Hydropothecary announces expansion plans to increase production capacity to 108,000 kilograms per year of dried cannabis
Expansion announcement set to make Hydropothecary one of the top cannabis producers in the country
GATINEAU, QC–(Marketwired – December 12, 2017) – The Hydropothecary Corporation (“Hydropothecary” or the “Company”) (TSX VENTURE: THCX) is pleased to announce that it has acquired 78 acres of land adjacent to its existing 65 acre facility in Gatineau, QC. The Company will be constructing a new 1.0 million sq. ft. greenhouse on the newly acquired land, increasing its production capacity to 108,000 kg of dried cannabis per year.
The expansion will bring the Company’s total production capacity to 1.3 million sq. ft. of advanced cultivation and manufacturing labs, with more room to expand. The production capacity expansion is expected to be completed for December 2018.
Hydropothecary is boldly stepping forward to take the lead in the Canadian cannabis industry. With our expansion, we are moving into industrial agri-nomics, robotic technology, fully automated systems and the cannabis plant as a THC bioreactor. Once legalization of the adult-use recreational market becomes a reality, Hydropothecary will be ready.
Sebastien St-Louis, CEO and co-founder
Costs for the new expansion, which are expected to be $80 million, will be funded through the Company’s current financial resources. He added that the Company’s current construction project, its 250,000 sq. ft. greenhouse complex, is on budget and on time. When both expansions are completed, it is expected that the Company will employ over 300 people.
Highlights: December 12, 2017
Hydropothecary expands production capacity to become one of the largest licensed producers of medical cannabis in Canada
Expansion will increase production capacity to 108,000 kg of dried cannabis per year
Expansion expected to be completed by December 2018
About The Hydropothecary Corporation
Hydropothecary Corporation produces and sells cannabis licensed by Health Canada under the Access to Cannabis for Medical Purposes Regulations (Canada). Hydropothecary provides naturally grown and rigorously tested medical cannabis of uncompromising quality. Hydropothecary’s branding, cannabis product offering, patient service standards and product pricing are consistent with THCX’s positioning as a premium brand for a legal source for medical cannabis within this new marketplace. In addition to medical cannabis production and sales, Hydropothecary explores various research and development opportunities for cannabinoid extracts, drugs and combinatory chemistry. The company is also investigating the development and patenting of novel technologies related to medical cannabis, as well as the import and export of medical cannabis.