The Green Organic Dutchman Closes Sale of HemPoland Subsidiary
September 6th, 2022
News, Top News
TORONTO, September 6, 2022 – The Green Organic Dutchman Holdings Ltd. (the “Company” or “TGOD“) (CSE: TGOD) (US-OTC: TGODF), a sustainable global cannabis company is pleased to announce that it has closed the sale of its Polish subsidiary, HemPoland sp. z.o.o. (“HemPoland”). Under the terms of a share purchase agreement, TGOD sold its full interest in HemPoland to RAMM Pharma Corporation for $1.2 million on closing after customary closing adjustments, in addition to a $0.15 million non-refundable deposit provided in July that was used for operating expenses in HemPoland. In conjunction with closing, the loan payable to HemPoland by TGOD, of US$4 million plus accrued interest, was forgiven.
“We are happy to have concluded the sale process and can now focus on continuing to grow our core cannabis business in Canada. The proceeds from the sale will provide additional working capital to support this aim,” said Sean Bovingdon, CEO of TGOD.
About The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (US‐OTC: TGODF) is a sustainable cannabis company with a focus on innovation, quality, consistency, integrity and transparency. The Company is committed to cultivating a better tomorrow by producing its products responsibly, with less waste and impact on the environment. In Canada, the Company serves the recreational market with a brand portfolio including The Green Organic Dutchman, Highly Dutch Organics, Ripple by TGOD and Cruuzy, and the medical markets in Canada, South Africa, Australia, and Germany. All cannabis utilized in products for The Green Organic Dutchman and Highly Dutch Organics brands is grown through a certified organic process, which includes living soil, filtered rainwater, sunlight, and natural inputs.
The Company’s common shares and certain warrants issued under the indentures dated December 19, 2019, June 12, 2020, October 23, 2020, and December 10, 2020, trade on the CSE under the symbol “TGOD”, “TGOD.WS“, “TGOD.WR”, “TGOD.WA”, and “TGOD.WB” respectively. The Company’s common shares trade in the U.S. on the OTCQX under the symbol “TGODF”. For more information on The Green Organic Dutchman Holdings Ltd., please visit www.tgod.ca.
This news release includes statements containing certain “forward‐looking information” within the meaning of applicable securities law (“forward‐looking statements”). Forward looking statements in this release include, but are not limited to statements about future cannabis revenues, acceleration of the revenue growth profile of the Company, availability of working capital, profitability of the Company and maximization of the Company’s shareholder value. Forward‐looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “should”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward‐looking statements throughout this news release. Forward‐looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties (including market conditions) 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. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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