HEXO reaches construction and licensing milestones for its massive 1 million sq. ft. greenhouse – on time and on budget
December 27 2018 - 6:30AM
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.
Forward-Looking Information
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.
Neither the Toronto Stock Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Toronto
Stock Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Investor Relations:
Kathy Chow 1-866-438-8429 invest@hexo.com www.hexocorp.com
Media Relations:
Sarah Brown media@hexo.com
Director:
Adam Miron 819-639-5498
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