The Green Organic Dutchman's wholly owned Quebec subsidiary Medican Organic has completed the sale of the majority of its assets in Valleyfield, Quebec, including all industrial and agricultural land, main hybrid greenhouse, rooftop greenhouse, all support buildings and certain related equipment, to Cannara Biotech for $27 million. In addition, Medican received a $5.7 million deposit refund from Hydro-Quebec.
Concurrent with the closing of the Transaction, TGOD repaid approximately $31.8 million to its senior lender to settle all of its outstanding obligations and terminated the loan agreement with such lender.
As also agreed to with the Cannara, Medican entered into a lease with the Purchaser concurrent with the closing of the Transaction, for approximately 80,000 square feet of cultivation and processing space in the Quebec Facility.
For more information:
The Green Organic Dutchman
tgod.ca