The Green Organic Dutchman Holdings has sold its subsidiary, HemPoland, to the cannabis firm RAMM Pharma for C$1.2m.
RAMM Pharma Corp, a Canadian firm specialising in the research and development of cannabinoid pharmaceutical formulations, has acquired all of the issued and outstanding shares of HemPoland from The Green Organic Dutchman Holdings (TGOD).
HemPoland is a leading European manufacturer and marketer of hemp products. The acquisition by RAMM provides access to HemPoland’s distribution network, brands, hemp oil extraction technologies and an additional foothold into the European market following the acquisition of Sicily-based Canapar Corp in 2021.
Under the terms of a share purchase agreement, The Green Organic Dutchman sold its full interest in HemPoland to RAMM Pharma Corporation for $1.2 million on closing, in addition to a $0.15 million non-refundable deposit provided in July that was used for operating expenses in HemPoland.
In conjunction with closing the deal, the loan payable to HemPoland by TGOD of US$4 million plus accrued interest, was forgiven.
“We are happy to have concluded the sale process and can now focus on continuing to grow our core cannabis business in Canada. The proceeds from the sale will provide additional working capital to support this aim,” said Sean Bovingdon, CEO of The Green Organic Dutchman.
The Green Organic Dutchman is a sustainable cannabis company that produces its products through an organic process, which includes living soil, filtered rainwater, sunlight and natural inputs. The company said its processes lead to less waste and less impact on the environment.
In Canada, the company serves the recreational market with a brand portfolio including The Green Organic Dutchman, Highly Dutch Organics, Ripple by TGOD and Cruuzy. The firm also serves the medical markets in Canada, South Africa, Australia and Germany. All cannabis utilized in products for The Green Organic Dutchman and Highly Dutch Organics brands is grown through a certified organic process, which includes living soil, filtered rainwater, sunlight, and natural inputs.
Headquartered in Toronto, RAMM Pharma operates an established pharmaceutical and medical product business in Uruguay that has developed several medically registered and approved plant-derived cannabinoid pharmaceutical products that have been authorised for sale or compassionate use in several Latin American countries.
In Europe, RAMM’s vertically integrated operations are based in Ragusa, Italy and now, the Polish city of Elbląg. Its European operations include a hemp cultivation platform and large extraction and processing facilities.
