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.