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The completion of the sale of TGOD shares represents an approximate 50% internal rate of return for the Company.
When we acquired Whistler Medical Marijuana Corporation - an iconic and premium organic cannabis producer - our interest in TGOD became less important to our core strategy.
The company disposed 28.83 million TGOD shares that accounted for 10.5% of the total number of outstanding shares, at a price of $3.00 per share for gross proceeds of $86.5 million.
TGOD is close to completing construction of a third building at the Ancaster facility, which is expected to be a state-of-the-art hybrid greenhouse.
Pursuant to the agreement, TGOD will supply Valens with an annual minimum of 30,000kg in the first year, increasing to 50,000kg in year two, of cannabis and hemp biomass.
The 123,000 square feet stateof-the-art facility will serve to increase TGOD's premium organic cannabis production as it expands its sales in Canada.
Despite TGOD stock enjoying a slight surge last week after the company announced it has applied to list on the NASDAQ, yesterday's Q2 earnings results did little to reinforce speculators' optimistic sentiment.
The acquisition costs consist of USD 7.75m in cash and 1,968,323 restricted TGOD shares currently worth USD 7.75m, with an additional USD 10.3m (CDN 13.5m) cash investment for rapid European expansion.
What's noteworthy is that TGOD may just be getting started with regard to expansion.
The company said it will continue listing its stock on Canada's TSX exchange under the ticker "TGOD" if it is approved to list on the Nasdaq under the same symbol.
The Agreement grants TGOD the right to use the company's proprietary Radiant Energy Vacuum dehydration technology to dry organic cannabis in Canada.
Under the terms of the License, EnWave and Tilray will share royalties from TGOD's use of EnWave's REV technology on an undisclosed basis.
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