The Green Organic Dutchman Holdings Ltd. Secures $5M Credit Facility
HAMILTON, ON--(Marketwired - September 01, 2017) - The Green Organic Dutchman Holdings Ltd. ("TGODH") is pleased to announce that it entered into a $5 million financing agreement with Alterna Savings and Credit Union Limited ("Alterna"). The financing consists of a line of credit is for $5,000,000 bearing an interest at Alterna's prime lending rate plus 150 basis points and revolves annually.
Csaba Reider, President of TGODH, commented, "With our phase 1 Hamilton expansion fully funded, this incremental capital will allow us to take advantage of strategic opportunities as they arise."
ABOUT THE GREEN ORGANIC DUTCHMAN LTD.
The Green Organic Dutchman Ltd. grows high quality, organically grown, pesticide free medical cannabis in small batches using craft growing, all-natural principles. TGOD's. products are laboratory tested to ensure patients have access to a standardized, safe and consistent product.
The Green Organic Dutchman Ltd. has a funded capacity of 14,000KG's. Situated on 100 acres of land, this gives TGOD one of the largest licensed land parcels in Canada. To date, the Company has raised $41.5 million dollars and has over 2,400 shareholders.
The Green Organic Dutchman Ltd. is licensed under the Access to Cannabis for Medical Purposes Regulations ("ACMPR") to cultivate medical cannabis. The Green Organic Dutchman Ltd. carries out its principal activities producing cannabis from its facilities in Hamilton, Ontario, pursuant to the provisions of the ACMPR and the Controlled Drugs and Substances Act (Canada) and its regulations.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors -- including the availability of funds, the results of financing efforts and the parties' due diligence reviews, and general market conditions -- that could cause actual results to differ materially from the Company's expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.