22 Feb, 2019, 10:35 ET
TORONTO, Feb. 22, 2019 /CNW/ - The Green Organic Dutchman Holdings Ltd. (the "Company" or "TGOD") (TSX:TGOD) (US:TGODF) is pleased to provide a detailed update on its Jamaican partner Epican Medicinals Ltd. ("Epican").
In June 2018, TGOD purchased 49.18% interest in Epican, a fully integrated Jamaican cannabis company with cultivation, extraction, manufacturing and retail distribution licenses. Significant progress has been made towards expanding cultivation, opening additional retail dispensaries, and establishing a leadership position in Jamaica's robust medical cannabis market.
- Leased a 100-acre parcel of land in Trelawny Parish, with land clearance underway to increase production with a 2,000 kg pilot towards a 14,000 kg operation. The 14,000 kg is expected to utilize approximately 5% of the property with the potential for expansion as demand dictates
- Accelerated productive capacity while building inventory in advance of planned retail expansion
- Pursuing GMP certification at the Kingston Lab to facilitate global export
- Epican's flagship ~4,000 sq. ft. Kingston retail location opened in July 2018 and has experienced continual month over month sales growth. Epican will soon open a Café adjacent to the retail store expanding initiatives to include cannabis-related events such as Puff and Paint and Cannabis Yoga
- Secured strategic locations in Montego Bay (on the "Hip Strip" Gloucester Ave.) and Negril (close to the world-famous "Rick's Café") for the planned second and third retail locations. The Montego Bay retail location is complete and ready to open pending authorization from the Cannabis Licensing Authority ("CLA"). Additional locations, including Negril, are planned for 2019 and 2020
- Expected to dramatically reduce delivery times across the island, Epican is piloting an industry first prescription delivery service for registered medical patients with a view to expand across the country subject to pilot success
- Testing the first high-technology cannabis vending machines including thumbprint scanners ensuring product access only to authorized patients
- Sponsored cannabis "Herb Cure" pavilion of the 2019 "Rebel Salute" music festival
- Increased employees from 17 to 40
Jamaica has long been recognized as a premier location for cannabis enthusiasts and Epican has deep roots in the country. Founders, the McKenzie brothers, have been at the forefront of the nation's burgeoning medical cannabis industry, including extensive advocacy for the responsible development of the industry. Epican was awarded the country's historic first cultivation license and continues to forge the path to serving the medical needs of the country's 3 million inhabitants and nearly 4.3 million tourists each year.
"We have made incredible progress in Jamaica over the past 8 months," commented Brian Athaide, Director and CEO of TGOD. "We plan to continue opening stores throughout the country, increasing productive capacity, and expanding our leadership in Jamaica. As Trelawny comes online in phases, we will accelerate production to meet growing demand within Jamaica and export product through TGOD's distribution channels in Mexico and beyond."
The 49.18% Jamaican investment is an integral component of TGOD's international strategy, together with distribution and operations in Europe, Latin America and North America provide the Company with a strong foundation to rapidly expand organic initiatives across the globe.
On Behalf of the Board of Directors,
The Green Organic Dutchman Holdings Ltd.
About The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) is a publicly traded, premium global organic cannabis company, with operations focused on medical cannabis markets in Canada, Europe, the Caribbean and Latin America, as well as the Canadian adult-use market. 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 planned capacity of 219,000 kgs and is building 1,643,600 sq. ft. of cultivation and processing facilities across Ontario, Quebec, Jamaica and Denmark.
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.
For more information on The Green Organic Dutchman Holdings Ltd., please visit www.tgod.ca.
Forward-Looking Information Cautionary Statement
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward looking statements in this release includes, but is not limited to, statements about future research, development and innovation by the Company, statements about future facility construction and capital costs, statements about production timing, efficiencies, capacities and ramp-up, statements about future production, revenue and cashflows, statements about the offering of any particular products by the Company in any jurisdiction, statements about the success of any GMP applications, statements about the timing or success of any retail store launches or activities, statements about future prescription delivery services, statements about future export activities, and statements regarding the future performance of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of Toronto Stock Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE The Green Organic Dutchman Holdings Ltd.
For further information: Investor Relations, Email: [email protected], Phone: 1 (416) 900-7621, Web: www.tgod.ca
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