Hydropothecary Receives Expanded Cannabis Production and Sales Licence and
Approval for Two New Buildings
June 22, 2017 (Gatineau, QC) -- The Hydropothecary Corporation (TSX VENTURE: THCX) ("THCX" or the "Company") is pleased to announce that Health Canada has granted the Company a licence renewal that allows the Company to produce as much medical marijuana as it can store and removes all annual sales limits for dried marijuana, oils, plants and seeds. The renewed licence is valid until October 15, 2019.
THCX is also pleased to announce that Health Canada has approved two additional buildings within its Gatineau facility, for an expanded sales team and order packaging. The new buildings were approved without an onsite pre-licence inspection, under Health Canada’s recently announced measures to streamline licensing. This approval also reflects Hydropothecary’s high level of regulatory compliance.
“An unlimited sales licence from Health Canada positions Hydropothecary for strong future growth. We are very pleased to be amongst the first licensed producers to be granted an expanded licence. The expanded licence also reflects Health Canada’s efforts to improve the regulatory framework for cannabis by changing the licence renewal requirements from one to three years,” said Sebastien St-Louis, CEO and co-founder.
“In addition, the approval of the new buildings comes at an important time when additional space and resources are required to support our sales growth.”
About The Hydropothecary Corporation
The Hydropothecary Corporation is an authorized licensed producer and distributor of medical marijuana licensed by Health Canada under the Access to Cannabis for Medical Purposes Regulations (Canada). Hydropothecary rigorously tested medical marijuana of uncompromising quality. Hydropothecary's branding, marijuana product offering, patient service standards and product pricing are consistent with THCX's positioning as a premium brand for a legal source for medical marijuana within this new marketplace. In addition to medical marijuana 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 marijuana, as well as the import and export of medical marijuana.
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.
For further information, please contact:
Manager of Financial Reporting and Investor Relations
The Hydropothecary Corporation