Green Organic Dutchman Holdings Ltd (OTCMKTS:TGODF) closed Friday’s trading session at $2.81, and it kicked off February with the announcement that it had been awarded a cannabis cultivation license in Denmark.

The company announced towards the end of January that it received the license to grow cannabis from the Danish Medicines Agency. The latter is the government authority that issues marijuana-related licenses in Denmark. TGOD got the license through Knud Jepsen, its joint venture partner who received the license. The license will allow Knud Jepsen to start importing the materials that they require to kick off the research and development process that is involved in creating cannabis genetics of the highest pedigree.

The license that has already been issued by the Danish Medicines Agency was issued under the agency’s Development Scheme. The awarded license facilitates, activities related to import, possession, cultivation as well as processing of cannabis. The two companies also expect to receive an additional license to allow them to sell their cannabis products for medical purposes.

“We are incredibly pleased with the quick receipt of this license from the Danish Medicines Agency,” stated Knud Jepsen CEO, Frands Jepsen.

The joint partnership will focus on market expansion

The CEO also noted that they received the initial license after filing for it with the Danish Medicines Agency. Jepsen also noted that his company has developed a strong relationship with the parties involved and that they jointly intend to work together with the Danish regulatory body. TGOD and Knud Jepsen have a production facility that measures 7,500 sq. Ft whose phase one is capable of producing 2,500 KG annually. It initially plans to supply the product to the Danish medical market.

The two companies have also created another joint venture that is focused on genetically modified cannabis trials. Jepsen stated that the joint venture between TGOD and Knud Jepsen is a vital opportunity for TGOD to expand its product portfolio in the European market. This is because the joint venture will take advantage of Jepsen’s expertise which it has gained over the 80 years that it has been in the market. The collaboration will also allow TGOD to focus on building its distribution channels and global sales.