Health Canada has approved two new buildings at Hydropothecary’s Gatineau facilities and granted the pot producer a licence renewal to grow and sell as much cannabis as it can store.
The new licence is valid until October 2019, and allows Hydropothecary Corp. (TSX-V:THCX) to grow as much medical marijuana as it can store, as well as removing all restrictions on the quantity of dried marijuana, oil, seeds and plants it can sell.
"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,” said CEO and co-founder Sebastien St-Louis in a statement.
Health Canada also approved two new buildings for the company’s Gatineau campus, which the company says will allow it to expand its sales team and order packing facilities. The firm currently has 42,000 square feet of space, which allows it to produce up to 3,600 kilograms of cannabis annually.
Hydropothecary made its debut on the TSX Venture Exchange in March through a reverse takeover of an existing capital pool corporation. Shares of the firm began trading at $1.52 and have since reached a high of $2.90 in April. Prices have dipped since then, opening back down at $1.54 on Thursday morning.