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HEXO Applauds the Ontario Governments Proposed Retail Framework
GATINEAU, Quebec, Aug. 14, 2018 (GLOBE NEWSWIRE) -- The Hydropothecary Corporation (“HEXO” or the “Company”) (TSX:HEXO) supports the Ontario government’s announcement that they are planning a consultation for private retail stores, to open by April 2019, with the Ontario Cannabis Store retaining control of online sales.
“The Ontario government’s consideration of private retail stores is encouraging news and allows the entire cannabis industry to continue working together to abolish the illicit market,” said HEXO’s CEO and co-founder, Sebastien St-Louis.
“HEXO is well-positioned to move into this retail framework and to execute our business plan to offer innovative, easy-to-use products across Canada. We will continue to collaborate with all levels of the government, as well as private retailers to do so.”
HEXO is continuing to work diligently in the lead-up to the adult-use cannabis market. The Company made a strategic $10 million investment in Fire & Flower, a leading adult-use cannabis retailer.
HEXO creates and distributes innovative, easy-to-use and easy-to-understand products to serve the Canadian cannabis market. One of the country’s lowest-cost producers, HEXO is rapidly increasing its production capacity in the lead up to the adult-use cannabis market. The Company currently operates with over 310,000 sq. ft. of production capacity with construction on another 1,000,000 sq. ft. expansion set to be complete by year end. HEXO will serve the adult-use market under the HEXO brand, while continuing to serve its medical cannabis clients through the well-known Hydropothecary brand.
This press release may contain forward-looking information that is based on certain assumptions and involves known and unknown risks and uncertainties and other factors that could cause actual events to differ materially from current assumptions and expectations. 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. A more complete discussion of the risks and uncertainties facing the Company appears in the Company’s Annual Information Form and continuous disclosure filings, which are available on SEDAR’s website at www.sedar.com. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements as a result of new information or future events, or for any other reason.
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