With a current market cap of 1.29B (down from 2B earlier this week) The Green Organic Dutchman (TGOD) has created a lot of buzz in the cannabis sector since its IPO earlier this year. At a fully diluted valuation of $650-million, TGOD instantly became a top-10 market cap cannabis company once it went public. The company claims to have a capacity to grow 116,000 kg of cannabis on 175 acres of land, seeking to serve the underdeveloped organic market.
There was a ton of hype for this company to go public. It was an opportunity to get in on the ground floor of an emerging and promising company. Aurora invested $67-million for 17.62% interest in the company earlier this year, a vital vote of confidence for the hoards of investors who follow Aurora’s every move. The result of this was an investor base of over 4,000 individuals before even becoming a public company.
For those late in the game who missed out on the IPO’S of previous years, TGOD going public was a chance to redeem oneself from missing the boat so many other times. However, TGOD may not be what it seems as some damning new photos have come out this week. This does not look good.
According to TGOD, construction on the Hamilton Facility is ‘underway’ with a progress bar reading nearly 70%, however, from the photos released yesterday it looks more like about 7%.
As you will see from the photos below, this project is nowhere near 70% completed, and to say construction is ‘underway’ is even and overstatement. This looks almost as bad as Aerotyne.
Here is the reality of the situation:
Photos sourced from The Cannalysts