TGOD stock is up 3% today after The Green Organic Dutchman (TSX:TGOD) (OTCQX:TGODF) received final approval to begin cultivation operations at its Hamilton facility.
The Green Organic Dutchman announced this morning that it obtained approval from Health Canada to expand operations into its state-of-the-art hybrid greenhouse based in Hamilton, Ontario. The company, which seeks to establish itself as a market leader in organic cannabis cultivation, will now be able to increase its production capacity by 17,500 kilograms. TGOD stock is currently valued at $2.58.
Commitment to Sustainability
The new facility, which is the third phase of TGOD's Hamilton site, will employ an array of advanced technological systems to produce organic cannabis to the highest standard while adhering to the company's commitment to sustainability. Features of the greenhouse include cutting-edge climate control systems, water recapture systems, and LED lighting that will create a much better environmental footprint than traditional large-scale grow houses.
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"We are thrilled to start using this purpose-built hybrid greenhouse as we ramp up our production of premium organic cannabis, an underserved segment of the market. Our team pioneered the concept of growing organic cannabis at scale; this hybrid greenhouse has been artfully designed for organic cultivation, allowing us to reliably produce clean, safe and non-irradiated cannabis," said CEO Brian Athaide.
Not All Plain Sailing for TGOD Stock
Investors in TGOD shares are clearly pleased by the company's commitment to its mission statement, as seen by today's rising value; however, recent months haven't been all plain sailing for this pot stock. Last month, the company announced its second-quarter results, which saw over 15% shaved from its share price. Following legalization last October, TGOD stock was valued as high as $5.25, but the ongoing issues in the market, such as the scandal involving CannTrust Holdings (TSX:TRST) (NYSE:CTST), have seen its value shed as much as 60% since.
Currently valued at $2.58, with the expansion in production capacity brought about by this new facility, perhaps TGOD stock could be set to start climbing again.
What do you think?
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