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.
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.
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.