TORONTO, Sept. 6, 2022 The Green Organic Dutchman Holdings Ltd. is pleased to announce that it has closed the sale of its Polish subsidiary, HemPoland sp. Under the terms of a share purchase agreement, TGOD sold its full interest in HemPoland to RAMM Pharma Corporation for $1.2 million on closing after customary closing adjustments, in addition to a $0.15 million non-refundable deposit provided in July that was used for operating expenses in HemPoland. In conjunction with closing, the loan payable to HemPoland by TGOD, of US$4 million plus accrued interest, was forgiven.
“We are happy to have concluded the sale process and can now focus on continuing to grow our core cannabis business in Canada. The proceeds from the sale will provide additional working capital to support this aim,” said Sean Bovingdon, CEO of TGOD.
About The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd is a sustainable cannabis company with a focus on innovation, quality, consistency, integrity and transparency. The Company is committed to cultivating a better tomorrow by producing its products responsibly, with less waste and impact on the environment. In Canada, the Company serves the recreational market with a brand portfolio including The Green Organic Dutchman, Highly Dutch Organics, Ripple by TGOD and Cruuzy, and the medical markets in Canada, South Africa, Australia, and Germany. All cannabis utilized in products for The Green Organic Dutchman and Highly Dutch Organics brands is grown through a certified organic process, which includes living soil, filtered rainwater, sunlight, and natural inputs.
The Company’s common shares and certain warrants issued under the indentures dated December 19, 2019, June 12, 2020, October 23, 2020, and December 10, 2020.
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