November 1, 2021 By Grow Opportunity staff
The Green Organic Dutchman Holdings Ltd. (TGOD) is looking to make a strategic expansion.
The cannabis company announced that it is acquiring Galaxie Brands Corporation for $21 million. Galaxie Brands is a licensed producer focused on branding and manufacturing Cannabis 2.0 products, including flower and pre-roll manufacturing, extraction and formulation, edibles, vapes and oils.
Part of the acquisition includes acquiring Galaxie’s 26,000 sq. ft. Ontario facility. This facility coupled with TGOD’s 166,000 sq. ft. facility in Ancaster, Ont. The company recently sold its 80,000 sq. ft. facility in Valleyfield, Que. to Cannara Biotech for $27 million.
Angus Footman, current CEO of Galaxie, will join the Board of Directors of TGOD as chairman of the board, while Olivier Dufourmantelle, president of Galaxie, will join the TGOD team as president of U.S. operations and as a director on the board.
“We are excited to continue to execute on our growth plans,” said Sean Bovingdon, CEO and interim CFO of TGOD. “The acquisition of Galaxie will allow TGOD to expand by increasing scale, innovation, and operating capabilities, with the addition of exciting brands in Canada. We believe our complementary brands and consumer bases will result in stronger revenues and overall financial performance for TGOD, while preparing for a future expansion to the U.S.
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