#Cannabis Stock News: Hydropothecary (TSX VENTURE: $THCX.V) Enters into Agreement to Build a 250,000 sq. ft. Expanded Production Facility
GATINEAU, QC - August 22, 2017 (Investorideas.com Newswire) The Hydropothecary Corporation (TSX VENTURE: THCX) (the "Company" or "Hydropothecary") is pleased to announce that it has entered into an agreement with Havecon Projects BV ("Havecon") for the delivery and installation of a 250,000 sq. ft. Dutch designed, state-of-the-art Venlo style greenhouse at the Company's 65 acre Gatineau facility, with construction expected to begin in the fall of 2017. This agreement will allow Hydropothecary to leverage Havecon's years of experience in delivering the highest quality products and supporting world-class growing operations, while meeting the Company's ambitious timeline.
"Hydropothecary is thrilled to have Havecon assisting us with this next step in our growth. Havecon has built an impressive reputation for their quality work, building process, and use of superior materials in delivering horticulture projects on schedule. The completion of this new state-of-the-art facility will allow us to continue delivering the innovative and high quality products our customers have come to expect, while we continue to decrease our cost per gram towards our goal of $1 per gram," said Sebastien St-Louis, Co-founder and CEO.
This expansion will increase Hydropothecary's capacity under the Access to Cannabis for Medical Purposes Regulations (Canada) from 50,000 sq. ft. to 300,000 sq. ft. Hydropothecary's management anticipates a resulting increase in annual production capacity of six times its current production capacity to 25,000 kilograms of dried cannabis per year.
The expansion has been designed to allow the Company to continue producing consistent, high quality cannabis products. The new facility will boast a state-of-the-art diffused glass roof that will optimize uniform light transmission, allowing for increased light penetration through the canopy of the plants. An integrated heating and cooling system, controlled by a sophisticated greenhouse management system that will help to regulate the environment and optimize resource consumption, will maintain optimum growing conditions and humidity management.
Environmental systems will be supported by high efficiency condensing natural gas boilers and a multi-layer energy curtain system. In addition, the expansion will feature segregated zones for customized growing conditions and minimal external influences. The new facilities will also feature areas to support administration and post-harvest processing activities, including a high volume oil production area.
With this expansion Hydropothecary will be ready to supply both the medical market and the anticipated adult use recreational market. Such positioning further solidifies Hydropothecary's position as a leader in the cannabis industry in Quebec and across the country.
About The Hydropothecary Corporation
Hydropothecary 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 provides sun grown and rigorously tested medical cannabis of uncompromising quality. Hydropothecary's branding, cannabis product offering, patient service standards and product pricing are consistent with Hydropothecary'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. In addition, the company is investigating the development and patenting of novel technologies related to medical cannabis.
This press release contains forward-looking information which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see 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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