Canadian cannabis producer The Green Organic Dutchman lost $6.8 million Canadian dollars ($5.2 million) on record quarterly sales in the second quarter of 2022.
The company said in a Tuesday news release that net revenue of CA$11.63 million for the three months ended June 30 was 43% higher than the same period one year earlier. It’s also a 10% increase from the previous quarter.
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However, the company – also known by its ticker symbol on the Canadian Securities Exchange, TGOD – said in a financial filing that its total cash position of CA$4.67 million was “insufficient … to fund its planned operations.”
“The company will need to obtain further funding in the form of asset sales, debt, equity or a combination thereof to continue operations for the next twelve months,” according to the filing.
TGOD also said there was “a material uncertainty that casts significant doubt about the
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