The high ambitions of Gatineau marijuana producer Hydropothecary (TSX-V:THCX) won’t stop at Quebec, says company co-founder and CEO Sébastien St-Louis.
“Hydropothecary is currently a leader in medical cannabis, both in Quebec and Canada,” says Mr. St-Louis.
“When (the federal government) legalizes marijuana for the adult-use recreational market, we intend to continue to be a leader and we’re targeting a 10 per cent market share in Canada, before launching internationally.”
The company held a groundbreaking ceremony this week for a new 250,000-square-foot greenhouse. Politicians, employees, dignitaries and local residents were among those present. Once complete, the $25-million facility will bring Hydropothecary's growing capacity to 300,000 square feet and 25,000 kilograms annually of dried cannabis.
Hydropothecary says that an additional 100 full-time jobs will be created when the building is in full production. That’s on top of the existing 98 people, many from the local area, in positions ranging from operations to executive-level roles at the facility.
With marijuana legalization only months away, pot producers are racing to scale up production to both meet the demand of the adult recreational market and achieve economies of scale.
The latter point is especially important, given that the federal government has committed to keeping the price of pot relatively low in an effort to stamp out the black market.