The
Green Organic Dutchman Holdings (TSX: TGOD) (OTCQX: TGODF), a leading
producer of premium certified-organic cannabis, today announced that it is
reviewing alternative financing options to complete construction at its
facilities in Ancaster, Ontario and phase 1a at Valleyfield, Quebec. Per the
update, TGODF’s previously disclosed discussions for ordinary course commercial
bank facilities and equipment leasing are no longer available on the acceptable
terms within the timeframes required due to changing market conditions.
Presently, the company has no debt and $56.7 million in cash available in
Canada, including $40.2 million in restricted cash allocated to capital
expenditures. Construction at Ancaster is mostly complete with all grow rooms
licensed by Health Canada and approximately six weeks left before substantial
completion of the processing facility. The company anticipates submitting the
evidence package for this final component to Health Canada for licensing by the
end of November. TGODF plans to prioritize any financing secured to hasten
commercial production in order to increase revenues. If it is unable to secure
enough financing on reasonable terms, within the required timeframe, the
company may modify the construction schedule for its Ancaster and Valleyfield
projects.
To view the full press release, visit http://ibn.fm/iq1V5
About the Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings is a publicly traded,
premium, global, organic-cannabis company with operations focused on medical
cannabis markets in Canada, Europe, the Caribbean and Latin America, as well as
the Canadian adult-use market. TGOD also has organic-hemp, CBD-oil operations
in Canada and, through its wholly owned subsidiary HemPoland, distributes
premium-hemp CBD oil in the EU. The company grows high-quality,
certified-organic cannabis with sustainable, all-natural principles. TGOD’s
products are laboratory tested to ensure patients have access to a
standardized, safe and consistent product. TGOD has a planned global capacity of
219,000 kgs. and is building 1,643,000 square feet of cultivation and
processing facilities across Ontario, Quebec, Jamaica and Denmark. For more
information, visit the company’s website at www.TGOD.ca.
NOTE TO INVESTORS: The latest news and updates
relating to TGODF are available in the company’s newsroom at http://ibn.fm/TGODF
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