The Hydropothecary Corporation (TSXV:$THCX) has announced today that it has broken ground on a 250,000 square foot expansion in Gatineau, Quebec. The expansion will cost $25 million and create an additional 100 full-time jobs for the community. This will increase the company’s total employment to over 200 people.
The expansion will allow the company to produce 25,000 kgs of dried cannabis annually, increasing their total production capacity to 300,000 square feet. This expansion has already been fully funded by past financing cycles.
Sebastien St-Louis, CEO and co-founder of Hydropothecary, said, “With this expansion of our production capacity, we are boldly signaling our intent to not only expand our well-established presence in the medical marijuana market, but to become a major player in the legal adult-use recreational market.”
“As Quebec’s only licensed producer of cannabis, we are proud of our contribution to Quebec’s economy and we look forward to collaborating with government decision-makers on the development of a safe, regulated cannabis industry which responds to the health and security concerns of Quebecers,” he added.
The company was also recently honored with the Coup de Coeur from the Quebec Job Creation Awards Gala, which was held in Quebec City on October 4th. The annual award honors major job creators in Quebec.
Featured Image: twitter
