TGOD Archives - Green Market Report

Debra BorchardtDebra BorchardtAugust 7, 2019
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3min2140

The Green Organic Dutchman Holdings Ltd. (TGOD)  (TSX: TGOD) (US: TGODF) has submitted an application to list its common shares on the NASDAQ according to a statement from the company.

“This is an important step in the growth of TGOD, one that will broaden our investor base and increase access for international investors as we build the leading global organic cannabis brand”, commented Brian Athaide, CEO of TGOD. “Our team remains focused on executing our business plan and creating value for our shareholders.”

The listing of TGOD’s shares on the NASDAQ will be subject to a number of regulatory requirements, including registration of the common shares under the U.S. Securities Exchange Act of 1934 and a determination by the NASDAQ that TGOD has satisfied all applicable listing requirements.  Subject to approval for listing, the common shares will continue to trade on the TSX Exchange under ‘TGOD’, which is also the reserved symbol for the NASDAQ application.

In May, the company reported its first-quarter financial results for the period ending on March 31, 2019. Quarter-over-quarter revenue rose by 28% to $2.4 million. Much of that revenue was generated from the recently acquired HemPoland. The company experienced a net loss of $14.1 million, down $4 million from the previous quarter. Management attributes these losses to continued preparation for commercial cannabis production and its preparations to enter the adult-use market next year.

The company is on schedule with the construction of production facilities in Hamilton, Ontario and Valleyfield, Quebec. Approximately $46.9 million in investment is dedicated to the sites’ construction.

Close to the end of the quarter, TGOD launched Growers Circle, which sells medical cannabis directly to patients in Canada. The company did not record any revenue from the venture in the first quarter as the bulk of orders were shipped in April. However, revenues should appear on the financial results for the second quarter.


William SumnerWilliam SumnerMay 15, 2019
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3min4990

After the markets closed yesterday, The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCMKTS: TGODF) reported their first quarter financial results for the period ending on March 31, 2019.

Quarter-over-quarter revenue rose by 28% to $2.4 million. Much of that revenue was generated from the recently acquired HemPoland. The company experienced a net loss of $14.1 million, down $4 million from the previous quarter. Management attributes these losses to continued preparation for commercial cannabis production and its preparations to enter the adult-use market next year.

Quarterly Highlights

The company is on schedule with the construction of production facilities in Hamilton, Ontario and Valleyfield, Quebec. Approximately $46.9 million in investment is dedicated to the sites’ construction.

Close to the end of the quarter, TGOD launched Growers Circle, which sells medical cannabis directly to patients in Canada. The company did not record any revenue from the venture in the first quarter as the bulk of orders were shipped in April. However, revenues should appear on the financial results for the second quarter.

As of March 31, 2019, the company has a balance sheet of $224.4 million of cash and restricted cash, which will be used to fund the expansion of production facilities, operating costs, and international growth.

On May 15, 2019, TGOD management held a conference call to go over in detail the company’s financial results, and playback of the call can be listened to here for up to one week.

“Q1 results are continued proof that we are delivering on our business plan with executional excellence,” said Brian Athaide, CEO of TGOD. “The Company is now bringing to market high quality, premium certified organic cannabis flower and hemp-derived CBD oils. With the construction of the Hamilton facility nearing completion and our flagship Valleyfield facility on track, TGOD will soon be able to sell at scale in Canada and rapidly grow the organic segment that is currently being significantly under-served by the market.”


Video StaffVideo StaffSeptember 19, 2018

1min14840

At last week’s Green Market Summit in New York City, TheStreet’s founder and CNBC star Jim Cramer interviewed The Green Organic Dutchman’s (TGODF) Chief Executive Officer Brian Athaide in a keynote address. Cramer was specifically interested in Athaide’s background at Procter & Gamble (PG) and how that experience would translate to the cannabis industry.

Cramer and Athaide also discussed cannabis company valuations and whether they were too rich. The Constellation Brands (STZ) investment into Canopy Growth Corp. (CGC) was also discussed. Athaide told Cramer that he didn’t think Constellation overpaid at all. He thinks they actually got a good deal. This is a fascinating interview that is well worth watching.

Video editing was performed by Small Cap Nation.


Debra BorchardtDebra BorchardtSeptember 4, 2018
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3min15490

Aurora Cannabis Inc. (ACBFF) said that it has closed its previously announced debt facility with the Bank of Montreal for a C$150 million term loan and a $50 million revolving credit facility. The two pieces of debt will mature in 2021 with the option to increase it to C$250 million.

According to a company statement, the debt facility is primarily secured by Aurora’s production facilities, including Aurora Sky, Aurora Mountain, and Aurora Vie. Aurora Sky is strategically located at Edmonton International Airpor and is projected to produce in excess of 100,000 kg per year of high-quality, low-cost per gram, cannabis upon completion.

“We are incredibly proud to have successfully closed this historic debt facility supported by a premier Canadian bank, BMO, who understands our needs and potential. This is both a reflection of the rapidly maturing nature of the broader cannabis industry and strong validation of the economic potential of Aurora’s best-in-class, technologically advanced production facilities,” said Terry Booth, CEO of Aurora. “This additional capital positions us well to continue building the pre-eminent global cannabis company with a focus on vertically integrated, geographically and horizontally diversified assets.”

In addition to closing on the debt deal, Aurora also announced that it has agreed with The Green Organic Dutchman (TGODF) to extend its deadline for the company’s first milestone option by six weeks. to October 12, 2018, from the original date of August 2. The option enables Aurora to purchase an additional 8% of TGOD shares.

“The Aurora partnership has been incredibly beneficial for both parties to date,” said Brian Athaide, TGOD’s CEO. “In addition to the organic supply agreement, the value of Aurora’s initial investment has increased nearly five-fold. In turn, the assistance provided by the Aurora team has helped accelerate our progress across all divisions, and we look forward to continuing our strategic partnership as we work towards building the largest organic cannabis brand in the world,” continued Athaide.

Terry Booth, CEO of Aurora, added, “We are pleased with the progress made at TGOD to date, as reflected by the significant appreciation of our investment. We are now working with the TGOD team on finalizing the details of our go forward partnership, and we will continue to support them as they execute on their strategy.”


Debra BorchardtDebra BorchardtAugust 21, 2018
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5min10370

The Green Organic Dutchman Holdings Ltd.  (TGODF) signed a definitive agreement to acquire 100% of the issued and outstanding shares of privately-held HemPoland in an immediately accretive cash and share transaction.

HemPoland is a leading European manufacturer and marketer of premium organic CBD oils led by founder and CEO, Maciej Kowalski, one of Europe’s most widely recognized CBD experts. TGOD’s goal in the acquisition is to get access to HemPoland’s vast distribution network, premium Cannabigold brand, hemp oil extraction technologies, and get a jump into the European market for TGOD’s medical & recreational products and licensing deals. In 2017, the company produced over 32,000 kgs of organic dried flower and 310 kgs of organic CBD oils.

The deal will cost of US$7.75 million in cash and 1,968,323 restricted TGOD shares currently worth US$7.75 million with an additional US$10.3 million cash investment for rapid European expansion. In addition to that, there are performance-based incentives of up to US$12 million for delivery of US$32 million of EBITDA in fiscal 2021.

“HemPoland is a key component to a number of strategic acquisitions and planned partnerships focused on expanding our global distribution network. This acquisition will significantly add to the Company’s top and bottom line,” said Brian Athaide, CEO of TGOD. “Gaining market share with CBD products now, in the EU, with over 700 locations allows TGOD to establish immediate brand awareness across all verticals including infused beverages. This is an accretive acquisition and gateway to Europe’s 750 million people accelerating our plan of becoming the world’s largest organic cannabis brand,” continued Athaide.

HemPoland was founded in 2014 and was the first company in Poland to obtain a state license allowing the company to grow hemp and manufacture CBD oil products. According to the company statement, HemPoland’s management is comprised of experts in cultivation, oil extraction, and marketing of high-quality organic CBD oil. The company is vertically integrated, with over 1,250 acres of cultivation leveraging third parties, multiple commercial-scale extraction units, local distributors in Poland, Austria, Netherlands, Germany, United Kingdom, Italy, Switzerland, Portugal, Ireland, Czech Republic, Slovenia, Lithuania, and Estonia, and product sales in over 700 locations.

“We are pleased to join forces with the premier brand in organic cannabis, TGOD, to scale the growth of our business both domestically and internationally,” said Maciej Kowalski, Founder, and CEO of HemPoland. “The market and demand for premium organic cannabis and CBD oil is just the beginning, ultimately leading to a variety of higher margin products. Having access to TGOD’s capital, licensing deals, experienced leadership team, and intellectual property will significantly drive momentum for our brand and our company. We are proud to be part of the TGOD family and look forward to becoming the global leaders in organic cannabis.”

Terms Of The Deal

The financial terms of the transaction are US$7.75 million cash and 1,968,323 restricted TGOD shares currently worth US$7.75 million, which will be escrowed for a term of three years from closing. In addition, there is contingent consideration of up to 3,047,722 shares of TGOD currently worth US$12 million based on delivery of US$32 million EBITDA in the 2021 fiscal year. TGOD will invest a further US$10.3 million in HemPoland to fund product development, R&D, drug development and continue global expansion initiatives.

Stock Performance

TGOD was lately trading at $3.93 on the OTC Markets, down from its 52-week high of $7.57, but above its year low of $2.78.


Debra BorchardtDebra BorchardtAugust 15, 2018
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4min6880

The Green Organic Dutchman (TGODF) reported its quarterly results that demonstrate the company is still in a phase of ramping up as there are no sales to report as of yet. The net loss for the quarter ending June 30, 2018, was C$8.5 million or C$0.04 per share versus last year’s C$2.3 million loss or C$0.02 per share.

The company celebrated its successful Initial Public Offering during the quarter that raised C$132 million and listed its shares on the Toronto Stock Exchange. This resulted in the shareholder count jumping from 4,000 to over 20,000. These shareholders are clearly pinning their hopes on the many deals that TGOD has arranged and the eventual success of the company’s cultivation facilities.

TGOD said it has spent C$20 million so far on the construction of its facilities in Ancaster, Ontario, and Valleyfield, Quebec. It has also announced several strategic licensing agreements with top US brands including Stillwater Brands, Evolabs, and CBx Sciences. TGOD also signed a strategic partnership agreement with Epican Medicinals Limited, a vertically integrated Jamaican cannabis company and completed a letter of intent with Denmark’s Queen Genetics/Knud Jepsen A/S, which, if completed will increase TGOD’s total organic-funded capacity to 195,000 kgs.

“We are pleased with the accomplishments we have made in such a short period of time. We have invested heavily in building the foundation to drive our Company forward at an unparalleled pace,” said Brian Athaide, TGOD’s CEO. “Construction is on schedule across all jurisdictions and we continue to aggressively build our medical and adult-use brand. TGOD is investing heavily in consumer research, R&D and simultaneously building both the capability and systems needed to rapidly scale as we prepare for the adult-use market,” continued Athaide.

“The announcement of the partnership with Jamaica is just the beginning for our international expansion plans,” said Csaba Reider, the Company’s President. “TGOD’s business plan calls for operations in 12 countries on three continents by the end of 2018 with a focus on Europe and Latin America. We continue to make strategic additions across all divisions of the Company to execute on our expansion plans,” continued Reider.

Looking Ahead

TGOD is preparing for the launch of its premium organic brand and the company focuses on R&D to develop innovative cannabis consumer products for both the medical and recreational markets. According to the company statement, TGOD’s patient database continues to experience significant month over month growth as TGOD’s brand of organically-certified cannabis continues to gain increased recognition. The back-office e-commerce network agreement with Shopify has been consummated, and TGOD continues to develop a robust e-commerce platform to support domestic and international expansion.

Stock Performance

TGOD stock was lately trading at C$5.02 on the Toronto Exchange, down from its year high of C$8.15. The OTC traded stock was at $3.82, down from its 52-week high of $7.56.


Debra BorchardtDebra BorchardtJuly 19, 2018
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3min9930

The Green Organic Dutchman Holdings Ltd. (TGODF) is distributing a dividend that will consist of a warrant in a new corporation called TGOD Acquisitions to its shareholders. The company will do just as the name says – acquire and develop worldwide opportunities.

TGOD said that it had met with many cannabis companies around the world that didn’t quite fit with the company, but believes the properties would benefit their shareholders. The company said that it plans to execute a series of staged financings and acquisitions that would ultimately lead to a late 2018 target IPO date.

“This is an incredible opportunity for TGOD to transfer expertise and monetize our proprietary knowledge from the Canadian marketplace. We will partner with innovative and disruptive companies that we can assist with capital market knowledge and unique retail-exclusive financing methods. The intention is to raise additional capital and list TGOD Acquisitions on the Canadian Securities Exchange. We are excited about this unique opportunity to reward our investors and provide additional value to TGOD shareholders,” said TGOD CEO, Brian Athaide.

Once the spin-out is complete TGOD Acquisitions will operate separately from TGOD and will have its own Board of Directors and management.

Terms

According to a company statement, TGOD will distribute to its shareholders a Warrant to acquire a TGOD Acquisitions Unit for $0.50. Each Unit will consist of one share plus an additional warrant for the investor. This additional warrant (the “Additional Warrant”) will be triggered by a subsequent financing to occur following the initial $0.50 offering.

The distribution will be paid on the basis of one Warrant for every 6.67 TGOD shares owned on the record date, to be fixed by the Board of Directors of TGOD following satisfaction of the conditions for the Arrangement.

TGOD and TGOD Acquisitions will enter into a repayable funding agreement, whereby TGOD will provide $25,000,000 of working capital to TGOD Acquisitions. This will be repayable by TGOD Acquisitions prior to completion of any investment. In consideration for the funding agreement, TGOD Acquisitions will issue a restricted warrant to purchase 50 million common shares for a period of 25 years from the date upon which the shares of TGOD Acquisitions commence trading on the Canadian Securities Exchange.

“We have developed a significant amount of intrinsic value from years of corporate development at TGOD,” said Brian Athaide. “Capitalizing on these efforts will add value to both TGOD’s balance sheet and the investment portfolios of our shareholders,” continued Athaide.


Debra BorchardtDebra BorchardtJuly 2, 2018
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7min6190

It’s time for your Daily Hit of cannabis financial news for July 2, 2018.

July 1 was an auspicious day in the cannabis industry. It was the first day for recreational sales in Masssachusetts (kindof), the first day for limited recreational sales in Vermont and the day for compliance in California.

Massachusetts

Massachusetts may have legalized adult-use cannabis, but the state didn’t license anyone to sell it. The state also hasn’t licensed any labs to test the recreational product. Thus, no sales took place. Best case scenario, it may be fall before real sales begin.

Vermont

Retail sales of cannabis are still illegal, but consumers over 21 can legally consume and grow two mature plants. Just don’t tell anyone where you got that cannabis.

California

Dispensaries began dumping product last week as many of the items were not compliant with the new laws. For example, MedMen was running a 70% off promotion. Product shortages and higher prices are expected. Even the child-resistant packages seem to be in short supply. Too bad no one saw this coming.

Flow Kana

Flow Kana announced the completion of a $22 million round of financing, led by a $15 million investment from Gotham Green Partners, a New York-based private equity firm that invests in cannabis and cannabis-related enterprises on a global scale. With other institutional investors including Poseidon Asset Management, Salveo Capital and notable angel investors including Roger McNamee, Flow Kana has raised a total of $50 million to date to build and scale a first-of-its-kind cannabis supply chain centered around small craft cannabis farms in Northern California.

The Green Organic Dutchman

The Green Organic Dutchman Holdings Ltd.  (OTC:TGODF) CEO, Co-Chairman & Director, Mr. Robert Anderson resigned effective immediately, due to health concerns. The Board has appointed Mr. Brian Athaide, TGOD’s current CFO, to the position of CEO. According to the company statement,  Mr. Athaide has 29 years of global executive experience including CFO and Executive Vice President, Human Resources and Information Technology of Andrew Peller Limited, the largest publicly traded wine and craft alcohol producer in Canada. Mr. Athaide’s focus on value creation helped enable the stock price to increase to 400% in only three years. Previous to Andrew Peller Limited, Mr. Athaide spent 25 years at Proctor & Gamble Co., moving through progressively more senior positions across eight countries, culminating as the Finance Director and CFO of the multi-billion-dollar consumer products business across Russia, Ukraine and Central Asian markets.

The Board has also appointed Julia Golubovskaya, Vice-President, Finance as interim CFO. Ms. Golubovskaya has over 18 years of experience in consumer products, having worked with Proctor & Gamble in Canada, the USA and Russia.

 Item 9 Labs Corp. 

Item 9 Labs Corp. (INLB) announced that Sara Gullickson has been appointed as president of Item 9 Labs. Through the development of innovative lifestyle products and proprietary delivery platforms, Gullickson will oversee Item 9 Labs Licensing Application and Acquisition Strategy.

Named one of the Top Ten Cannabis Entrepreneurs in the nation by Herb Magazine, Gullickson is an internationally recognized industry expert. Founder and CEO of Dispensary Permits, Gullickson brings over 8 years of experience in executive level roles. She will lead overall compliance, distribution and quality control for cultivation and production, and development of aggressive growth strategies with Bryce Skalla, CEO of Item 9 Labs.

Green Spirit Industries Inc.

Green Spirit Industries Inc. (GSRX) commenced construction on a new Green Spirit RX medicinal cannabis dispensary in Puerto Rico.  Located in the Isla Verde district of Carolina, this is the location for which the Company has received pre-qualification for a dispensary license from the Department of Health of Puerto Rico.  Following construction and inspection, operations will commence upon receipt of the required operating permit from the DHPR.

Mary’s Medicinals 

Mary’s Medicinals (Mary’s) revealed a refined set of branding including a new logo, tagline, brand mission and product packaging. The rebrand was spearheaded by New York-based agency Studio7 and Detroit-based Standout Solutions. Starting July 2 in Colorado, consumers will see Mary’s new product packaging hit dispensary shelves. Additional states will roll out the new look over the course of the next two months.

 


StaffStaffJune 27, 2018
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9min5180

It’s time for your Daily Hit of cannabis financial news for June 27, 2018.

On The Site

Canopy Growth Corporation

Canopy Growth Corporation (CGC) reported that its fourth-quarter revenue rose 55% to C$22.8 million versus last year’s C$14.7 million for the same time period. Still, the company recorded a net loss of C$61.5 million or C$0.31 per basic and diluted share, which was dramatically higher than last year’s net loss of $12.0 million, or $0.08 per basic and diluted share for the same time period.

Revenues jumped 95% in the fiscal year ending March 31, 2018, to C$77.9 million over revenue of C$39.9 million for last year. For the fiscal year 2018, Canopy sold 8,708 kilograms at an average price of C$8.24 per gram compared to 5,139 kilograms at an average price of C$7.40 per gram for the previous year, representing an increase of 70% and 11%, respectively.

Oklahoma Makes That 30

Oklahoma became the 30th state to legalize medical marijuana after voters approved State Question 788 on Tuesday. The measure was leading 56-44 with 85 percent of precincts reporting when the New York Times called the election. According to StateImpact Oklahoma, The Oklahoma State Department of Health has already begun drafting rules for a Medical Marijuana Control Program.

MPP said that State Question 788 is the fourth medical marijuana initiative in a row to win in a state that went for Donald Trump, and that number could grow to as many as six by the end of the year. They were approved in Arkansas, Florida, and North Dakota in 2016, and they will appear on ballots in Missouri and Utah this November.

In Other News

CV Sciences, Inc.

CV Sciences, Inc., (CVSI)  preeminent manufacturer and distributor of the industry-dominating brand of hemp extract products, PlusCBD Oil™, announced that it issued a letter to its shareholders, providing a business update. In the letter, CV Sciences said, “Sales for the first quarter of 2018 were $8.1 million, an increase of 114% compared to the first quarter of 2017 and a sequential quarterly
growth of 11.5% when compared to the fourth quarter of 2017. Our GAAP net income for the first quarter of 2018 totaled $619,000,
compared to a GAAP net loss of $3.8 million for the first quarter of 2017. This profitable quarter represents a $4.6 million improvement
compared to the first quarter of 2017. Our gross profit for the first quarter of 2018 was $5.6 million, an increase of 129% compared to
the first quarter of 2017. This represents a gross profit margin of nearly 69% for the first quarter of 2018, demonstrating our ability to
expand sales while maintaining strong margins.”

The Green Organic Dutchman Holdings Ltd.

The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) (TGODF) has signed a letter of intent for a 50/50 joint venture (“JV”) with Queen Genetics/Knud Jepsen A/S based in Hinnerup, Denmark. The JV will initially consist of two facilities located within Knud Jepsen’s  1.3 million sq. ft. state-of-the-art automated greenhouses in Denmark. The approximately 200,000 square feet of advanced buildings to be dedicated to the JV were designed and engineered by Thomas Larssen of Aurora Larssen Projects Inc. and will provide an opportunity for TGOD to increase its total organic funded capacity by approximately 25,000 kgs. This will provide a consistent supply of high-quality organic cannabis grown in Europe, ready for the local European markets and increases TGOD’s funded capacity to 195,000 kgs.

 PotNetwork Holdings, Inc.

PotNetwork Holdings, Inc. (POTN)  is in the process of filing an amendment to its articles of incorporation with the state of Colorado for a name change from PotNetwork Holdings, Inc. to “BioTech Hemp, Inc.”. This name change reflects the company’s focus on Diamond CBD’s sales momentum and expanding product lines, which better reflects its current and future business strategy and industry scope. Following the filing with the state of Colorado, the company plans to file for a name listing and trading symbol change with FINRA.

As revenues year-to-date for 2018 already exceed $10 million, The company’s repositioning initiative is designed to signal to the market its mission to be a continually thriving, socially-responsible family of brands dedicated to strengthening its evolving leadership position in the distribution and marketing of CBD products. This filing follows the recent announcement that its Board of Directors has directed the company’s counsel to prepare a Form 10 to be filed with the Securities and Exchange Commission, to become a fully reporting issuer with the SEC.

CROP Infrastructure Corp.

CROP Infrastructure Corp. (CRXPF) entered into a joint venture agreement whereby CROP will own 30% under the name of Xhemplar to develop a 522,000 square foot project in the North-Eastern region of Italy. The joint venture and its principals have also been permitted to develop one of a few extraction and processing facilities currently present in the Country of Italy.

Novus Acquisition and Development Corp.

Novus Acquisition and Development Corp. (NDEV), through its wholly-owned subsidiary WCIG Insurance Services, Inc., announced its recently announced business collaboration is with cannabis technology company Enlighten.

Novus will utilize Enlighten’s interactive television technologies in a revenue sharing deal. Enlighten will place Novus’ message at the point of sales in 650 dispensaries across the country with advertising to engage and educate consumers on the Novus Cannabis MedPlan. When consumers are engaged Novus will get analytics of verified impressions from the consumer mobile devices for retargeting.

CLS Holdings USA, Inc.

CLS Holdings USA , Inc. (CLSH) closed its previously announced oversubscribed private placement offering of special warrants for aggregate gross proceeds of C$13,037,859 . Proceeds exceeded the originally announced target of C$10,000,000 due to high investor demand. Canaccord Genuity Corp. acted as the sole agent and sole bookrunner in connection with the Offering.

 


StaffStaffJune 21, 2018

5min6430

It’s time for your Daily Hit of cannabis financial news for June 21, 2018.

On The Site

The Hydropothecary Corporation 

The Hydropothecary Corporation (TSX-V:THCX) announced that it has received approval from the Toronto Stock Exchange to uplist from the TSX Venture Exchange to the regular Toronto Stock Exchange. The Canadian-based cannabis company will list its common shares and common share purchase warrants expiring January 30, 2020, on the TSX and begin trading on June 22.

In addition to the uplisting,  the company is changing its corporate name from The Hydropothecary Corporation to HEXO Corp. In connection with the name change, it will need to call a special meeting of its shareholders to seek shareholder approval for the change of its corporate name.  As a result of the new company name, the shares will change the ticker and will trade under the symbols “HEXO” and “HEXO.WT” respectively.

In Other News

India Globalization Capital, Inc.

India Globalization Capital, Inc. (IGC) announces financial results for the fiscal year ended March 31, 2018. Total revenue is approximately $2.19 million for FYE 2018, as compared to approximately $580 thousand for the FYE 2017.  This revenue is generated from our legacy business that includes trading of steel and iron ore and rental of heavy equipment. The increase year-over-year is attributable to an increase in the volume of trading commodities.  Our plan for the legacy business is to maintain annual trading revenue between $3 and $5 million and work on increased margins.  In the second half of calendar 2018, we expect to add revenue from Hyalolex with a goal of introducing the product into 10 states by the end of 2018.

Selling, general and administrative expenses are about $1.87 million for fiscal 2018, as compared to about $2.27 million for fiscal 2017.  The decrease in SG&A is attributable to decreased depreciation and other SG&A expenses.Net loss is approximately $1.79 million in the fiscal year 2018, as compared to approximately $1.85 million in the fiscal year 2017.  The decreased loss is attributed to lower SG&A.

At the end of the fiscal year 2018, the Company reported approximately $1.65 million in cash and cash equivalents and working capital of approximately $860 thousand.

Ascent Industries Corp.

Ascent Industries Corp. announced that it has closed a private placement of subscription receipts for gross proceeds of $19.2 million. A total of 48,085,500 Subscription Receipts were sold at a price of $0.40 per Subscription Receipt. Each Subscription Receipt will convert to one unit of the Company upon the satisfaction of certain conditions, including the completion of the previously announced reverse take-over of Paget Minerals Corp by Ascent and approval of the listing of the common shares of the resulting issuer under the Transaction on the Canadian Securities Exchange, expected to be completed late July or early August 2018. Each unit consists of one common share and one common share purchase warrant of Ascent exercisable at a price of $0.60 per share for a period of 24 months following the date hereof.

The Green Organic Dutchman Holdings Ltd.

The Green Organic Dutchman Holdings Ltd. (TGOD.TO) (TGODF) announced that it decided to add a 287,245 sq ft purpose-built facility on its Valleyfield property capable of producing 40,000 kgs of premium organic cannabis. This facility will be dedicated to TGOD’s Beverage Division and increases the company’s fully-funded capacity to 170,000 kgs.



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