The Green Organic Dutchman (TSX: TGOD) (OTCQX: TGODF), a leading producer of premium certified organically grown cannabis, has released its financial numbers for the fourth quarter and fiscal year ended Dec. 31, 2020. Fourth-quarter revenue totaled $10.92 million, a 91% increase from quarter to quarter, with full-year revenue topping more than $24.5 million, a 120% increase year over year. In addition, Canadian cannabis revenue reached $8.5 million for the quarter, an increase of more than 120% over the previous quarter; that growth was supported by a substantial ramp up in production at the company’s Ancaster and Valleyfield facilities. The financial report also noted a G&A reduction of 59% compared to the same period in 2019. In addition, the company provided an overview of business highlights for the year, including the appointment of Sean Bovingdon as CEO and board member, effective immediately; Bovingdon has been serving as interim CEO since November 2020. In addition, the company announced that it has scheduled a call to discuss its financial report. The call will be March 10, 2021, at 10 a.m. ET. People interested in the call can listen in by calling 416-764-8688 ( Toronto ) or 1-888-390-0546 ( North America ) and using Conference ID 77691974. The live event can also be accessed online, and a reply of the event will also be available online. “We delivered strong growth in 2020 thanks to the expansion of our product assortment, including the launch of Highly Dutch, and continuous improvements to our supply chain,” said The Green Organic Dutchman CEO Sean Bovingdon in the press release. “This accomplishment, realized against a challenging backdrop, reflects the quality of our products, underpinned by our talented and committed team. We remain laser-focused on operational execution as we chart the course for future growth, including opportunities in Europe, Mexico and the United States. We remain optimistic about the company’s financial prospects but envision a path forward where continued financial discipline will play a key role. While our Canadian facilities continue to remain open as providing an essential service to our customers during the COVID-19 pandemic, we note several retailers were not able to remain fully open especially during Q1 2021, and therefore we expect a delay in the rate of growth until at least Q2 2021.”
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About The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman is a premium certified organically grown cannabis company focused on the health and wellness market. Its organic cannabis is cultivated in living soil, as nature intended. The Company is committed to cultivating a better tomorrow by producing its products responsibly, with less waste and impact on the environment. Its two Canadian facilities have been built to LEED certification standards and its products are sold in recyclable packaging. In Canada, TGOD sells dried flower and oil, and recently launched a series of next–generation cannabis products such as hash, vapes, organic teas and dissolvable powders. Through its European subsidiary, HemPoland, the company also distributes premium-hemp CBD oil and CBD-infused topicals in Europe. By leveraging science and technology, TGOD harnesses the power of nature from seed to sale. For more information about the company, please visit www.TGOD.ca.
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