A Gatineau-based medical marijuana firm with a self-declared goal of becoming the “Coca-Cola of cannabis” says it will start trading on the TSX Venture Exchange Tuesday.
The Hydropothecary Corp., which is licensed by Health Canada to produce and distribute medical marijuana, will trade under the symbol “THCX” following a reverse takeover.
"Today, we are making history,” said Sebastien St-Louis, Hydropothecary’s co-founder and CEO. “Our company has proven that … innovation, uncompromising quality and concierge service are a winning combination."
Company officials say Hydropothecary has a market capitalization value of $53 million with $21.4 million in cash on hand.
Hydropothecary says it’s Quebec’s first and only licensed producer of medical marijuana.
Last fall, it opened a new 36,000-square-foot growing facility that brought it to 42,000 square feet of space, allowing it to boost production to 3,600 kilograms a year from 600.
“We continue to sell basically everything we’re growing, so we’re happy about that,” chief operating officer Adam Miron said at the time.
The company was also looking to ramp up hiring by adding some 40 individuals to its existing payroll of 51 employees.
After opening the day at $1.82 per share, Hydropothecary stocks dropped 15 per cent to end at $1.55.