The Green Organic Dutchman released its Q4 and 2019 year end financials: The company has only seven weeks of cash left, while working capital was down to $15M on December 31–down from $213M a year before.
MJ Biz Daily
- The company paid key management $13.7M, more than the TGOD’s entire year’s revenue of $11.2M. The company’s annual net loss was $195M.
- The company posted a loss of $144.75M for the final three months of 2019. This was mainly due to a $127.74M impairment on “cash generating assets being built or used in Canada, and the Company’s investment in [Jamaican MED producer] Epican Medicinals.” The company said the impairment was “primarily due to market conditions,” which have forced it to reduce its facilities and abandon plans to develop Jamaican exports.
TGOD may be the only LP to have earned more revenue selling in Europe ($2.56M for Q4, and $9.88M for the year) than in Canada ($690,000, $1.28M for the year).
- Materia Ventures CEO Deepak Anand noted most of TGOD’s revenue resulted from its acquisition of the profitable Polish firm Hemp Poland.
- TGOD CEO Brian Athaide isn’t stepping down: he got a raise to $350,000 per year with a monthly $1,500 commuting stipend, 400,000 stock options (worth about $108,000), and a severance guarantee of 24 months at base salary.
Vancouver LP Zenabis had bad news of its own with a corporate update announcing 22% cuts to its total workforce (cutting roughly 175 workers), including 33% of its head office employees.
MJ Biz Daily, Zenabis Press Release, Twitter–YoungGJustin