() (OTCQX:TGODF) gave further clarification Monday about its proposed operations in Greece, in light of a number of media reports released in Greece.
The company said it had been in communication with various Greek Ministries, including the Ministry of Rural Development and Food, since early 2018 and it is awaiting a license for the production of medicinal cannabis.
Shares of the cannabis company were up 7.4% at US$3.03 on Monday.
READ: The Green Organic Dutchman pushes into Europe thanks to new pact with Knud Jepsen
The company said that while it cannot comment on the specifics of an application with the Greek government, it plans to construct and commission a multi-phased facility in Greece, subject to licensing from the Greek government.
Last week, TGOD released news that it widening its reach in Europe by forging a definitive agreement with Danish cannabis company Knud Jepsen.
Greece is also an appealing location, with favourable labour rates and ideal climatic conditions for the cultivation of cannabis, providing an "optimal environment to produce high-quality, low-cost, large-scale organic cannabis," said the company in a statement, adding "The country's central European location allows export to other European countries with dramatically reduced shipping costs."
Headquartered in Toronto, The Green Organic Dutchman boasts operations focused on medical cannabis in Canada, Europe, the Caribbean and Latin America, as well as the Canadian recreational market.
Established by Dutch founders, the company grows organic cannabis in high-technology, eco-friendly and sustainable facilities.
Contact Katie Lewis at [email protected]
Follow her on : @kelewis