Green Organic Dutchman (TGODF) (TGOD) Stock Makes Sudden Move: Time To Buy?
The cannabis sector had gone through considerably tough times for months before it made a recovery of sorts earlier on this year and many stocks have managed to come into prominence in a big way in recent weeks.
One of the cannabis stocks that could be worth looking into at this point is that of The Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF) (TSE:TGOD). The Green Organic Dutchman stock has performed strongly over the past two weeks and managed to deliver gains of as much as 60%. The rally was triggered by the company’s performance in the fiscal first quarter.
In the first quarter that ended on March 31, 2021, The Green Organic Dutchman managed to generate revenues of $8.98 million and that reflected a year on year rise of as much as 194% from the prior year period. On the other hand, the company also managed to churn out a gross profit of $3.13 million in the first quarter.
The gross profit figure was 83% higher than what the company generated in the prior year period. The revenues generated by The Green Organic Dutchman were made out of $6.67 million in sales of cannabis product in the Canadian market and $2.31 worth of sales of hemp based products in Europe.
While the revenues soared on a year on year basis, it was actually lower than the revenues in the previous quarter. However, it should be noted that the revenues were on expected lines. The lower revenues was primarily a by product of the restrictions at stores and stay at home rules because of the coronavirus pandemic.
On the other hand, The Green Organic Dutchman continued to reap the benefits of controlling its expenses. The company’s G&A expenses for the quarter went down by as much as 53% year on year and this is a metric that is expected to be watched closely by investors going forward. At this point, it might be a good move to add The Green Organic Dutchman stock to the watch lists.