GATINEAU, Quebec, July 03, 2018 (GLOBE NEWSWIRE) -- The Hydropothecary Corporation (“HEXO” or the “Company”) (TSX:HEXO) is pleased to announce that six of ten zones in its 250,000 sq. ft. greenhouse expansion are now licensed by Health Canada.
HEXO has maintained a remarkable pace, receiving licensing for six of ten zones in the expansion since June 13, 2018.
“We are extremely grateful for Health Canada’s diligence and cooperation, as we work together to navigate the ever-changing regulatory landscape in the cannabis industry,” said Sebastien St-Louis, HEXO CEO and co-founder.
“We are also proud of the relationship that we have built with Health Canada, and the speed of licensing that we are experiencing is a mark of our history of exceptional regulatory compliance.”
While the 250,000 sq. ft. expansion continues to receive licensing, HEXO has turned its construction efforts on an additional one million sq. ft. expansion set to be complete by year-end. Ground preparations for the additional expansion are already well underway.
HEXO creates and distributes innovative, easy-to-use and easy-to-understand products to serve the Canadian cannabis market. One of the country’s lowest-cost producers, HEXO is rapidly increasing its production capacity in the lead up to the adult-use cannabis market. The Company currently operates with 300,000 sq. ft. of production capacity and has another 1,000,000 sq. ft. expansion set to be complete by year end. HEXO will serve the adult-use market under the HEXO brand, while continuing to serve its medical cannabis clients through the well-known Hydropothecary brand.
This press release may contain 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. 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’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.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/de3b170e-75b9-4251-81a9-be4c39778510