The Green Organic Dutchman Holdings Ltd. (TSX: TGOD; OTCMKTS: TGODF) just hit a major company milestone today, officially beginning sales of Unite Organic branded cannabis to medical patients after completing a harvest.
Commenting on the decision to grow organic without pesticide or synthetic fertilizer, Chief Executive Officer Brian Athaide issued this brief statement this morning:
Utilizing glass jar packaging that can be recycled, the strains available to Grower’s Club members have been certified as organic via the North American certification organizations Pro-cert and ECOCERT.
While cannabis products available to those Grower’s Circle members will initially only reach about 200 medical patients through an exclusive website and phone app, Athaide stated that number will grow as additional supply becomes available after the next harvest.
With production capabilities still increasing, the company is aiming for a total of 1,643,600 sq. ft. of production capacity across its various Canadian, Caribbean, and European growing assets.
The Green Organic Dutchman (TGOD) President Csaba Reiderf also had this to say about the decision to go organic:
Aside from kicking off medical sales in Canada, The Green Organic Dutchman has focused on international expansion throughout the last year. Notably, the company invested $74 million into a Greek cultivation facility, and additionally formed a joint venture with LLACA Grupo Empresarial for medical marijuana sales in Mexico.
TGOD’s IPO closed in May of last year, raising $132 million through that initial public offering.
The company’s 2018 financial reporting was just released last week, showing The Green Organic Dutchman with $263.5 million in cash, as well as an overall loss of $44.5 million for the fiscal year.
That’s been a recurring theme among the larger licensed producers in the wake of nationwide legalization last year, with most companies spending big to acquire new assets or ramp up production as they continue to struggle against established black market sellers.