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HEXO reaches construction and licensing milestones for its massive 1 million sq. ft. greenhouse – on time and on budget
GATINEAU, Quebec, Dec. 27, 2018 (GLOBE NEWSWIRE) -- HEXO Corp (“HEXO” or the “Company”) (TSX:HEXO) has reached a construction and licensing milestone with the first phase of its 1 million sq. ft. greenhouse expansion. The expansion is ready and licensed on time and on budget for plants to move in.
“Receiving initial licensing on our 1,000,000 sq. ft. facility is a huge accomplishment for the entire HEXO team. We are proud that the construction project is hitting all its milestones while respecting aggressive timelines and staying on budget. The new production facility allows us to continue to scale-up which, once fully operational, will give customers across Canada access to HEXO products,” said Sébastien St. Louis, HEXO Corp’s CEO and cofounder. “Our team has been hard at work for the past couple of months nurturing new mother plants and preparing cuttings. We will start moving plants into the new facility with the pre-prepared mother plants and cuttings in alignment with our continuous harvest methodology.”
The expansion milestone is an important step as the Company continues ramping up to an annual production capacity of 108,000 kg of dried cannabis. The expansion was first announced in December 2017 and the project reached its goal in less than a year, further cementing the Company’s reputation for repeatedly executing on commitments.
The expansion allows HEXO Corp to further establish its position as one of the largest cannabis producers in Canada. The Company has the single largest legal cannabis supply contract in Canadian history as the preferred supplier to the Société québécoise du cannabis, along with supply agreements in British Columbia, Ontario, a strategic investment in the private cannabis retailer Fire & Flower and Truss, a partnership with Molson Coors Canada to create cannabis-infused beverages once regulations permit.
HEXO Corp also recently completed its application to list on the NYSE American and, upon receipt of all required approvals and completion of the formal listing process, the Company will publicly announce its first trading date on the NYSE American where HEXO’s common shares will trade under ticker symbol “HEXO”.
About HEXO Corp.
HEXO Corp creates and distributes award-winning, innovative, easy-to-use products to serve the Canadian cannabis market. One of the country’s lowest-cost producers, HEXO 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 serves the adult-use market under the HEXO brand, while continuing to serve its medical cannabis clients through the well-known Hydropothecary brand. For more information please visit hexocorp.com.
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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