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The Green Organic Dutchman Signs Sale Agreement and Leaseback for its Quebec Facility
The Green Organic Dutchman Signs Sale Agreement and Leaseback for its Quebec Facility ...
About this update from Cannara Biotech, Inc.
[{"type":"text","content":"\n \n \n \n The Green Organic Dutchman Signs Sale Agreement and Leaseback for its Quebec Facility\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Gross total value of\n \n $32.7 million\n \n , consisting of sale price of\n \n $27 million\n \n , plus\n \n $5.7 million\n \n from Hydro Quebec deposit return\n \n \n \n \n TGOD's operations to remain in\n \n Valleyfield\n \n , through leaseback agreement\n \n \n \n \n Sale expected to close on or before\n \n June 22, 2021\n \n \n \n \n \n TGOD to use net proceeds to eliminate senior term debt\n \n \n \n \n \n TORONTO\n \n ,\n \n June 10, 2021\n \n /CNW/ - The Green Organic Dutchman Holdings Ltd. (the \"\n \n Company\n \n \" or \"\n \n TGOD\n \n \") (TSX: TGOD) (US-OTC: TGODF), a leading producer of premium certified organically grown cannabis, is pleased to announce that its wholly owned\n \n Quebec\n \n subsidiary Medican Organic Inc. (\"\n \n Medican\n \n \") has entered into a binding agreement of purchase and sale (the \"\n \n APS\n \n \") with Cannara Biotech Inc. (the \"\n \n Purchaser\n \n \") (TSXV: LOVE) for the sale of the majority of its assets in\n \n Valleyfield, Quebec\n \n (the \"\n \n Quebec Facility\n \n \"), including all industrial and agricultural land, main hybrid greenhouse, rooftop greenhouse, all support buildings and certain related equipment. The processing and manufacturing equipment currently utilized by Medican for the production of its cannabis 2.0 portfolio in the Quebec Facility is not subject to the APS.  Pursuant to the APS, the Purchaser will have deposited the full\n \n $27 million\n \n (the \"\n \n Purchase Price\n \n \") into escrow prior to the close of the sale which is scheduled to close on or before\n \n June 22, 2021\n \n (the \"\n \n Closing\n \n \").  As agreed between the parties in the APS, Medican will enter on Closing into a lease with the Purchaser, for approximately 80,000 square feet of cultivation and processing space in the Quebec Facility.\n \n \n \n \n \n \n \n \n \n \n \n Management Commentary:\n \n \n \n \n \"Th...