The Green Organic Dutchman Holdings Ltd. (“TGOD” or the “Company“) (TSX: TGOD) (US: TGODF), a leading producer of premium certified organically grown cannabis, announces today that the Company intends to list its common shares (the “Common Shares”) and listed Common Share purchase warrants (the “Warrants”) on the Canadian Securities Exchange (the “CSE”), and has received conditional approval from the CSE to do so. The Company is currently addressing all outstanding items to receive final approval of its application (the “Listing Application”) to list its Common Shares and Warrants on the CSE (the “CSE Listing”).
Pursuant to Part VII, Section 720 of the Toronto Stock Exchange (the “TSX”) Company Manual, the Company has also submitted an application to the TSX to voluntarily delist (the “Voluntary Delisting Application”) its Common Shares and Warrants. The Voluntary Delisting Application is subject to TSX approval.
The board of directors and management of the Company believe that listing the Common Shares and Warrants on the CSE will be beneficial to the Company and its securityholders, as a result of the Company being subject to reduced filing fees and obligations. In line with recent corporate objectives, the CSE Listing will allow the Company to accelerate plans for an entry into the United States (“U.S.”) market. As mentioned in the Company’s most recent quarterly results communication, initial discussions have commenced with approximately half a dozen groups in the U.S., in respect of the Company’s plans to enter into the U.S. market. In order to advance these discussions, the CSE Listing is vital to show credibility in terms of being able to make an investment or complete a transaction.
“We are motivated to advance our discussions past the initial phase and look forward to sharing our plans with investors as the opportunities progress,” said Sean Bovingdon, Chief Executive Officer and Interim Chief Financial Officer of TGOD. “We will look to partner with entities that can build on our halo and benefit from our experience and intellectual property, while allowing for synergies to make any agreement accretive in the short term and long term. There are about 1,600 craft growers in the U.S. in the Clean Green Directory, which we feel could benefit from our CleanCraftTM growing process and capabilities.”
The Voluntary Delisting Application is not expected to have any impact on the Corporation’s ongoing operations, nor on its ability to raise further funds, if required, to progress the continued development of its projects.
The Voluntary Delisting Application is being made in conjunction with and is subject to the Company receiving final approval from the CSE for the CSE Listing. There is no guarantee that the CSE will approve the Company’s Listing Application. If the Company’s Listing Application receives final approval by the CSE, it is the Company’s intention to take all reasonable and prudent steps, as required and with assistance and cooperation from the CSE and the TSX, to list the Company’s Common Shares and Warrants on the CSE without interruption or delay. As a result, the Company is expecting the delisting of its Common Shares and Warrants from the TSX to be effective at the close of business on September 10, 2021, and the listing of its Common Shares and Warrants on the CSE to be effective on September 13, 2021. After this change, the Common Shares and Warrants will only be available for trading on the CSE.
Securityholder approvals of the Voluntary Delisting Application and the CSE Listing are not required.