The Green Organic Dutchman Provides Update on Aurora Milestone Option
TORONTO, Sept. 04, 2018 (GLOBE NEWSWIRE) — The Green Organic Dutchman Holdings Ltd. (the “Company” or “TGOD”) (TSX:TGOD) (US:TGODF) announces it has agreed with Aurora Cannabis Inc. (“Aurora”) (TSX:ACB) to extend Aurora’s exercise deadline of its first milestone option (the “Milestone Option”) under the TGOD Aurora Investor Rights Agreement by 6 weeks to October 12, 2018. The first Milestone Option entitles Aurora to acquire an additional 8% of the common shares of the Company.
For more information on the terms of Aurora’s strategic investment in TGOD, please view the press release from January 5th, 2018 here.
Further to the Investor Rights Agreement between TGOD and Aurora, dated January 12, 2018, the first Milestone Option was triggered on August 2, 2018, 90 days after TGOD’s initial public offering which closed on May 2, 2018. Under the Investor Rights Agreement, Aurora had 30 days to exercise the Milestone Option. The parties have agreed to extend the term, such that the Milestone Option will now expire on October 12, 2018.
The Aurora partnership has been incredibly beneficial for both parties to date. In addition to the organic supply agreement, the value of Aurora’s initial investment has increased nearly five-fold. In turn, the assistance provided by the Aurora team has helped accelerate our progress across all divisions, and we look forward to continuing our strategic partnership as we work towards building the largest organic cannabis brand in the world.
Brian Athaide, TGOD’s CEO
Terry Booth, CEO of Aurora, added, “We are pleased with the progress made at TGOD to date, as reflected by the significant appreciation of our investment. We are now working with the TGOD team on finalizing the details of our go forward partnership, and we will continue to support them as they execute on their strategy.”
ABOUT THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD.
The Green Organic Dutchman Holdings Ltd. is a research & development company licensed under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) to cultivate medical cannabis. The Company carries out its principal activities producing cannabis from its facilities in Ancaster, Ont., pursuant to the provisions of the ACMPR and the Controlled Drugs and Substances Act (Canada) and its regulations.
The Company grows high quality, organic cannabis with sustainable, all-natural principles. TGOD’s products are laboratory tested to ensure patients have access to a standardized, safe and consistent product. TGOD has a funded capacity of 170,000 kg and is building 1,382,000 sq. ft. of cultivation facilities in Ontario, Quebec and Jamaica.
The Company has developed a strategic partnership with Aurora Cannabis Inc. (ACB.TO) whereby Aurora has invested approximately C$78.1 million for an approximate 17.5% stake in TGOD. In addition, the Company has raised approximately C$350 million dollars and has over 20,000 shareholders.
TGOD’s Common Shares and warrants issued under the indenture dated November 1, 2017 trade on the TSX under the symbol “TGOD” and “TGOD.WT”, respectively.
Phone: 1 (416) 900-7621
Get ahead of the crowd by signing up for 420 Investor, the largest & most comprehensive premium subscription service for cannabis traders and investors since 2013.