The Green Organic Dutchman Holdings (OTC:TGOD.F) reported second-quarter results on Aug. 13.
The Canada-based cannabis company's revenue rose 20% sequentially to 2.9 million Canadian dollars. Most of its sales were generated by its European operations, as the company just recently launched its Grower's Circle -- a small test of its medical marijuana distribution capabilities in Canada.
Additionally, The Green Organic Dutchman said that the construction of its Hamilton cultivation site was nearly finished.
"Q2 was pivotal for the company as we began commercial production in the second phase of our Hamilton site and expanded our product line for the Grower's Circle," CEO Brian Athaide said in a press release. "The product quality feedback from the Grower's Circle has been overwhelmingly positive, confirming that patients appreciate having access to premium certified organic cannabis, an underserved segment of the market."
However, TGOD, as the company is also known, is not yet profitable. It generated a net loss of CA$16.6 million in the second quarter.
Still, management is optimistic that a deal it struck with Neptune Wellness Solutions in June will help TGOD fortify its leadership position in the organic cannabis-based consumer wellness product market in Canada.
TGOD is also in the process of applying for a listing on the Nasdaq as a means to broaden its investor base and facilitate future capital raises that could help to fund its growth.