GATINEAU, QC--(Marketwired - April 13, 2017) - The Hydropothecary Corporation (TSX VENTURE: THCX) today welcomed moves by the Government of Canada to legalize, regulate and restrict access to cannabis through the proposed Cannabis Act.
"The proposed Cannabis Act is a remarkable move by the Government of Canada to take a leadership role on the world stage on the question of legalizing marijuana. Although the details will now be worked out as the Act moves through parliamentary processes, we believe the overall approach is a positive step in the right direction for Canadians," said Sebastien St-Louis, CEO of Hydropothecary.
Hydropothecary is Quebec's only licensed producer of medical marijuana and is located in Gatineau, Quebec. The company, which is listed as THCX on the TSX Venture Exchange, last year increased production facilities to 42,000sq ft, and will complete a 250,000sq ft expansion in 2018.
"We will continue to service the medical market and look forward to participating in the recreational cannabis market," said Mr. St-Louis.
"The Government kept its election promise today, but there are many questions still to be answered. There is a lot of work to be done before the Act is passed and we look forward to being a part of the process," he added.
About The Hydropothecary Corporation
The Hydropothecary Corporation is an authorized licensed producer and distributor of medical marijuana licensed by Health Canada under the Access to Cannabis for Medical Purposes Regulations (Canada). Hydropothecary provides naturally grown and rigorously tested medical marijuana of uncompromising quality. Hydropothecary's branding, marijuana product offering, patient service standards and product pricing are consistent with THCX's positioning as a premium brand for a legal source for medical marijuana within this new marketplace. In addition to medical marijuana production and sales, Hydropothecary explores various research and development opportunities for cannabinoid extracts, drugs and combinatory chemistry. In addition, the company is investigating the development and patenting of novel technologies related to medical marijuana, as well as the import and export of medical marijuana.
This press release contains forward-looking information based on current expectations. Examples of such forward-looking information include statements about future operational and production capacity, the impact of enhanced facilities and production capabilities, and expected available product selection. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, including factors such as the ability to finance the proposed expansion through internal and/or external sources. The company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.