The Green Organic Dutchman Archives - Green Market Report

StaffJanuary 26, 2023


The Daily Hit is a recap of the top financial news stories for January 26, 2023.

On the Site

Curaleaf Closes Book on Legacy West

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) is exiting a trio of legacy western states in search for better profits. The exodus will begin this month with the “proactive closure of the majority of its operations” including its production and cultivation facilities in California, Colorado, and Oregon, the company said on Thursday. Read more here.

FDA Says CBD Still Can’t Be Dietary Supplement

The U.S. Food and Drug Administration this week announced that it would deny a trio of petitions that requested authorization for cannabidiol (CBD) to be used as a dietary supplement. The agency also advised that Congress needs to establish a better regulatory framework before such a classification is allowed. Read more here.

Mississippi Kicks Off Medical Cannabis Sales

Mississippi launched its medical cannabis program one year after the Mississippi Medical Cannabis Act was signed into law. Southern-based medical operator Good Day Farm sold flower to an Oxford, Mississippi medical patient. The company said that the flower was cultivated at Good Day Farm’s 130,000-square-foot facility, and became the first legal medical cannabis purchase in the state. Read more here.


The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (US-OTC: TGODF) is changing its name from “The Green Organic Dutchman Holdings Ltd.” to “BZAM Ltd.” In addition to changing the company name, the ticker symbol will also switch from TGOD and TGODF to “BZAM” on the CSE and “BZAMF” on the OTCQX. TGOD acquired the shares of BZAM in November 2022 resulting in one large shareholder owning 49.5% of the company. Read more here.

In Other News

Village Farms International

Village Farms International Inc. (Nasdaq: VFF) entered into definitive agreements with certain institutional investors for the purchase and sale of 18,350,000 of its common shares together with warrants to purchase up to 18,350,000 common shares, pursuant to a registered direct offering. Read more here.

St. Andrews Pharmacy LLC

A California state judge has ordered an early cannabis entrepreneur to pay $3.8 million after she was found to have cheated the successor of her dispensary by falsely claiming ownership of a legacy license, blocking him from securing a recreational marijuana business. Kathy Smith was ordered to pay the multimillion-dollar judgment to Cobby Pourtavosi, the operator of cannabis dispensary St. Andrews Pharmacy LLC. Read more here.

Debra BorchardtJanuary 26, 2023


The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (US-OTC: TGODF) is changing its name from “The Green Organic Dutchman Holdings Ltd.” to “BZAM Ltd.” In addition to changing the company name, the ticker symbol will also switch from TGOD and TGODF to “BZAM” on the CSE and “BZAMF” on the OTCQX. TGOD acquired the shares of BZAM in November 2022 resulting in one large shareholder owning 49.5% of the company.

“This Name Change marks a new era,” said Matt Milich, Chief Executive Officer of the company. “It reflects our larger portfolio of brands and facilities, and our ability to reach a broader consumer base to realize our vision of being one of Canada’s favorite sources for cannabis.”

The company’s new corporate website,, will launch following the completion of the name change. BZAM Cannabis is a multi-licensed Canadian cannabis producer focused on branded consumer goods, cultivation, processing, and people. The BZAM Cannabis family includes core recreational cannabis brands BZAM, -ness, and TABLE TOP, and partner brands Dunn Cannabis, FRESH, SuperFlower, and Snackbar.

Earlier this week, The Green Organic Dutchman released 1,142,857 common shares held in an indemnity escrow account upon the closing of the acquisition of Galaxie Shares, to two vendors of the Galaxie Shares. The remaining 7,428,571 common shares held in the indemnity escrow account will be returned to the treasury and canceled. In addition, an aggregate of 1,120,226 common shares of the “BZAM Shares” will be issued to the company’s largest shareholder, at a deemed issuance price of $0.596 per BZAM Shares.

The company also announced that Mr. Bassam Alghanim has been appointed Chairman of the Board, effective as of January 24, 2023. Alghanim was recently named to the board to fill the vacancy left by the resignation of Mr. Tony Moschella. Alghanim managed and expanded Alghanim Industries, a multi-national conglomerate. Later, Mr. Alghanim spearheaded the acquisition of a controlling stake in Gulf Bank, becoming Chairman in 1999. After leading Gulf Bank for over nearly 10 years, during which it experienced profound growth, Mr. Alghanim moved on to hold diplomatic posts.

Debra BorchardtOctober 19, 2022


The Green Organic Dutchman (OTC: TGODF) shares popped on the news that it bought privately owned Canadian-based BZAM Holdings (BZAM) in an all-stock deal. BZAM shareholders will end up holding roughly 49.5% of the combined company. The deal is expected to close on Nov. 8, 2022.  Shares jumped by 30% to sell at roughly six and half cents.

The combined company is estimated to be the sixth-largest Canadian cannabis company based on June to August 2022 retail sales. Together, the combined company forecasts net revenue of at least $100 million for the calendar year 2023 and adjusted EBITDA positive by mid-2023.

TGOD and BZAM generated $30.2 million and $32.2 million, respectively, of net revenue in calendar 2021, and $31.6 million and $32.7 million, respectively, of net revenue from January to September 2022. The combined company generated $85.7 million pro forma unaudited net revenue for the 12 months leading to September 2022. BZAM and TGOD said in a statement that they have experienced one of the fastest growth rates in the Canadian cannabis market.

BZAM’s current Chief Executive Officer Matt Milich, and Chief Commercial Officer Jordan Winnett, will lead the company, along with TGOD’s current CEO and Interim Chief Financial Officer, Sean Bovingdon, who will take the role of CFO. The board of directors will consist of seven members including five members from TGOD’s existing board of directors, and two members nominated by BZAM.

“This is an exciting day for both companies, for our employees, and for our consumers. We are bringing together two rapidly growing companies that share a passion for cultivation, innovation, and brand development,” said Bovingdon. “Our highly complementary businesses in terms of production footprints, products and distribution networks create a Combined Entity with a leading branded product portfolio along with significant synergies across our operations.”

BZAM Cannabis is a multi-licensed Canadian cannabis producer focused on branded consumer goods, cultivation, processing, and people. The BZAM Cannabis family includes core recreational cannabis brands BZAM, -ness and TABLE TOP, and partner brands Dunn Cannabis, FRESH, SuperFlower, and Snackbar. The company operates facilities in the Lower Mainland, West Kootenay, and Vancouver Island in British Columbia. Its sister companies operate facilities in Edmonton, Alberta, as well as a retail BZAM store in Winnipeg, Manitoba and Regina, Saskatchewan.

The merged companies will have local production presence in the largest provinces, and over 400 listed SKUs across Canada. The combined company’s facilities are right-sized to demand without the need for material capital expenditure. The facilities offer complete, scalable capabilities for the Combined Entity’s broad range of cannabis products.

“We are looking forward to bringing together TGOD’s organic flower and hash with our crowd pleasing vapes and the exceptional flower of our craft partners, including Dunn Cannabis and FRESH,” added Milich. “Together, we expect to expand on what we have each accomplished so far, as we build a strong, EBITDA-positive cannabis company.”

Debra BorchardtApril 6, 2022


Long after the markets closed on the east coast, The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (OTC: TGODF) delivered its financial results for the fourth quarter ending December 31, 2021, and for the full-year 2021. The Green Organic Dutchman reported revenues rose 46% to $11 million in the quarter over last year’s $3.4 million for the same time period. It was a sequential increase of 27%.

The Adjusted EBITDA loss was $3.31 million for the quarter, representing a 40% improvement compared to the third quarter, and was $22.60 million for the Fiscal Year being a 35% improvement of $11.93 million over 2020. The loss from operations for TGOD in the quarter was $5.67 million, an improvement of $3.48 million over the third quarter. Losses from operations were $28.74 million for the Fiscal Year 2021, compared to $40.96 million for the same period in the prior year primarily due to the improvement in revenues and reduction of G&A expenses.

Full-Year Results

For the full year of 2021, TGOD reported revenue rose 146% to $39 million versus 2020’s $15.7 million. The net loss for the year was $43.5 million.

“We closed 2021 with strong momentum as we saw significant growth quarter-over-quarter, reflecting continued execution of our strategic plan as we remain focused on quality, consistency and transparency. We are seeing the early benefit of our enhanced sales strategy which has accelerated sell-through. Our two-prong approach of onboarding key retail chains while having boots on the ground with our dedicated sales force is starting to bear fruit,” said Sean Bovingdon, CEO of TGOD. “We are on track to hit our positive Adjusted EBITDA target in Q2 2022, with continued monthly sales progression from the strong month of December,” added Bovingdon.

Going Concern

The company’s auditors did note that the net loss from operations was $42 million for the year and the accumulated deficit was $487 million. The filing stated, “The Company used cash in operating activities of $18 million (year ended December 31, 2020 – $35 million) resulting primarily from the loss from operations $28 million (year ended December 31, 2020 – $40 million) offset by items not affecting cash such as depreciation, amortization and share-based compensation. The company has insufficient cash on hand to fund its planned operations. The company’s ability to continue as a going concern is dependent upon its ability to generate sufficient revenues and positive cash flows from its operating activities and/or obtain sufficient funding to meet its obligations.”

As of December 31, 2021, the company said it had positive working capital of $25.72 million (December 31, 2020 – $22.0 million negative working capital) primarily due to the repayment of its senior secured first-lien credit facility, modifying its debt under its secured revolving facility to amend the maturity date to June 2023, and reducing accounts payable with the funds received from the Revolver Loan, ATM equity financings and warrant exercises in 2021. The total consolidated cash position was $4.31 million including $0.22 million of restricted cash (December 31, 2020 – $11.83 million of which $0.62 million was restricted cash).

StaffNovember 26, 2021


After the market closed the day before the Thanksgiving holiday, The Green Organic Dutchman  (CSE: TGOD) (US-OTC: TGODF)delivered its unaudited interim financial results for the third quarter ending September 30, 2021, with revenue rising 160% to C$8.6 million from last year’s C$3.3 million. Revenue only increased by 1% sequentially from the second quarter. TGOD also reported a net loss of C$13.9 million for the quarter versus C$75 million for the same period during the prior year. This also represents an improvement of C$18 million of losses from continuing operations since the second quarter where the company recorded a loss from continuing operations of C$32 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”, commented 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. Most notably, the Company launched its Sativa products in Ontario in October 2021 to add one of its top-selling products to the country’s largest retail distribution network, and strategically partnering with Acosta’s direct sales force provides the Company with the opportunity to double our existing distribution footprint quicker than before. Along with the continued support of our lender, selling HemPoland is expected to provide the short-term liquidity to bridge the company to positive operating cash flow in early 2022,” added Bovingdon.

TGOD said it expects to close the sale of HemPoland within the coming months, bringing in expected net proceeds of C$8.3 million (the expected gross proceeds are C$14.54 million, before repaying an approximate C$5.54 million loan between the parent company and the subsidiary and expected transaction costs). Once that happens, TGOD said it plans to repay $4 million of the term portion of the Revolver Loan. The company also said that the remaining proceeds of the sale would provide significant cash and working capital to fund the continued growth and operations of the Canadian business.

Following the close of the quarter, TGOD acquired Galaxie for approximately $21 million. The company said that Galaxie is focused on product innovation, branding, and manufacturing 2.0 products. Galaxie creates and produces a range of products including premium cannabis edibles, infused pre-rolls, flavored and full melt vapes, oils, and solventless products. It also provides manufacturing and product development services to partners across Canada.

“Integrating Galaxie and TGOD will allow for significant efficiencies in the supply chain along with additional sales licence penetration in markets that are complementary to TGOD. Looking to 2022, we expect that key product launches for both TGOD and Galaxie will be key catalysts to grow revenues. Each strategic initiative successfully achieved allows the Company to differentiate itself and we are eager to grow our market share,” said Angus Footman, Chairman of the TGOD Board of Directors.

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