NetworkNewsBreaks – The Green Organic Dutchman H
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Posted On: 02/19/2021 2:49:11 PM
NetworkNewsBreaks – The Green Organic Dutchman Holdings Ltd. (TSX: TGOD) (OTCQX: TGODF) Announces Plans for Valleyfield Site
The Green Organic Dutchman Holdings (TSX: TGOD) (OTCQX: TGODF), a leading producer of premium, certified organically grown cannabis, today unveiled plans to monetize under-utilized assets at its Valleyfield site. In 2019 TGOD made the strategic decision to use its Valleyfield site as a processing hub while maintaining the option to start cultivation at a later date. According to the update, TGOD has now retained the services of a commercial real estate advisor to identify potential buyers for its Valleyfield site, focused on the state-of-the-art hybrid main greenhouse. Multiple bids are under consideration, and the transaction could result in a complete or partial sale of the site. “The Canadian cannabis landscape has evolved since legalization and so have our real estate requirements. With our shift to the value-added part of the production chain, large indoor cultivation facilities such as Valleyfield are no longer necessary to continue growing our business,” said Sean Bovingdon, TGOD’s chief financial officer and interim chief executive officer. “Selling a portion or the totality of the greenhouse will result in a significant reduction in operating costs while providing capital to reduce debt and reinvest in future growth opportunities, including considerations in the U.S.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
The Green Organic Dutchman Holdings (TSX: TGOD) (OTCQX: TGODF), a leading producer of premium, certified organically grown cannabis, today unveiled plans to monetize under-utilized assets at its Valleyfield site. In 2019 TGOD made the strategic decision to use its Valleyfield site as a processing hub while maintaining the option to start cultivation at a later date. According to the update, TGOD has now retained the services of a commercial real estate advisor to identify potential buyers for its Valleyfield site, focused on the state-of-the-art hybrid main greenhouse. Multiple bids are under consideration, and the transaction could result in a complete or partial sale of the site. “The Canadian cannabis landscape has evolved since legalization and so have our real estate requirements. With our shift to the value-added part of the production chain, large indoor cultivation facilities such as Valleyfield are no longer necessary to continue growing our business,” said Sean Bovingdon, TGOD’s chief financial officer and interim chief executive officer. “Selling a portion or the totality of the greenhouse will result in a significant reduction in operating costs while providing capital to reduce debt and reinvest in future growth opportunities, including considerations in the U.S.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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