The Green Organic Dutchman Reports Fourth Quarter and Fiscal Year 2021 Financial Results – PR Newswire

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Apr 05, 2022, 20:52 ET
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TORONTO, April 5, 2022 /PRNewswire/ – The Green Organic Dutchman Holdings Ltd. (the "Company" or "TGOD") (CSE: TGOD) (OTC: TGODF), a sustainable global cannabis company, reports its results for the three months ended December 31, 2021 ("Fourth Quarter" or "Q4 2021") and for the twelve months ended December 31, 2021 ("Fiscal Year 2021"). These filings are available for review on the Company’s SEDAR profile at
All financial information is provided in Canadian dollars except where otherwise indicated.
Management Commentary
"We closed 2021 with strong momentum as we saw significant growth quarter-over-quarter, reflecting continued execution of our strategic plan as we remain focused on quality, consistency and transparency. We are seeing the early benefit of our enhanced sales strategy which has accelerated sell-through. Our two-prong approach of onboarding key retail chains while having boots on the ground with our dedicated sales force is starting to bear fruit," said Sean Bovingdon, CEO of TGOD. "We are on track to hit our positive Adjusted EBITDA(1) target in Q2 2022, with continued monthly sales progression from the strong month of December," added Bovingdon.
Fourth Quarter and Year-End 2021 Financial Highlights
For the three months ended
Three months ended
In Canadian dollars ($000’s)
31, 2021

31, 2020

to Q4-
2020 ($)

to Q4-
2020 (%)

30, 2021

to Q3-
2021 ($)

Variance to
Q3-2021 (%)

Revenue from adult-use cannabis products
Revenue from medical cannabis products
Revenue from toll agreements
Excise Duties
Net Revenue
For the twelve months ended
In Canadian dollars ($000’s)
December 31,

December 31,

Variance to Q4-
2020 ($)

Variance to Q4-
2020 (%)

Revenue from adult-use cannabis products
Revenue from medical cannabis products
Revenue from toll agreements
Excise Duties
Net Revenue
The Company:
Other Strategic Initiatives
Key Updates Subsequent to the Quarter:
Investor Conference Call to Discuss Fourth Quarter and Year-end Results
Management will host a conference call with analysts on April 6, 2022, at 10:00 a.m. Eastern Time to discuss the results. Participants may access the call by dialing 416-764-8688 (Toronto) or 1-888-390-0546 (North America); Conference ID 50503996. A replay of the call will also be available through April 13, 2022, by dialing 1-416-764-8677 or 1-888-390-0541 (Passcode: 503996#).
About The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (CSE: TGOD) (US–OTC: TGODF) is a sustainable, global cannabis company with a focus on innovation, quality, consistency, integrity and transparency. By leveraging science and technology, TGOD harnesses the power of nature from seed to sale. The Company is committed to cultivating a better tomorrow by producing its products responsibly, with less waste and impact on the environment. In Canada, TGOD serves the recreational market with a brand portfolio including The Green Organic Dutchman, Highly Dutch Organics, Ripple by TGOD and Cruuzy brands, 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.
TGOD’s Common Shares and Warrants issued under the indentures dated December 19, 2019, June 12, 2020, October 23, 2020 and December 10, 2020 trade on the Canadian Securities Exchange  (the "CSE") under the symbol "TGOD", "TGOD.WS", "TGOD.WR", "TGOD.WA", and "TGOD.WB" respectively. TGOD’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
(1)Non-GAAP Measures, Reconciliation and Discussion
This press release contains references to "Adjusted EBITDA" which is a non-international financial reporting standards ("IFRS") measure (a "Non-GAAP Measure"). Management defines Adjusted EBITDA as loss for the period, as reported, adjusted for deferred income tax recovery, foreign exchange gains and losses, finance costs, finance income, share of loss on investments in associates, revaluation of contingent consideration, loss (gain) on disposal of assets, impairment of investment in associates, impairment (reversal of impairment) charge for non-financial assets, loss on derecognition of investment in joint venture, impairment loss on remeasurement of disposal group, loss on assets held for sale, debt modification, acquisition related costs, change in fair value of investments, realized fair value adjustment on sale of inventories, unrealized gain on changes in fair value of biological assets, share based compensation, depreciation and amortization. This measure does not have any standardized meaning according to IFRS and, therefore, may not be comparable to similar measures presented by other companies.
Management believes Adjusted EBITDA provides useful information as it is a commonly used measure in the capital markets to approximate operating earnings. The Company provides the Non-GAAP Measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. The Non-GAAP Measure is also presented because management believes such measures provide information which is useful to shareholders and investors in understanding its performance and which may assist in the evaluation of the Company’s business relative to that of its peers. Management believes the Non-GAAP Measure is a useful financial metric to assess the Company’s operating performance on a cash basis before the impact of non-cash items, and on an adjusted basis as described above. However, such Non-GAAP Measure should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the most comparable Non-GAAP Measure.
Reconciliations of the Non-GAAP Measure are presented in the Company’s management’s discussion and analysis for the years ended December 31, 2021 and 2020 (the "Y/E MD&A"). The Non-GAAP Measure should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with the IFRS financial measures presented in the Company’s financial statements. For more information, please see "Non-GAAP Performance Measures" in the Company’s Y/E MD&A, which is available under the Company’s profile on
Cautionary Statements
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 include, but are not limited to, statements about future revenue, gross margin and Adjusted EBITDA, statements about production timing, statements about future production and manufacturing, statements about achievement of positive cash flow and value for shareholders, statements about reduction in general and administrative expenses, statements about potential international sales or activities, statements about the offering of any particular products by the Company in any jurisdiction and statements regarding the future performance of the Company, statements about future development and delivery of products, statements about the potential future revenue and cost synergies, statements about potential entry into the U.S. market, and statements about the level of demand for TGOD’s and Galaxie’s products. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "should", "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 (including market conditions) and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements, including those risk factors described in the Company’s most recent Annual Information Form filed with Canadian securities regulators and available on the Company’s issuer profile on SEDAR at Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release. 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 the CSE nor the CSE’s Regulation Services Provider (as that term is defined in the policies of CSE) accept responsibility for the adequacy or accuracy of this release.
SOURCE The Green Organic Dutchman Holdings Ltd.
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