TORONTO – The Green Organic Dutchman Holdings Ltd. (the “Company” or “TGOD”) (CSE: TGOD) (US-OTC: TGODF), a sustainable global cannabis company is pleased to announce that it has agreed to amend the terms of the amended and restated credit agreement dated September 29, 2021, as amended by a first amendment dated November 20, 2021 (the “Credit Agreement”), between The Green Organic Dutchman Ltd. (the “Borrower”), a wholly-owned subsidiary of TGOD, and its Canadian lender (the “Agent”).
The Agent and the Borrower have agreed to enter into the second amendment to the Credit Agreement (the “Amendment”) to, amongst other things: (i) increase the revolving facility limit by $5,000,000 to $30,000,000; (ii) allow certain eligible inventory to be included as collateral; and (iii) relax certain covenants set forth in the Credit Agreement; subject to the satisfaction of the various conditions set out therein. All other terms of the credit facility will remain the same as before, including the maturity date of June 30, 2023.
As consideration for the Amendment, the Company has issued a total of 500,000 common shares to the Agent and certain affiliates of the Agent based on an issue price of $0.10 per common share.
“The continued support and confidence from our financial partner are a testament to TGOD’s unique value proposition and the significant work our team has done to position the Company for long-term success. This Amendment provides us with the additional working capital needed to support our continued revenue growth as we move towards positive EBITDA,” said Sean Bovingdon, Chief Executive Officer at TGOD.
About The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (US‐OTC: TGODF) is a sustainable cannabis company with a focus on innovation, quality, consistency, integrity and transparency. The Company is committed to cultivating a better tomorrow by producing its products responsibly, with less waste and impact on the environment. In Canada, the Company serves the recreational market with a brand portfolio including The Green Organic Dutchman, Highly Dutch Organics, Ripple by TGOD and Cruuzy, and the medical markets in Canada, South Africa, Australia, and Germany. All cannabis utilized in products for The Green Organic Dutchman and Highly Dutch Organics brands is grown through a certified organic process, which includes living soil, filtered rainwater, sunlight, and natural inputs.
The Company’s Common Shares and certain warrants issued under the indentures dated December 19, 2019, June 12, 2020, October 23, 2020, and December 10, 2020, trade on the CSE under the symbol “TGOD”, “TGOD.WS”, “TGOD.WR”, “TGOD.WA”, and “TGOD.WB” respectively. The Company’s Common Shares trade in the U.S. on the OTCQX under the symbol “TGODF”. For more information on The Green Organic Dutchman Holdings Ltd., please visit www.tgod.ca.