit limit of $25 million. TGOD issued 3,000,000 warrants to the lender as part of this agreement, which allows for the purchase of common shares at $0.14 each. The company aims to enhance its working capital and move towards profitability, with the maturity date set for June 30, 2023.
The Green Organic Dutchman Holdings Ltd. (TGODF) announced a 140% year-over-year increase in quarterly gross revenues, totaling $9.242 million for Q3 2021. The company reduced its recurring G&A expenses by 10% on a quarter-over-quarter basis and renewed its revolver loan credit facility until June 2023, ensuring longer-term working capital. Additionally, TGOD transitioned to the CSE, positioning itself for U.S. market entry. Despite a net loss of $13.941 million, this shows significant improvement compared to the previous year's loss of $75.396 million.
The Green Organic Dutchman (TGOD) announced the successful acquisition of Galaxie Brands Corporation for approximately CAD 21 million. The transaction enhances TGOD's product portfolio with Galaxie's pre-rolls, vapes, and Cruuzy brand, while expanding distribution across Canada. TGOD anticipates cost synergies from supply chain integration and aims to leverage Galaxie's U.S. connections for market entry. The acquisition includes assuming CAD 1.3 million in existing loans and an earn-out provision of up to CAD 15 million based on financial milestones.
The Green Organic Dutchman Holdings Ltd. (TGOD or the Company) is set to release its 2021 third quarter financial results after market close on November 24, 2021. A conference call for analysts will take place on November 25, 2021, at 10:00 a.m. ET. Scheduled speakers include Sean Bovingdon, Chief Financial Officer, and Angus Footman, incoming Chairman of TGOD's Board. The call will provide insights into the Company’s performance in the health and wellness cannabis sector and its commitment to sustainability through organic cultivation.
The Green Organic Dutchman Holdings Ltd. (TGOD) has entered a definitive agreement with Acosta Canada Corp for exclusive sales representation of its recreational cannabis brands in key Canadian provinces. This strategic move shifts from a syndicated sales model to a dedicated sales force, aimed at enhancing product distribution and retail engagement. TGOD plans to leverage Acosta's expertise to improve market penetration and consumer awareness. The company's offerings include a range of organic cannabis products, with recent additions to its product portfolio.
The Green Organic Dutchman (TGOD) has announced its acquisition of Galaxie Brands Corporation for approximately CAD 21 million. This strategic move expands TGOD's product portfolio, adding Galaxie's exclusive U.S. joint venture in cannabis edibles and a diverse range of pre-rolls and vapes. The acquisition will enhance TGOD's operational capabilities with the integration of Galaxie's licensed facility and experienced executives, positioning the company for growth in the U.S. market. The transaction is expected to close by November 15, 2021, subject to regulatory approval.
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