The Green Organic Dutchman Holdings Ltd. (the “Company” or “TGOD”) (TSX:TGOD) (US:TGODF) is pleased to announce the closing of the previously announced acquisition of HemPoland. The transaction has received approval from the Toronto Stock Exchange and cements the Company’s commitment to building shareholder value through international expansion.
“HemPoland has proven an ability to execute through quality product development and strong brand awareness. We are incredibly pleased with this transaction, a key milestone in our long-term acquisitions strategy. The acquisition is accretive to our shareholders, delivers immediate revenue, and opens a new vertical for TGOD. We’re incredibly excited to have such an innovative and strong entrepreneurial team join our TGOD family,” said Brian Athaide, TGOD’s CEO.
Europe is home to three-quarters of a billion potential consumers, and HemPoland is a leading manufacturer and marketer of premium CBD oils within this market. This acquisition provides TGOD with immediate revenue, access to HemPoland’s significant distribution network, state-of-the-art hemp oil extraction technology and the premium top selling Cannabigold brand.
In connection with the transaction, TGOD has paid US$7.75 million in cash and has issued 1,968,323 restricted shares that will be escrowed for a term of three years from closing. Additionally, there is a contingent consideration of up to 3,047,722 deferred shares based on HemPoland achieving US$32 million in EBITDA for the financial year 2021. TGOD will invest a further US$10.3 million in HemPoland to fund innovative product development and rapid European expansion.
Investors looking to learn more about TGOD may visit the Company’s Investor Centre at https://tgod.ca/investor-centre/ or contact the Company at [email protected], and patients may now register for the Company’s beta patient program athttps://tgod.ca/patients/
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