Green Organic Dutchman Q3 Revenue Grows 153.9% YoY, Upgrades To CSE In Bid To Reach U.S. Market
The Green Organic Dutchman Holdings Ltd. (CSE:TGOD) (OTC:TGODF) released its unaudited interim third-quarter financial results on Wednesday with a net loss from continuing operations of CA$13.94 million ($10.92 million), compared to CA$75.4 million.
Q3 Financial And Operational Highlights
- Total gross revenues amounted to CA$9.75 million, compared to CA$3.84 million in the same period a year ago;
- General and administrative were of CA$6.37 million;
- The Toronto-based company renewed and extended its revolver loan credit facility. The Green Organic Dutchman’s overall facility was reduced from CA$30 million to CA$25 million total, within which the term loan portion was increased to CA$17 million from CA$16 million.
- Classified the company’s HemPoland subsidiary as held for sale as the company expects to finalize the sale within the coming months, bringing in expected net proceeds of CA$8.3 million Upon completion of the sale, the company expects to repay CA$4 million of the term portion of the Revolver Loan.
Other Strategic Initiatives
- Successfully transitioned its shares from the Toronto Stock Exchange on September 10, 2021, to start trading on the Canadian Securities Exchange on September 13, 2021;
- Completed its first international commercial shipment consisting of cannabis flower and other extracts destined for the highly anticipated South African medical cannabis market in August 2021; The company’s cannabis flower will be the first to be distributed legally in the country at a commercial scale;
Subsequent to the quarter
- The company completed its first commercial shipment for the Australian medical cannabis market consisting of cannabis oils with its partner LeafCann;
- In October, The Green Organic Dutchman announced the launch of Organic Highly Dutch Amsterdam Sativa 28g in the province of Ontario;
- In November, the company entered into a definitive agreement with Acosta Canada Corp for exclusive and dedicated sales representation of TGOD’s adult recreational cannabis brands in key provinces across Canada;
- It finalized the acquisition of all issued and outstanding shares of Galaxie, with the initial share consideration valued at approximately CA$21 million;
“We continue to execute on our plan and this management team is working hard to bring the Company to profitability with many strategic initiatives,” said Sean Bovingdon, CEO and interim CFO of TGOD. “TGOD continued at its prior quarter pace as stores worked through inventory loaded in Q2 and new retail distribution points continue to be established.”
TGOD’s shares closed Wednesday’s market session 15.64% higher at 13 cents per share.