Green Organic Dutchman renews credit facility, extends maturity

By Marisa Wong

Los Angeles, Sept. 30 – Green Organic Dutchman Holdings Ltd. announced it has agreed with its remaining Canadian lender, which has security of its main operating facility and some working capital, to renew its credit facility and extend the maturity date to June 30, 2023.

As part of the renewal, the company’s overall credit facility will be reduced to $25 million from $30 million total, within which the term loan portion will be increased to $17 million from $16 million. The revolving component will represent the $8 million balance.

The credit facility is secured primarily by the company’s Ancaster hybrid greenhouse facility and trade accounts receivable.

The company will pay a 2% commitment fee in common shares.

In exchange, the company has agreed to a financial covenant requiring achievement of positive EBITDA on a monthly basis by March 31, 2022.

All other terms for the facility will remain the same as before.

Green Organic Dutchman is a premium certified organically grown cannabis company based in Toronto.

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