TORONTO, July 14, 2018 (GLOBE NEWSWIRE) -- The Green Organic Dutchman Holdings Ltd. (the “Company” or “TGOD”) (TSX:TGOD) (US:TGODF) issues the following statement following the vote by Hamilton City Council yesterday.
Hamilton City Council voted to reverse the positive decision by the Planning Committee of Council on Wednesday, July 11, 2018 to pass the zoning amendment related to TGOD’s Hamilton Phase Two greenhouse expansion, representing approximately 6.5% of TGOD’s total planned 170,000 kg production. This vote was contrary to the recommendations of Hamilton City staff. TGOD has prepared an appeal application and will be filling it with the Local Planning Appeal Tribunal (LPAT) in the coming days. The Company is confident the appeal to LPAT will be successful on its merits.
The Hamilton production facility, oil extraction and Phase One 20,000 square foot facility are proceeding as planned and it is the Company’s intention to complete the Phase Two greenhouse expansion following a positive outcome of the appeal process.
If a resolution cannot be achieved in a timely fashion, the Company may simply transfer the Hamilton Phase Two capacity to its 1,107,000 square foot Valleyfield, Quebec site, which is currently under construction (Click here to view Valleyfield’s progress). TGOD’s Quebec facility has access to more than sufficient power at the lowest rates in Canada, lower labour costs and the ability to build upon an already planned infrastructure, resulting in significant reductions in additional capital costs.
Within its Valleyfield, Quebec facility, TGOD is undertaking the build-out of 287,000 square feet cultivation dedicated to its Beverage Division which is an industry first purpose-built production facility (Click here to view news on the Beverage facility). This facility will be capable of producing 40,000 kgs of premium organic cannabis dedicated to the beverages. This includes a state-of-the-art manufacturing campus to conduct strain-specific research, develop organic cannabis IP and optimize CBD and THC strains for consumption.
“We are very proud of our Hamilton roots and as we build TGOD into an international consumer branded company, it’s our hope to have a larger presence in Hamilton. This will include world class science and agricultural buildings creating hundreds of direct and indirect jobs and adding to science and higher education programs in the community,” said Brian Athaide, CEO of TGOD.
On Behalf of the Board of Directors,
The Green Organic Dutchman Holdings Ltd.
Brian Athaide
CEO
ABOUT THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD.
The Green Organic Dutchman Holdings Ltd. is a research & development company licensed under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) to cultivate medical cannabis. The Company carries out its principal activities producing cannabis from its facilities in Ancaster, Ont., pursuant to the provisions of the ACMPR and the Controlled Drugs and Substances Act (Canada) and its regulations.
The Company grows high quality, organic cannabis with sustainable, all-natural principles. TGOD's products are laboratory tested to ensure patients have access to a standardized, safe and consistent product. TGOD has a funded capacity of 170,000 kg of cultivation facilities in Ontario and Quebec and Jamaica.
The Company has developed a strategic partnership with Aurora Cannabis Inc. (TSX:ACB) whereby Aurora has invested approximately C$78.1 million for an approximate 17.5% stake in TGOD. In addition, the Company has raised approximately C$315 million and has over 20,000 shareholders.
TGOD’s common shares and warrants issued under the indenture dated November 1, 2017 trade on the TSX under the symbol "TGOD" and “TGOD.WT”, respectively.
CONTACT INFORMATION
Investor Relations
Email: invest@tgod.ca
Phone: 1 (416) 900-7621
Forward-Looking Information Cautionary Statement
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 statements about the future legalization of recreational cannabis and cannabis-infused products in Canada, statements about future research, development and innovation by the Company, statements about the approval or building of certain of the Company’s facilities, statements about the offering of any particular products by the Company and statements regarding the future performance of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "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 and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. 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 TSX nor its 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.