The Green Organic Dutchman Secures Additional $5 Million Credit Facility

TORONTO – The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (US-OTC: TGODF), a sustainable global cannabis company is pleased to announce that it has agreed to amend the terms of the amended and restated credit agreement dated September 29, 2021, as amended by a first amendment dated November 20, 2021, between The Green Organic Dutchman Ltd., a wholly-owned subsidiary of TGOD, and its Canadian lender.

The Agent and the Borrower have agreed to enter into the second amendment to the Credit Agreement to, amongst other things: (i) increase the revolving facility limit by $5,000,000 to $30,000,000; (ii) allow certain eligible inventory to be included as collateral; and (iii) relax certain covenants set forth in the Credit Agreement; subject to the satisfaction of the various conditions set out therein. All other terms of the credit facility will remain the same as before, including the maturity date of June 30, 2023.

As consideration for the Amendment, the Company has issued a total of 500,000 common shares to the Agent and certain affiliates of the Agent based on an issue price of $0.10 per common share.

“The continued support and confidence from our financial partner are a testament to TGOD’s unique value proposition and the significant work our team has done to position the Company for long-term success. This Amendment provides us with the additional working capital needed to support our continued revenue growth as we move towards positive EBITDA,” said Sean Bovingdon, Chief Executive Officer at TGOD.

Cautionary Statements
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 include, but are not limited to statements about future revenues, EBITDA and operating cashflow, statements about the profitability of the Company, and about the future working capital 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 recent Annual Information Form filed with Canadian securities regulators and available on the Company’s issuer profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release. 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 CSE nor the CSE’s Regulation Services Provider (as that term is defined in the policies of CSE) accept responsibility for the adequacy or accuracy of this release.

(This information is primarily sourced from The Green Organic Dutchman Holdings Ltd.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).