Aurora sells shares in greenhouse grower

CAN (ON): Hamilton based hybrid greenhouse receives Health Canada approval to start cultivation operations

The Green Organic Dutchman Holdings has obtained approval from Health Canada, under the Cannabis Regulations, to expand operations into its new hybrid greenhouse located in Hamilton, Ontario. "The 123,000 square foot state-of-the-art facility will serve to increase TGOD's premium organic cannabis production as it expands its sales in Canada," the team with the company explains.

"TGOD's hybrid greenhouse is the fruit of years of research and development. From its cutting-edge climate control systems and water recapture systems to LED lighting, it combines the latest technologies with natural elements such as living soil and natural sunlight. This organic growing facility has a much better environmental footprint and lower waste than traditional large-scale cannabis growing."

"We are thrilled to start using this purpose-built hybrid greenhouse as we ramp up our production of premium organic cannabis, an underserved segment of the market," commented Brian Athaide, CEO of TGOD. "Our team pioneered the concept of growing organic cannabis at scale; this hybrid greenhouse has been designed for organic cultivation, allowing us to reliably produce clean, safe and non-irradiated cannabis."

The new facility is the third phase of TGOD's Hamilton site, measuring 166,000 square feet with an annual production capacity of 17,500 kgs of premium organic cannabis. In line with its commitment to sustainability, TGOD aims to have the building LEED certified.

The Company is also seeking an eGMP certification for this facility in order to allow for global exports, as laws and regulations permit.

Additionally, Aurora Cannabis disposed of its remaining 28,833,334 shares, representing 10.5% of the issued and outstanding shares of The Green Organic Dutchman Holdings, at a price of $3.00 per share for aggregate gross proceeds of $86.5 million. The completion of the sale of TGOD shares represents an approximate 50% internal rate of return for the Company. As a result of this transaction, Aurora no longer holds any shares of TGOD, however does continue to hold warrants to purchase 16,666,667 shares of TGOD.

"We evaluate our investment portfolio on a regular basis to make sure it continues to align with our investment strategy and corporate priorities. When we acquired Whistler Medical Marijuana Corporation – an iconic and premium organic cannabis producer – our interest in TGOD became less important to our core strategy. Our return on our TGOD investment is significant and will add non-dilutive capital and further enhance our strategy to remain a dominant force in the global cannabis industry," said Terry Booth, CEO of Aurora.

For more information:
The Green Organic Dutchman
(905) 304-4201
1-844-GREENMED
info@tgod.ca  
tgod.ca    


Publication date:



Receive the daily newsletter in your email for free | Click here


Other news in this sector:


© MMJDaily.com 2019

Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber