Hydropothecary signs letter of intent to supply Québec market
- Hydropothecary signs LOI with Société des alcools du Québec for supply of cannabis.
- Hydropothecary will supply 20,000 kg of cannabis for the first year of the adult-use recreational cannabis.
- The LOI covers the full range of the Company’s products and brands.
GATINEAU, Québec, Feb. 14, 2018,(GLOBE NEWSWIRE) — The Hydropothecary Corporation (“Hydropothecary” or the “Company”) (TSX VENTURE:THCX) is pleased to announce that it has signed a letter of intent (LOI) with Société des alcools du Québec (SAQ), for the supply of cannabis for the Quebec market. Final terms are subject to the negotiation and execution of a definitive supply agreement.
Hydropothecary will supply 20,000 kg of cannabis products in the first year of adult-use recreational cannabis. The LOI covers the full range of the Company’s products and brands, from H2 and Time of Day (flower) to Elixir (sub-lingual oil spray) to Decarb (powder).
“This supply arrangement is an important step for Hydropothecary. We are honoured by the opportunity to supply cannabis in our home province and we want Quebecers to know that we are committed to providing safe and high-quality products for the adult-use recreational market,” said Sebastien St-Louis, CEO and co-founder.
“Excited as we are about this significant breakthrough in the adult-use recreational market, we will continue to serve the Canadian medical market and the thousands of Canadians who count on us for their cannabis products,” added Mr. St. Louis.
The Company is on track to complete previously announced facility expansions increasing annual production capacity to 108,000 kg of dried cannabis, making the Company one of Canada’s largest producers.
About The Hydropothecary Corporation
The Hydropothecary Corporation 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 creates award-winning innovative, easy to use and easy to understand products. Hydropothecary is rapidly increasing its production capacity in the lead-up to recreational adult-use cannabis. Expansion plans will result in a total of 1.3 million sq. ft. of production space, producing 108,000 kg of dried cannabis per year, making Hydropothecary one of the largest producers in the country. Hydropothecary is the among the lowest cost producers in the industry. The first licensed producer in Québec, Hydropothecary is headquartered in the Québec.