The Green Organic Dutchman Holdings Ltd. (TSX: TGOD), a research and development company licensed under Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) to cultivate medical cannabis, this morning announced the completion of its initial public offering and commenced trading on the Toronto Stock Exchange. The company’s IPO consisted of 31.51 million units priced at $3.65 per unit, generating gross proceeds of more than $115 million.
Aurora Cannabis Inc. (TSX: ACB) (OTCQX: ACBFF), a fellow ACMPR licensed producer and established leader in Canada’s burgeoning cannabis space, accounted for roughly 17.5 percent of the IPO issue, investing $23.1 million in exchange for 6.3 million units and exercising its full participation right on a pro-rata basis. This investment comes just months after Aurora announced the completion of a $55 million investment in TGOD and entered a supply contract providing Aurora with the right to purchase up to 20 percent of the annual production of organic cannabis from TGOD’s cultivation facilities.
TGOD is currently focused on the renovation of its existing greenhouse facilities in Ancaster, Ontario, and Valleyfield, Quebec. In January, the company detailed plans for an expansion of its 970,000 sq. ft. state-of-the-art, ultra-high technology hybrid greenhouse facilities that is expected to create “one of the largest and most technologically advanced cannabis production facilities in the world, producing ultra-low cost, premium-quality organic cannabis.”
In late afternoon trading, TGOD’s shares were up about 10 percent on volume of more than 8.4 million.
For more information, visit the company’s website at www.TGOD.ca
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