The Green Organic Dutchman and Epican Open Flagship Retail Dispensary in Jamaica
KINGSTON, Jamaica, July 17, 2018 (GLOBE NEWSWIRE) — The Green Organic Dutchman Holdings Ltd. (the “Company” or “TGOD”) (TSX:TGOD, US:TGODF) is pleased to announce, in conjunction with Epican Medicinals (“Epican”), the successful opening of its first legal cannabis retail store in Jamaica, on Saturday, July 14th. This flagship location provides Epican and TGOD with immediate revenue from the sale of premium Jamaican grown organic cannabis and further exemplifies TGOD’s value-added approach to partnerships.
The ~4,000 sq. ft. flagship dispensary in Kingston represents the first of several Epican Herb Houses scheduled to be completed across Jamaica by the end of 2018. These locations will serve the medical needs of Jamaica’s 3 million residents and over 3.5 million visitors each year.
Immediate revenue has always been an important component of Epican business plan. We expect Epican to increase revenues significantly in the coming months as production increases and more Herb Houses come online.
TGOD CEO, Brian Athaide
TGOD investments are structured as true partnerships, where portfolio companies receive support and industry leading knowledge. This knowledge transfer includes cultivation methodology, extraction, R&D, and organic certification, through to accounting, auditing, sales, marketing, and distribution.
Jamaica is recognized as a premier destination for cannabis, and Epican has deep roots in the country. The founders of the business, the McKenzie brothers, have been at the forefront of the nation’s burgeoning medical cannabis industry, including advocacy for the responsible development of the industry. Epican was awarded the country’s historic first cultivation licence.
“Today is a celebratory day for Epican and TGOD,” said Karibe McKenzie, CEO of Epican. “We have worked tirelessly to provide an end to end, fully integrated solution delivering high-quality cannabis to Jamaicans and tourists alike. We were delighted at the response and look forward to building off this positive momentum and launching several more Herb Houses by the end of 2018.”
The Kingston dispensary is an important step in TGOD’s global strategy. Commercializing legalized, high-quality, organic medical cannabis to the market is proof of our commitment to portfolio companies and our ability to go beyond cash infusion. The Epican team are great business partners and we would like to thank all those involved who have made this day happen.
Csaba Reider, President of TGOD
TGOD owns 49.18% of Epican. The partnership will provide 14,000 kgs of TGOD’s total funded capacity of 170,000 kgs. TGOD will provide Epican access to its financing facilities to support future expansion requirements. Epican and TGOD are partnering to construct a 150,000 sq. ft. GMP compliant facility in Jamaica. Upon receiving the license for this site expansion, Epican will cultivate premium strains for Jamaican and international markets.
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. (TSX:ACB) 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$315 million 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.