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The Green Organic Dutchman Holdings Ltd. (TGODF) held its Annual General and Special Meeting on June 29, 2021, with shareholders approving all presented matters. Key decisions included the election of seven directors, with notable support for nominees such as Sean Bovingdon (98.31%) and Jeffrey J. Scott (97.31%). Shareholders also appointed KPMG LLP as the company's auditor and authorized unallocated stock options under a rolling plan until June 29, 2024. A total of 160,948,509 shares were represented, constituting 30.48% of issued shares.
The Green Organic Dutchman Holdings Ltd. (TGODF) has successfully completed the sale of its Quebec facility, Medican Organic Inc., to Cannara Biotech for $27 million. Concurrently, TGOD repaid approximately $31.8 million in senior term debt, eliminating all outstanding obligations. Additionally, TGOD entered into a leaseback agreement for 80,000 square feet of cultivation space within the facility. This strategic move is expected to enhance TGOD's operational efficiency and financial health.
The Green Organic Dutchman (TGOD) has signed a purchase agreement with Cannara Biotech for its Quebec facility, valued at $32.7 million. The deal includes a $27 million cash payment and $5.7 million from a Hydro Quebec deposit return. Operations will continue in Valleyfield through a leaseback agreement. The sale is expected to close by June 22, 2021. Proceeds will be used to eliminate senior term debt, potentially saving the company $4 million annually in interest and overhead costs, positioning TGOD for future growth.
The Green Organic Dutchman Holdings Ltd. (TGODF) reported a significant increase in revenue, generating $8.98 million, a 194% rise compared to Q1-2020. The gross profit also rose by 83% to $3.13 million. The company achieved a net income of $12.46 million, largely due to a reversal of impairment charges. General and administrative expenses were reduced by 53% year-over-year. Despite an 18% quarter-over-quarter decline, management anticipates revenue growth as COVID restrictions ease, particularly in Canada and international markets.
The Green Organic Dutchman Holdings Ltd. (TGODF) is set to release its first quarter 2021 financial results on May 12, 2021, after market close. A conference call will be held on May 13, 2021, at 10:00 a.m. ET, featuring CEO Sean Bovingdon and COO Michel Gagné among other executives. The call will include a question-and-answer session with analysts. TGOD specializes in premium organic cannabis and aims to impact health and wellness markets while adhering to sustainable practices and packaging.
The Green Organic Dutchman Holdings Ltd. (TGOD) announced a major overhaul in its cultivation operations, led by a new leadership team. The company introduced CleanCraft™, a refined cultivation process that guarantees all premium organic whole flower cannabis products will have a THC level of at least 20%. Additionally, TGOD is enhancing packaging to improve transparency and environmental impact. The upgraded organic whole flower product line is now available to provincial boards across Canada, reflecting TGOD's commitment to quality and consistency in the competitive cannabis market.
The Green Organic Dutchman Holdings Ltd. (TGODF) has announced a corporate update highlighting asset monetization efforts to enhance financial flexibility, including $2.64 million realized from the sale of excess assets and a pending sale for its Valleyfield Facility. The company is also exploring entry into the US cannabis market amid regulatory progress and potential partnerships. Improvements in product potency and operational efficiencies are noted, with all main strains exceeding 20% THC. TGOD aims to maximize shareholder value through strategic initiatives, including potential IPOs and expansion into international markets.
The Green Organic Dutchman (TGODF) announced the appointment of Sean Bovingdon as permanent CEO, effective immediately. In Q4 2020, the company achieved $10.92 million in revenue, a 91% increase quarter-over-quarter and 236% year-over-year. Canadian cannabis revenue reached $8.55 million, a 122% quarterly increase. The full year revenue was $24.51 million, representing a 120% year-over-year growth. G&A expenses decreased 59% compared to 2019, though a net loss of $23.68 million was recorded for the quarter.
The Green Organic Dutchman Holdings Ltd. (TGOD) will release its fourth quarter and year-end 2020 financial results after market close on March 9, 2021. A conference call with analysts is scheduled for March 10, 2021, at 10:00 a.m. ET, featuring CFO Sean Bovingdon and VP of Investor Relations Shane Dungey. The call will include a Q&A session. A replay will be available until March 17, 2021. TGOD focuses on premium organic cannabis products, adhering to LEED certification standards in its facilities.
The Green Organic Dutchman Holdings Ltd. (TGODF) announces the launch of its new product line, CannabiGold Sport, through its subsidiary HemPoland. This line of hemp-derived CBD pre- and post-workout supplements is tailored for athletes, featuring five formulations each with unique ingredients and 250 mg of CBD per serving, with the Pro version containing 2500 mg. Initially available in Germany, Poland, and the UK, the brand aims to expand further into Europe. HemPoland utilizes advanced extraction technology ensuring product purity.
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