Cannabis Stock News: The Green Organic Dutchman (TSX: $TGOD.TO) (US: $TGODF) Receives Health Canada Licence Amendment for its Ancaster Processing Facility
- TGOD's Ancaster site now fully licensed
- Enables automation of several processes
- Reduces costs and further accelerates production
TORONTO - March 30, 2020 (Investorideas.com Newswire) The Green Organic Dutchman Holdings Ltd. (the "Company" or "TGOD") (TSX:TGOD) (US:TGODF), a leading producer of premium certified organic cannabis, is pleased to announce that it has received Health Canada's approval for the licensing of the final component of its Ancaster site, the processing facility.
The licence amendment includes approval of a state-of-the-art production facility designed to support processing activity including dedicated spaces for packaging of flower, oils, pre-rolls, and several Cannabis 2.0 products.
This final phase of expansion at Ancaster enables TGOD to reduce its reliance on third parties, accelerating its supply chain timelines for product launches. Receiving the licence amendment for this large facility also enhances TGOD's quality assurance capabilities and marks a key milestone in eliminating bottlenecks in its production ramp up.
The licence amendment is valid until August 16, 2022 and is subject to customary terms and conditions.
"Receiving this licence amendment was a key element of our 2020 operating plan. We made significant investments in this state-of-the-art facility, and now that it is fully licensed, Ancaster can finalize the ramp up of its production capacity," commented Brian Athaide, CEO of TGOD. "The processing facility reduces our reliance on third parties for packaging, secured storage, and for our next wave of 2.0 product launches. Beyond the successful launch of our TGOD Infusers, we are planning to launch a series of differentiated consumer packaged goods, including organic teas and vapes in Q2, as well as edibles, beverages and topicals later this year," added Athaide.
About The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (US‐OTC: TGODF) is a premium certified organic cannabis company focused on the health and wellness market. Its certified‐organic cannabis is grown in living soil, as nature intended. The Company is committed to cultivating a better tomorrow by producing its products responsibly, with less waste and impact on the environment. Its two Canadian facilities are being built to LEED certification standards and its products are sold in recyclable packaging. In Canada, TGOD plans to expand its product portfolio by launching a series of next‐generation cannabis products such as organic teas, infusers and vapes. Through its European subsidiary, HemPoland, the Company also distributes premium hemp CBD oil and CBD-infused topicals in Europe. By leveraging science and technology, TGOD harnesses the power of nature from seed to sale.
TGOD's Common Shares and warrants issued under the indentures dated November 1, 2017 and December 19, 2019 trade on the TSX under the symbol "TGOD", "TGOD.WT" and "TGOD.WS", respectively. For more information on The Green Organic Dutchman Holdings Ltd., please visit www.tgod.ca.
This news release includes statements containing certain "forward‐looking information" within the meaning of applicable securities law ("forward‐looking statements"). Forward looking statements in this release includes, but is not limited to, statements about cost reductions, production volumes, statements about the timing of launch of the Company's cannabis 2.0 products, and statements regarding the future performance of the Company. Forward‐looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "should", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward‐looking statements throughout this news release. Forward‐looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties (including market conditions) and other factors that could cause actual events or results to differ materially from those projected in the forward‐looking statements, including those risk factors described in the Company's most recently filed Annual Information Form available on SEDAR. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the TSX nor the TSX's Regulation Services Provider (as that term is defined in the policies of Toronto Stock Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE The Green Organic Dutchman Holdings Ltd.
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