The Hydropothecary Corp. (TSXV:THCX) is making progress on its plans for expansion. The company has just recently acquired 78 acres, in addition to its already-owned 65-acre facility. With this additional land, Hydropothecary is on track to becoming one of the largest licensed medical cannabis producers in Canada.
The expansion will allow Hydropothecary to build a new greenhouse and increase its production capacity of dried cannabis to 108,000 kg annually. The expansion is expected to be completed by December of next year.
Sebastien St-Louis, CEO and co-founder of Hydropothecary, said, “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.”
The expansion is expected to cost about $80 million and will be funded out of current financial resources. Once the expansion is completed, Hydropothecary will be capable of employing more than 300 people.
Featured Image: twitter
