Is It Bounce Time for Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF)?

Is It Bounce Time for Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF)?

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As we scan through the charts of the decimated cannabis patch, it’s a good idea to have the next wave in mind, and Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF) is likely a name with strong potential as that move lines up. The stock is working to hold onto key $2/share support in recent action, and the company just announced the voting results from its annual general and special meeting of shareholders of the company held in on December 6, 2018.

According to the release, “All of the matters put forward before Shareholders for consideration and approval as set out in the Company’s management information circular dated November 7, 2018 (the “Circular”) were approved by the requisite majority of votes cast at the Meeting. In particular, Shareholders approved the election of all director nominees that were on the docket. Shareholders also approved the following items of business before the Meeting: (1)  the setting of the number of directors of the Company at five; (2) the appointment of KPMG LLP as auditor of the Company for the ensuing year and the authorization of directors to fix their remuneration; (3) the adoption by the Company of a new 10% rolling share option plan; (4) the adoption by the Company of a fixed number restricted share unit plan; and (5) the adoption by the Company of a fixed number non-employee directors deferred share unit plan.”

Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF) is a research & development company licensed under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) to cultivate medical cannabis.

The Company carries out its principal activities producing cannabis from its facilities in Ancaster, Ont., pursuant to the provisions of the ACMPR and the Controlled Drugs and Substances Act (Canada) and its regulations.

The Company grows high quality, organic cannabis with sustainable, all-natural principles. TGOD’s products are laboratory tested to ensure patients have access to a standardized, safe and consistent product. TGOD has a funded capacity of 116,000 kg and is building 970,000 sq. ft. of cultivation facilities in Ontario and Quebec.

The Company has developed a strategic partnership with Aurora Cannabis Inc. (TSX:ACB) whereby Aurora has invested approximately C$78.1 million for an approximate 17.5% stake in TGOD. In addition, the Company has raised approximately C$290 million dollars and has over 5,000 shareholders. TGOD’s Common Shares and warrants issued under the indenture dated November 1, 2017 trade on the TSX under the symbol “TGOD” and “TGOD.WT”, respectively.

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As noted above, TGODF just announced a number of new voted-in items from the 2018 shareholder meeting. In all, the chart shows a -4% slide during the past week. Furthermore, the company has seen interest climb, with an increase in recent trading volume of 12% above its longer-run average levels.

“We are thrilled with the overwhelming support from shareholders at our AGM,” commented Jeff Scott, Chairman of the Board.

“2019 will be a pivotal year as TGOD’s flagship domestic facilities begin production ramp-up and sales commence in the coming weeks. With over $450 million raised, TGOD has established itself as a leader in Canadian and international cannabis markets with differentiated premium all-natural organic product, continued expansion across Europe and Latin America, and a team with over 200 years of CPG experience including a proven track record and ability to execute. I have the utmost confidence in our team as we solidify our organic leadership position and deliver on our goal of becoming the largest organic cannabis brand in the world.”

Currently trading at a market capitalization of $637.26M, TGODF has a significant war chest ($257.6M) of cash on the books, which compares with about $15.1M in total current liabilities. The company is pre-revenue at this point. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $TGODF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $TGODF, either long or short, and we have not been compensated for this article.

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