TORONTO, Jan. 28, 2019 /PRNewswire/ - The Green Organic Dutchman Holdings Ltd. (the "Company" or "TGOD") (TSX:TGOD) (US:TGODF) would like to comment on the Greek Ministry of Agriculture's press release and CNN's (Greece) coverage dated January 25, 2019, related to the Company's proposed Greece operations.
The press release contemplates a significant investment in the development of the pharmaceutical hemp and cannabis sector within Greece and highlights an up to $74 million-euro investment, 34-acre property in Thebes, and a multi-phased large-scale state-of-the-art cannabis cultivation facility.
The Company confirms it has been in communication with various Greek Ministries, including the Ministry of Rural Development and Food, since early 2018; and is awaiting a license for the production of medicinal cannabis. The Company and the Greek Government have had advanced discussions as to the nature of the proposed plans. The Government appreciates TGOD's organic product and process and values its commitment to sustainability.
Further to TGOD's press release dated January 25, 2019, regarding a shift in planned production from Denmark to other lower cost jurisdictions throughout Europe; Greece, with favourable labour rates and ideal climatic conditions for the cultivation of cannabis, provides an optimal environment to produce high-quality, low-cost, large-scale organic cannabis. The Country's central European location allows export to other European countries with dramatically reduced shipping costs.
While the Company cannot comment on the specifics of its application, it confirms plans to construct and commission a multi-phased facility, subject to Licensing from The Greek Government.
Further information will be provided upon official Licensing.
ABOUT THE GREEN ORGANIC DUTCHMAN HOLDINGS LTD
The Green Organic Dutchman Holdings Ltd. is a publicly traded, premium global organic cannabis company, with operations focused on medical cannabis markets in Canada, Europe, the Caribbean and Latin America, as well as the Canadian adult-use market. 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 170,000kgs and is building 1,382,000 sq. ft. of cultivation facilities across Ontario, Quebec, Denmark and Jamaica.
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.
Forward-Looking Information Cautionary Statement
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward looking statements in this release includes, but is not limited to, statements about the granting of licenses or the potential outcome of any applications for licenses, statements about future research, development, and innovation by the Company, statements about future facility construction and investments, statements about the offering of any particular products by the Company in any jurisdiction and statements regarding the future performance of the Company. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of Toronto Stock Exchange) accept responsibility for the adequacy or accuracy of this release.