GATINEAU, Québec, Feb. 14, 2018 (GLOBE NEWSWIRE) -- The Hydropothecary Corporation ("Hydropothecary" or the "Company") (TSX VENTURE:THCX) is pleased to announce that it has signed a letter of intent (LOI) with Société des alcools du Québec (SAQ), for the supply of cannabis for the Quebec market. Final terms are subject to the negotiation and execution of a definitive supply agreement.
Hydropothecary will supply 20,000 kg of cannabis products in the first year of adult-use recreational cannabis. The LOI covers the full range of the Company’s products and brands, from H2 and Time of Day (flower) to Elixir (sub-lingual oil spray) to Decarb (powder).
“This supply arrangement is an important step for Hydropothecary. We are honoured by the opportunity to supply cannabis in our home province and we want Quebecers to know that we are committed to providing safe and high-quality products for the adult-use recreational market,” said Sebastien St-Louis, CEO and co-founder.
“Excited as we are about this significant breakthrough in the adult-use recreational market, we will continue to serve the Canadian medical market and the thousands of Canadians who count on us for their cannabis products,” added Mr. St. Louis.
The Company is on track to complete previously announced facility expansions increasing annual production capacity to 108,000 kg of dried cannabis, making the Company one of Canada’s largest producers.
About The Hydropothecary Corporation
The Hydropothecary Corporation is an authorized licensed producer and distributor of medical cannabis licensed by Health Canada under the Access to Cannabis for Medical Purposes Regulations (Canada). Hydropothecary creates award-winning innovative, easy to use and easy to understand products. Hydropothecary is rapidly increasing its production capacity in the lead-up to recreational adult-use cannabis. Expansion plans will result in a total of 1.3 million sq. ft. of production space, producing 108,000 kg of dried cannabis per year, making Hydropothecary one of the largest producers in the country. Hydropothecary is the among the lowest cost producers in the industry. The first licensed producer in Québec, Hydropothecary is headquartered in the Québec.
This press release contains forward-looking formation which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Examples of such forward-looking information include, but are not limited to, statements about the successful negotiation of the supply agreement with the SAQ, the revenue estimates in connection with such supply agreement and the ability of the Company to produce the proposed cannabis amounts. These statements should not be read as guarantees 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. 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 (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, whether as a result of new information, future events or otherwise.
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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