In #Canada, the #Green #Organic Dutchman reports financial results for the first quarter of the year, after releasing updates on the planned sale of their large-scale #greenhouse in #Quebec. The #Ontario-based producer disclosed nearly 9 #million #dollars in #revenue, almost tripling over the same period in #2020, but declining by 18 percent sequentially, which the company attributes to #coronavirus-prompted lockdowns combined with recent changes to provincial listing requirements. The Green Organic Dutchman, also known as their ticker symbol TGOD, did accomplish a turnaround from their 73.4 million dollar loss in the first quarter of last year, to a quarterly #net #income of 12.5 million. CEO Sean Bovingdon credits the improved results to a new leadership team, who have monetized under-utilized assets and streamlined the business’s organizational structure. Part of that plan is the sale of TGOD’s 196 million dollar #Valleyfield cultivation and processing facility, which follows similar moves by many other #Canadian cannabis companies, like #Aurora and #Canopy Growth, following the country’s significant oversupply issues. While an asking price was not divulged, the business said it received multiple bids which include an option to lease back a small portion of the massive greenhouse. TGOD is further considering the potential sale or spinoff of its wholly owned #Polish #CBD subsidiary, Hem #Poland. In the same announcement, the producer revealed plans to pursue #international opportunities in #Germany, #Mexico, #Australia, and the U.S. The sale of their greenhouse is expected to close by the end of #June.
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