Shares of TGOD rose 2.1% in Tuesday morning trading at C$3.93 in Toronto and jumped 2.6% on OTC markets to US$2.93.
The organic cannabis company is planning to increase the capacity of its newly built facility to 20,000 square feet of indoor grow space.
The new facility is the second of three buildings at TGOD’s Hamilton site. Once the building’s expansion is complete, the Toronto-based company will have a total of 166,000 square feet and an annual production capacity of 17,500 kilograms.
"This is yet another important milestone for our team as we continue to ramp up production with a focus on executional excellence," said Brian Athaide, CEO of TGOD, in a statement. "We have pioneered the concept of sustainably growing all-natural, certified organic cannabis at scale. The product we are able to offer Canadians is clean, pesticide-free and undeniably premium."
The Green Organic Dutchman boasts operations focused on medical cannabis in Canada, Europe, the Caribbean and Latin America, as well as the Canadian recreational market.
This week the company agreed to a strategic partnership with CBD beverage company Califormulations LLC that will see TGOD enter the US market for the first time. It will work with Califormulations to speed up the US launch of its branded organic hemp-based CBD drinks.
Established by Dutch founders, the company grows organic cannabis in high-technology, eco-friendly and sustainable facilities. The cannabis is grown naturally in Canadian soil without the use of synthetic pesticides, herbicides or fertilizers and wrapped in eco-friendly packaging.
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