The Green Organic Dutchman Holdings Ltd (TSX:TGOD) (OTCQX:TGODF) officially entered the Canadian recreational cannabis market on Thursday, boosting TGOD stock by 3.1%.
TGOD Stock on the Rebound
TGOD announced this morning, August 16, that it had completed its inaugural shipment to the Ontario Cannabis Store, signaling the premium certified organic cannabis producer's first official physical trade in Canada in the recreational market. The announcement has helped TGOD stock rebound from a 13.4% drop off on Wednesday.
The shipment means that Ontario customers will soon be able to purchase TGOD's signature high THC strain Unite Organic dried flower. CEO Brian Athaide said in this morning's announcement, "Today's milestone gets us one step closer to achieving our vision of becoming the world's leading brand for premium certified organic cannabis in both medical and recreational segments. We look forward to continuing to expand our distribution network as we ramp up production in the months ahead."
Organic Cannabis Market
The Green Organic Dutchman is always keen to reiterate the company's commitment to producing high-quality organic cannabis product, as the company is firm in its stance that all-natural cannabis cultivation is a priority for cannabis connoisseurs, and that this business ideology is what sets TGOD stock apart from its competitors.
Cannabis Stocks Up Across the Board
Friday morning trading finally brought some good news for the Canadian cannabis index, which saw stocks rise slightly following a week in which market value shed almost 10%. This week's trading was reflective of a summer of slumps for the Canadian market amidst numerous regulatory infringements, scandals, and underwhelming customer demand. While TGOD stock may be up over 3%, other strong performers include Aphria (TSX:APHA) (NYSE:APHA) and Aurora Cannabis (TSX:ACB) (NYSE:ACB), which are both up over 4%, and The Supreme Cannabis Company (TSX:FIRE) (OTCQX:SPRWF), which gained 8.46% today.
The only major downward movement in the market today was Tilray (NASDAQ:TLRY) stock, which dropped a further 3.6% to a year-low of $33.84. The former darling cannabis company of Wall Street has seen share prices suffer, having failed to post a profit thus far.
While Thursday trading saw the Canadian cannabis market hit its lowest point of $62.44 since legalization last October, today's positive movement could finally represent an end to the summer slump.
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