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.
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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.
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