The Green Organic Dutchman Raises Additional Working Capital Through Asset Sale
The Green Organic Dutchman Holdings Ltd. TGODF TGOD entered into a purchase and sale agreement, of its leasehold improvements to Puslinch eases with landlord for $3 million. $2 million of the consideration will be paid to the company in cash, and $1 million of the consideration will settle prior loans advanced to the company by the owner, including all accrued interest and related transaction costs. As part of the transaction, the company also agreed to a rent increase of $25,000 per month for the remainder of the lease term on the approximately 19-year Puslinch facility.
“TGOD is poised for substantial growth in 2022. We enjoy an excellent and productive relationship with our owner and this economically sensible transaction provides us with immediate additional working capital to fund our continued growth as we continue to focus on execution and financial discipline,” said Sean BovingtonCEO of TGOD.
The company will release its first quarter 2022 financial results after market close on the evening of May 25, 2022 and will hold a conference call with analysts on May 26, 2022, beginning at 10:00 a.m. (ET).
Photo: Courtesy of Ryan Lange at Unsplash
Related News
The Green Organic Dutchman secures an additional $4 million increase in the term portion of its credit facility
Green Organic Dutchman launches 4/20 helpline: Cannabis experts on hand to answer all your questions
The Green Organic Dutchman Announces Stock Option and RSU Grants
