CEO Brian Athaide said the receipt of the sales license was a 'critical step' in the company's path to becoming a global leading organic cannabis brand
Shares of Green Organic Dutchman Holdings Ltd (TSX:TGOD, OTCQX:TGODF) fell Tuesday despite the fact that the organic medical cannabis company announced it received its medical sales license from Health Canada.
The license is in accordance with the Access to Cannabis for Medical Purposes Regulations for the company's Ancaster, Ontario facility.
"As we prepare for our Founders Club product launch in January 2019, this is a critical step in our path to becoming the global leading organic cannabis brand," said Green Organic Dutchman CEO Brian Athaide. "We have been perfecting our organic grow methodology in Ancaster and are prepared for the Q1 launch to medical patients across Canada followed by the launch in adult use markets in Q2."
The company recently launched its brand of organic cannabis, grown naturally in Canadian soil without the use of synthetic pesticides, herbicides or fertilizers and wrapped in eco-friendly packaging.
John Wren, vice president of operations at Green Organic Dutchman, said they have been working “aggressively” on both productive capacity and global distribution.
READ: The Green Organic Dutchman adds market strategist Tim Seymour to its advisory board
"In addition to Ancaster, we are currently growing in Valleyfield, Quebec at our breeding facility, Jamaica with our partner Epican and Poland with HemPoland,” said Wren. “We are on track to progressively ramp up our production throughout 2019, targeting 195,000 kgs of run-rate capacity by the end of the year.”
He said the cannabis company was securing “significant” distribution networks in Canada, Europe, Jamaica, and Latin America while scaling operations for medical and adult use markets around the world.
Shares of the Ontario-based company were down 2.6% midday to US$4.26, while Toronto-listed shares dipped 2.4% to C$5.49.
Contact Uttara Choudhury at [email protected]
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