[vc_row][vc_column][vc_column_text]Today The Green Organic Dutchman (TGOD.T) announced a recent $75 million raise through Cannacord. The raise is intended to ‘be used for the Company’s international expansion initiatives and general corporate purposes.’ TGOD has proven to be much more effective at raising money than growing anything, as of August 2018, TGOD had $261,816,00 in cash, with the addition of this recent raise it brings them to $336,816,000.
We have compared TGOD to the fictional Aerotyne in the past, and we stand by that comparison.
This is a necessary move as TGOD has not been able to grow barely any cannabis in Canada due to zoning issues and a lack of execution from management, they have even received stop work orders from the city of Hamilton for violating city bylaws, this has forced them to expand internationally.
TGOD boasted plans of building a 968,000 square foot grow facility in Hamilton, this was however planned on The Green Belt, a zone with extremely protective bylaws against large grow areas. TGOD backed a proposal to change the law that would allow them to build the massive grow space, they lost the vote and TGOD decided to move ahead anyways, which backfired. The current law allows them to build a 24,000 square foot greenhouse, and according to photos obtained by The Cannalysts, that has even been difficult.
TGOD has no revenue according to its most recent financials:
‘The Company adopted the standard retrospectively on January 1, 2018. To date, the Company has not yet recognized any revenue and therefore the adoption of IFRS 15 did not require any adjustments to the annual consolidated financial statements.’
TGOD’s stock continues to rise with a current market cap of $1.578 billion.