Today, The Green Organic Dutchman Holdings (TGOD)(TGODF) announced that it received approval from Health Canada for cultivation at its facility in Hamilton, Ontario. The company will use the state-of-the-art building, which spans 20,000 square feet, for cultivation, with planting expected to start in the coming weeks.
The facility is the second of three buildings located at TGOD’s Hamilton site. The construction of all three buildings, which will cover a total area of 166,000 square feet with a production capacity of 17,500 kilograms per year, will be completed later this year. TGOD is also focusing on getting eGMP certification for the facility, which would allow the company to export globally.
On receiving approval from Health Canada, TGOD CEO Brian Athaide, stated, “This is yet another important milestone for our team as we continue to ramp up production with a focus on executional excellence. We have pioneered the concept of sustainably growing all-natural, certified organic cannabis at scale. The product we are able to offer Canadians is clean, pesticide-free and undeniably premium.”
TGOD was trading ~4.0% higher in today’s early morning hours. Year-to-date, the company has returned 56.5% as of May 13. TGOD has outpeformed the returns of the Horizons Marijuana Life Sciences ETF (HMMJ), which tracks publicly listed cannabis companies in North America, and the ETFMG Alternative Harvest ETF (MJ). Meanwhile, HMMJ has returned 35.5% while MJ has returned 30.4%.