In a move that would more than double its Gatineau footprint and quadruple its production capacity, cannabis grower Hydropothecary Corp. (TSX-V:THCX) says it plans to construct an enormous new greenhouse.
Expected to be finished by the end of next year, the one-million-square-foot facility will cost an estimated $80 million. It’s being constructed on newly-acquired 78 acres of land next to the firm’s existing 65 acre facility.
Construction is still underway on Hydropothecary’s 250,000-square-foot greenhouse, expected to be completed in August 2018. When both facilities are finished, the firm says it will employ roughly 300 people and will be able to produce 108,000 kg of dried cannabis per year. Previous projections put the firm’s annual output at around 25,000 kg.
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“Hydropothecary is boldly stepping forward to take the lead in the Canadian cannabis industry. … Once legalization of the adult-use recreational market becomes a reality, Hydropothecary will be ready,” said CEO Sebastien St-Louis in a statement.
The Gatineau pot producer has been ramping up its expansion efforts this year. The firm raised $25.1 million in financing in July, a month after Health Canada granted the grower a license to produce and sell as much medical marijuana as it can store.
The firm said in October that it’s targeting a 10-per-cent market share in Canada once recreational cannabis is legalized (a move slated for mid-2018), before expanding internationally.
You can take a 360-degree tour of Hydropothecary’s existing facilities in OBJ’s video below.
