TORONTO, Sept. 7, 2022 – PRESS RELEASE – The Green Organic Dutchman Holdings Ltd., a sustainable global cannabis company, is pleased to announce that it has closed the sale of its Polish subsidiary, HemPoland. Under the terms of a share purchase agreement, TGOD sold its full interest in HemPoland to RAMM Pharma Corporation for $1.2 million on closing after customary closing adjustments, in addition to a $0.15 million non-refundable deposit provided in July that was used for operating expenses in HemPoland. In conjunction with closing, the loan payable to HemPoland by TGOD, of $4 million plus accrued interest, was forgiven.
“We are happy to have concluded the sale process and can now focus on continuing to grow our core cannabis business in Canada. The proceeds from the sale will provide additional working capital to support this aim,” said Sean Bovingdon, CEO of TGOD.