GATINEAU, Quebec, June 14, 2018 (GLOBE NEWSWIRE) — The Hydropothecary Corporation (TSXV:THCX) (“Hydropothecary” or “The Company”) is pleased to announce that the first two zones of its 250,000 sq. ft. greenhouse expansion is now licensed by Health Canada, under the Access to Cannabis for Medical Purposes Regulations (Canada) (the “ACMPR”) which allows the Company to transfer plants in immediately.
“Our cultivation team has been preparing for this expansion for months and currently have over 6000 plants rooted and ready to be transferred into this newly licensed facility today, with many more in production,” said Hydropothecary Master Grower, Agnes Kwasniewska, Canada’s first female Master Grower.
This, along with the 1 million sq. ft. expansion set to be complete by year end, will bring total production capacity up to 1.3 million sq. ft. and will allow Hydropothecary to produce 108,000 kgs of dried cannabis annually.
“Receiving licensing for the first two zones demonstrates our team’s outstanding execution,” said Hydropothecary Chief Executive Officer and co-founder Sebastien St-Louis. “This planned expansion allows us to continue to ramp up production in preparation for the adult-use recreational market, as Quebec’s preferred supplier, while continuing to serve the growing medical market.”
About The Hydropothecary Corporation
The Hydropothecary Corporation creates and distributes innovative, award-winning, easy to use, and easy to understand products under Health Canada’s Access to Cannabis for Medical Purposes Regulations. One of the country’s lowest-cost producers, Hydropothecary is rapidly increasing its production capacity in the lead-up to recreational adult-use cannabis. Hydropothecary will supply the recreational cannabis markets in Canada and elsewhere under its newly launched HEXO brand and will continue to serve medical cannabis clients under its original Hydropothecary brand.
This press release contains forward-looking information that is based on certain assumptions and involves known and unknown risks and uncertainties and other factors that could cause actual events to differ materially from current assumptions and expectations. Examples of forward-looking information include, but are not limited to, the Company’s estimates of product volumes to be supplied by it under the supply agreement with the SAQ, its assumptions regarding product mix, its assumption that the agreement will remain in force for its full term and conditional by governments adoption of the necessary regulatory frameworks. These statements should not be read as assurances of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, including the actual product volumes that will be supplied by the Company under the agreement, the Company’s ability to produce the estimated product volumes, and the actual mix of products that will be supplied and their pricing. A more complete discussion of the risks and uncertainties facing the Company appears in the Company’s Annual Information Form and continuous disclosure filings, which are available on SEDAR’s website at www.sedar.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements as a result of new information or future events, or for any other reason.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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