TGOD Archives - Green Market Report

Debra BorchardtDebra BorchardtMay 27, 2020
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6min5050

Organic cannabis company The Green Organic Dutchman Holdings Ltd.  (OTC: TGODF) reported revenue of C$3.06 million for the first quarter of 2020 ended March 31, 2020. The company also delivered a net loss of $73.4 million – a staggering amount when the revenues are so small, but it was at least an improvement over the fourth quarter’s net loss of $144 million.

TGOD said that the revenue mostly consisted of hemp-derived product sales in Europe of $2.40 million and sales from cannabis products in Canada of $0.66 million. The meager Canadian sales were blamed on a limited product assortment while the company scaled up its Ancaster cultivation and processing capacity from the prior quarter.

The bulk of the net loss was attributed to a write-down on the book value of the company’s global assets by $55.8 million for impairment as of March 31, 2020. “This reflects the uncertainty created by the pandemic, including the evolution of market demand, the temporary cessation of operating activities in Valleyfield, Québec, and the reduction of activity in Jamaica. This non-cash impairment charge is in line with the announcement on May 14, 2020, and does not impact the Company’s operations or liquidity.”

“I am proud of the resilience demonstrated by everyone on the team in the face of the global pandemic. With safety as our top priority, we have quickly adapted our processes, allowing our operations to continue running smoothly and uninterrupted to ensure that we meet the needs of our patients and consumers,” commented Brian Athaide, CEO of TGOD. “I am also satisfied with the progress we have made on bringing innovative new products to market and expanding distribution. TGOD remains on track to becoming operational cash-flow positive later this year,” added Athaide.

Financing

The company’s total operating expenses for the quarter were $16.9 million, but with revenue of only $3 million the company will need to either cut expenses even further or find a way to bring in more revenue. Prior to the end of the first quarter, TGOD was in a very precarious situation. At the end of March, the company had negative working capital of $8,197 (December 31, 2019 – positive working capital of $14,939) and an accumulated deficit of $327,169.

The company says that through its various financing arrangements, that it has enough funds for operations at this time. These deals are as follows:

  • The Company entered into a definitive agreement for a second-lien revolving credit facility (“Revolver Loan”) with a commercial lender for gross proceeds of up to $30 million of which $10 million of the revolving credit facility was funded on April 22, 2020.
  • The Company executed an amendment with the lender under its senior secured credit facility. On April 27, 2020, the Company received an accordion advance of $5 million and issued 1,500,000 warrants exercisable at $0.39 per share exercisable for 36 months to the lender.
  • Also on April 27, 2020, the Company completed a bought deal equity financing of 20,536,700 units at $0.28 for gross proceeds of $5.75 million. Each unit consisted of one common share and one-half common share purchase warrant, with each whole warrant being exercisable at $0.38 for 36 months.

Valleyfield Closed

The company has postponed the startup of its Valleyfield Facility in order to centralize cultivation in Canada at its facility in Ancaster, Ontario. The company said it has temporarily laid off the majority of its employees in Valleyfield with the intention of beginning operations at the Valleyfield Facility later in 2020, should market conditions improve.

Looking Ahead

TGOD said that it expects that the net proceeds, together with cash on hand, amounts available under previously announced credit facilities, and positive cash flow generated from anticipated revenues, will be sufficient to fund operations going forward. TGOD expects revenue growth acceleration to be driven mainly by product innovation. Its first 2.0 product, the TGOD Infuser, launched during March 2020 and quickly became a top-selling SKU within the beverage category; new formats of the popular dissolvable powder will be launching in June 2020

 


Debra BorchardtDebra BorchardtNovember 25, 2019
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8min10920

The Facilities Are Fully Funded

On Oct. 9, 2019, The Green Organic Dutchman (OTC: TGOD) said in a press release that it was updating the market on credit financing. In the statement, it noted that “The Company may revise the construction schedule for its Ancaster and Valleyfield projects if it is unable to obtain sufficient financing on reasonable terms, within the required timeframe. There can be no assurance that this review will result in the completion of any financing transaction.” Basically, TGOD said it needed money to finish the projects as planned.

However, TGOD had previously issued an investor presentation in which it stated its Ontario projects were fully funded. This did not go unnoticed by shareholders who were surprised to learn that TGOD needed more money to complete its facilities. Then on October 18, just 10 days later,  the company said, “The Ancaster greenhouse is complete, and the Ancaster processing facility is approximately five weeks from material completion.”

On November 13, the company was able to secure financing and said, “A term sheet with an investment fund for a $40 million construction mortgage loan has also been signed, secured on the facilities at Ancaster and Valleyfield.” TGOD said that now it had this money secured, it could complete construction of the processing facility at Ancaster and complete construction of six zones in the Valleyfield hybrid greenhouse and enclose the balance of the facility with the ability to quickly expand production as the market develops.

Can’t Trust

CannTrust (NYSE: CTST) earned the social media moniker “can’t trust” after the company was caught growing plants in unlicensed rooms. This past summer in July, the company conceded that it had plants seized by regulators from five unlicensed rooms. The scandal resulted in a death spiral for the company as it lost its license, saw the CEO resign and at least a hundred workers have been laid off.

Backing up a bit, roughly around May 19 CEO Peter Aceto said the company was on track to meet its production goals. Within six weeks, the company announced that it received a report of non-compliance from Health Canada. Aceto said, “Our team has focused on building a culture of transparency, trust and excellence in every aspect of our business, including our interactions with the regulator. We have made many changes to make this right with Health Canada. We made errors in judgement, but the lessons we have learned here will serve us well moving forward.”

Last month, CannTrust said it planned to destroy about $12 million worth of plants and about $65 million worth of inventory. The company has seemed to clean house and may be able to move one from this “error in judgment,” but so far the market isn’t convinced and the stock is still near its year low of 77 cents.

It’s Worth More

It’s hard to convince investors to buy company stock when the company devalues the price of said stock. Zenabis Global Inc. (TSX:ZENA) (OTC: ZBISF) destroyed the value of its stock after announcing it was going to raise $20.8 million through a rights offering to holders of its common shares of record at the close of business on October 31, 2019. The stock was lately trading at 16 cents, down from its year high of $3.03. At one point in this debacle, the stock traded at one cent.

The company said that part of the strategy was to fend off a hostile takeover, but there didn’t seem to be anyone bidding on the company. Director of Corporate Communications Jonathan Anthony said that the decline in Zenabis stock is “outside our control,” yet the company absolutely trashed the value by pricing the rights at a 70% discount.
The Twitter universe though had another opinion regarding the stock. There are accusations of Zenabis insiders shorting the stock while covering themselves with the rights offering.

Stock jocks were specifically pointing to the Twitter account of @rubiconcapital for talking up Zenabis ahead of the offering that prices the rights at 15 cents. Then, the former CEO and current Chief Facilities Officer, Kevin Coft sold 2.6 million shares right before the rights offering. The company reported its earnings on November 14 but opted to not host a conference call to discuss the earnings with investors.

Our Bad. We Thought It Was Licensed

After acquiring Newstrike Brands, HEXO Corp. learned that there were plants growing in a room called Block B. The room passed inspection by Health Canada and Hexo said Health Canada said nothing in the report gave them cause for concern. However, within days of the closing of its acquisition the company said it became aware of the illegal plants and notified Health Canada. The mistake was blamed on a new software program run by the federal regulator. Still, the plants were destroyed as a result of the snafu.

While market watchers didn’t seem to criticize Hexo in the same manner that CannTrust was criticized, it certainly didn’t help the company. The facility is no longer being used for growing cannabis.

In addition to the bogus Block B plants, in June, Hexo had said it would do $400 million in revenue in 2020 and double net revenue in the fiscal fourth quarter. Just four months later the company instead reported that revenue was $15.4 million a drop from the third-quarter revenue of $15.9 million, so it wasn’t even an increase. The net revenue for 2019 was $59 million making it abundantly clear that $400 million in 2020 is never going to happen and so that number was retracted but not replaced with a new one.


Debra BorchardtDebra BorchardtNovember 15, 2019
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3min16220

The Green Organic Dutchman (OTCQX: TGODF)saw its shares plunge by over 9% to lately trade at 63 cents after the company reported its third-quarter earnings following the market close on Thursday. The company delivered revenue of C$2.53 million, which missed estimates by C$1.77M. TGOD also delivered a net loss of $20.1 million for the quarter, of which $4.3 million was related to non-cash stock-based compensation, depreciation and amortization.

The company said it has “reorganized to reduce general and administrative expenses by approximately $3 million per quarter starting in Q1-2020 on a path towards positive operating cash flow by the end of Q2 2020.”

“Q3 marked TGOD’s entry into the recreational cannabis market with a small pilot in Ontario. We were thrilled to witness such positive feedback on product quality and packaging from retailers and consumers across the province.  Based on the initial response, demand for high-quality flower is strong and TGOD is well-positioned to capture the premium organic segment which is significantly underserved,” commented Brian Athaide, CEO of TGOD. “Despite the challenging market conditions in Canada, TGOD has an opportunity to be one of the first cash flow positive cannabis companies as early as Q2 2020. We rightsized our production and our first hybrid greenhouse is being commissioned, allowing us to produce at optimal levels while avoiding excess inventory or incurring unnecessarily high operating expenses.  Our first harvest from the Ancaster hybrid greenhouse is expected in December, which will enhance our current product line and enable TGOD’s first material revenues in Canada in Q1 2020 which is very exciting,” continued Athaide.

HemPoland,  the company’s wholly-owned subsidiary, saw a decrease in revenues in the third quarter to $2 million from $2.9 million in the second quarter due to fewer low margin bulk CBD extract sales. However, TGOD did see an increase in the number of sales of its high margin branded CannabiGold and private label products, resulting in gross margin of 80%, up from 69%.

TGOD said that it signed arrangements for up to $103 million in funding to be used mainly as bridge financing until TGOD becomes cash flow positive which is expected by the end of Q2 2020. According to the filing, “As of September 30, 2019, the company had working capital of $24 million and an accumulated deficit of $109 million.” The company came under fire for saying it needed more money to complete its facility projects after having said in investment presentations that all projects were fully funded.

The company has a conference call scheduled for Friday morning.


Debra BorchardtDebra BorchardtOctober 9, 2019
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4min27381

The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US: TGODF) is looking for a new source of funding to complete construction at its Ancaster, Ontario facility. The company had planned on using a traditional commercial bank facility but said that as market conditions have changed, the terms were no longer acceptable.

TGOD has no debt and $56.7 million in cash available in Canada, which includes $40.2 million in restricted cash allocated to capital expenditures. If the company doesn’t get sufficient financing on reasonable terms within the required timeframe, it said it may have to revise the construction schedule for Ancaster and its Valleyfield project. TGOD also warned that this financing review may not result in an acceptable solution.

The stock was lately trading at C$1.73, down from its 52-week high of $6.61. Capital 10X (TGOD is a consulting client) recently initiated coverage on organic cannabis and forecast a rise in value for the stock by 377%. The analyst wrote, “Ultimately, we think TGOD is the best positioned of the organic growers. When we looked at the organic landscape, TGOD has the lowest operational risk, along with big potential upside. TGOD has a longer track record of execution (construction, branding, and cultivation) than any of its publicly traded peers, decreasing the risk they fail to grow at scale. TGOD also is aiming for true scale, with ambitions to not only be the largest organic grower but one of the largest growers period.”  

Construction Update

“We are doing something no other producer has done before, growing premium certified organic cannabis at scale.  By leveraging our proprietary growing methods, purpose-built facilities and industry-leading horticultural team, we are creating a wide economic moat within the premium organic segment,” commented Brian Athaide, CEO of TGOD.  “We are extremely proud to showcase the hard work that went into designing and building these state-of-the-art facilities as well as our cannabis 2.0 portfolio.”

The company said that construction at Ancaster is largely complete with all grow rooms licensed by Health Canada and approximately 6 weeks left before substantial completion of the processing facility. In a statement, the company said, “The evidence package for this final component is expected to be submitted to Health Canada by the end of November for licensing. The company will prioritize any financing secured to accelerate commercial production in order to ramp-up revenues. TGOD already has supply agreements in place with AlbertaBritish Columbia and Ontario, and plans to distribute nationally as production increases in 2020. Portfolio development is underway for Cannabis 2.0 with first phase of product launches scheduled for December 2019, including organic teas and infusers.”

The company took analysts for a tour at the Hamilton and Valleyfield facilities a few weeks ago. Valleyfield’s first phase on track to be completed in Q4 with the first harvest in early 2020, taking annual production capacity for the site to 65,000 kg. The Hamilton hybrid greenhouse now completed; all rooms licensed by Health Canada, bringing total annual production capacity for the site to 17,500 kg.

 


Debra BorchardtDebra BorchardtSeptember 4, 2019
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4min17320

Aurora Cannabis Inc.  (NYSE | TSX: ACB) sold off its final 28,833,334 shares of The Green Organic Dutchman Holdings Ltd (CSE: TGOD) (OTC: TGODF) at a price of $3.00 per share for gross proceeds of roughly $86.5 million. The stock was lately trading at C$3.51 on the CSE and $2.63 on the OTC. The share represent 10.5% of the issued and outstanding shares of TGOD.

“Aurora has a broad portfolio of strategic investments that allow us to participate in opportunities throughout the cannabis sector, while providing the company with non-dilutive access to capital,” said Terry Booth, CEO of Aurora. “We evaluate our investment portfolio on a regular basis to make sure it continues to align with our investment strategy and corporate priorities. When we acquired Whistler Medical Marijuana Corporation – an iconic and premium organic cannabis producer – our interest in TGOD became less important to our core strategy. Our return on our TGOD investment is significant and will add non-dilutive capital and further enhance our strategy to remain a dominant force in the global cannabis industry.”

The investment turned out to be a winner for Aurora. The company said that the sale represented an approximate 50% internal rate of return for the company. Aurora said it no longer holds any shares of TGOD, but it does continue to hold warrants to purchase 16,666,667 shares of TGOD.

TGOD stock got a lift on Tuesday after announcing it got approval from Health Canada to expand operations into its new hybrid greenhouse located in Hamilton, Ontario. The new facility is the third phase of TGOD’s Hamilton site, measuring 166,000 square feet with an annual production capacity of 17,500 kgs of premium organic cannabis.

Mo Money

Selling the TGOD shares was a quick way to bring money to the company’s coffers. In June, Stifel initiated coverage of Aurora with a Hold rating. The analyst W. Andrew Carter wrote, “Aurora Cannabis’ near-term growth strategy hinges heavily on its ability to return to the capital markets. The company has filed a base shelf prospectus of $750 million (roughly C$1 billion) and in conjunction with its 3Q19 earnings release, announced a supplement that included a $400 million of “at-the-market” distributions over a period of up to 25 months.”

At that time the stock was trading at C$10.65 and the analyst had a target price of C$10.00. The stock was lately trading at C$7.57.

The analyst went on to add, ” We question if Aurora has fully embraced the level of investment necessary to sustain a leading position in the Canadian market, and we believe the company could be challenged without the expertise of a consumer partner with a vested interest in the success of Aurora.”


StaffStaffSeptember 3, 2019
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7min6160

It’s time for your Daily Hit of cannabis financial news for September 3, 2019.

On The Site

CBD

A new report from BDS Analytics titled “The Global Cannabinoids Market: Will CBD Overtake THC?” is forecasting that CBD sales will reach $20 billion by 2024. This would account for nearly 44%  of the $45 billion total forecasted
cannabinoid market (which includes legal cannabis).

Cannabidiol or CBD is a natural compound found within the cannabis plant. The report notes that CBD was first extracted from the cannabis plant in 1940, but it wasn’t until 1946 that Dr. Raphael Mechoulam identified the structure of CBD and later discovered properties within the compound to treat epilepsy. Since that time, the FDA approved the GW Pharmaceutical CBD drug Epidiolex for use in treating rare forms of epilepsy. Congress also passed the 2018 Farm Bill, which legalized help and set off a tsunami of hemp-derived CBD products onto the marketplace.

Netherlands

Reforms to the Netherland’s opaque cannabis laws are finally underway after an agreement was struck on a four-year trial to provide cafes with a legal and regulated supply of the product.

Under existing law, cannabis can be sold over the counter in licensed coffee shops, but it is illegal to produce and supply the drug.

From 2021, 10 areas will acquire a legal supply of top quality cannabis from regulated producers for their cafes, in a bid to reduce black market activity.

In Other News

GrowGeneration

GrowGeneration Corp. (OTCQX: GRWG), has purchased the assets of Grand Rapids Hydroponics (GRH), with 1 location in Grand Rapids, MI. Following the acquisition, GrowGen now has 4 retail and warehouse locations in the Michigan market. 3rd Quarter Revenue is Tracking in Excess of $20 Million

“Grand Rapids Hydro marks our 7th acquisition in 2019, adding an accretive $8.0 Million in revenue to our Company. GRH, strategically located in Grand Rapids, MI., adds one of the largest and highest volume hydroponic garden centers in the country. Further, this acquisition positions the Company to service the ever-growing Michigan market.  GRH has a seasoned team and we are excited that the founder, Christopher Nicholson will be continuing in an executive sales and business development role for GrowGen.”

Golden Leaf

Golden Leaf Holdings Ltd. (CSE: GLH) (OTCQB: GLDFF) announced that Jeffrey Yapp will succeed John Varghese as CEO of Golden Leaf Holdings. Upon the resignation of Gary Zipfel on September 2, Mr. Yapp joined the Board of Directors. Mr. Varghese, who served as Interim CEO, will transition to the role of Executive Chairman and lead all capital markets related activities.

Rick Miller, current Chairman of the Company’s Board of Directors stated, “We are enthusiastic about the wealth of experience, innovative thinking and consumer-oriented vision that Jeff will bring to the role of CEO. The Board remains confident in the great potential and growth prospects for Golden Leaf Holdings.  We want to thank John Varghese who stepped up to lead Golden Leaf through this transitional phase, for his professionalism and leadership over the last few months. As John takes on the role of Executive Chairman, I will continue to work closely with both gentlemen as the Company’s lead director.”

TGOD

The Green Organic Dutchman Holdings Ltd.  (TSX:TGOD) (US:TGODF) has obtained approval from Health Canada, under the Cannabis Regulations, to expand operations into its new hybrid greenhouse located in Hamilton, Ontario. The 123,000 square foot state-of-the-art facility will serve to increase TGOD’s premium organic cannabis production as it expands its sales in Canada.

TGOD’s hybrid greenhouse is the fruit of years of research and development. From its cutting-edge climate control systems and water recapture systems to LED lighting, it combines the latest technologies with natural elements such as living soil and natural sunlight.  This organic growing facility has a much better environmental footprint and lower waste than traditional large-scale cannabis growing.

“We are thrilled to start using this purpose-built hybrid greenhouse as we ramp up our production of premium organic cannabis, an underserved segment of the market,” commented Brian Athaide, CEO of TGOD.  “Our team pioneered the concept of growing organic cannabis at scale; this hybrid greenhouse has been artfully designed for organic cultivation, allowing us to reliably produce clean, safe and non-irradiated cannabis.”


Debra BorchardtDebra BorchardtAugust 7, 2019
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3min25860

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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3min11460

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

1min19730

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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3min22030

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.”



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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