Shares of The Green Organic Dutchman Holdings (TGOD) (TSX:TGOD,OTCQX:TGODF) were crushed at the open of Tuesday’s (November 26) market after the cannabis producer announced a change in its much-needed financing plans.

TGOD informed shareholders on Tuesday it would no longer conduct a previously announced finance through a series of actions; instead, it will pursue a new agreement with Canaccord Genuity.


According to the producer, the new deal will lead it to raise approximately C$22 million in gross proceeds, as part of an offering of 29.3 million shares at a price of C$0.75 per share.

TGOD faced a drop of nearly 16 percent near the end of the trading session on Tuesday, resulting in a price per share of C$0.74 after closing at C$0.89 the previous day.

stock chart for TGOD

The company will offer its shares by way of a short form prospectus deal, which is expected to close on December 17.

According to TGOD, this deal offers the company more capital at the closing of the transaction and is “less dilutive” compared to its previously revealed financing plan.

“TGOD intends to use the proceeds of the offering to complete construction of its processing facility at Ancaster and for general corporate purposes,” the company said.

On November 14, the company had championed the arrival of a C$103 million funding deal, split into separate phases of activation for the total amount.

Brian Athaide, CEO of TGOD, had said the previously announced financing deal was a show of confidence for the company; however, now TGOD has elected to go forward with the deal from the boutique financial institution.

All the funding being pursued by TGOD is in the hopes to complete the construction of its processing facility in Ancaster, Ontario, and a separate operation in Quebec.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

American cannabis sales hit US$17.5 billion in 2020, a research group’s new study shows.

Meanwhile, a Canadian cannabis producer began offering CBD beverages in the US, another move that shows how interested Canadians are in the overall US cannabis market at the moment.

Keep reading... Show less

An Emerging Markets Sponsored Commentary

Some pretty important news out of health and wellness; beverage and natural products company BevCanna Enterprises Inc. (CSE:BEV, Q:BVNNF, FSE:7BC) this week. For those of you following the Company with us, stay tuned.

Keep reading... Show less

As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.

A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.

Keep reading... Show less

The product will include polyphenols known to have significant health benefits.

BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.

Keep reading... Show less

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.

The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).

Keep reading... Show less