HEXO completes first harvest in its 1 million sq. ft. greenhouse
April 01 2019 - 6:30AM
HEXO Corp (TSX:
HEXO; NYSE-A:
HEXO)
(“HEXO” or the "Company") has completed the first harvest in its 1
million sq. ft. expansion, marking an important execution milestone
in the Company’s continuous growth.
Since early January, plants have been moving
into the greenhouse and the first plants have now been harvested.
The Company continues to ramp up to full harvest capacity using the
continuous harvest methodology, the latest step towards reaching
the full annual production capacity of 108,000 kg of dried flower
per year.
“Completing the first harvest in our 1,000,000
sq. ft. greenhouse expansion showcases the dedication and hard work
of the entire HEXO team,” said Sébastien St-Louis, HEXO’s CEO and
co-founder. “We are very proud of our continued ability to execute
on our plans, creating value for our shareholders and demonstrating
our commitment to our customers. This cultivation milestone means
that an expanded HEXO product offering will be available to more
Canadians shortly.”
HEXO Corp’s headcount now exceeds 600 employees.
The Company expects to hire another 500 employees in the coming
months; 300 additional position at its campus in Gatineau, Quebec,
and 200 in its Belleville, Toronto and Montreal locations.
On March 13, 2019, HEXO announced a definitive
arrangement agreement to acquire Newstrike Brands Ltd. The
acquisition would allow the Company to boost its production
capacity to 150,000 kg annually, diversify its domestic market
penetration to 9 provinces and add infrastructure supporting the
Company on its goal of becoming one of the top cannabis companies
in the world.
About HEXOHEXO Corp is an
award-winning consumer packaged goods cannabis company that creates
and distributes prize-winning products to serve the global cannabis
market. Through its hub and spoke business strategy, HEXO Corp is
partnering with Fortune 500 companies, bringing its brand value,
cannabinoid isolation technology, licensed infrastructure and
regulatory expertise to established companies, leveraging their
distribution networks and capacity. As one of the largest licensed
cannabis companies in Canada, HEXO Corp operates with
1.8 million sq. ft of facilities in Ontario and Quebec and a
foothold in Greece to establish a Eurozone processing, production
and distribution centre. The Company serves the Canadian
adult-use and medical markets. For more information please
visit hexocorp.com.
Forward-Looking StatementsThis
press release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities laws (“forward-looking statements”). Forward-looking
statements are based on certain expectations and assumptions and
are subject to known and unknown risks and uncertainties and other
factors that could cause actual events, results, performance and
achievements to differ materially from those anticipated in these
forward-looking statements. Forward-looking statements should
not be read as guarantees of future performance or results. A more
complete discussion of the risks and uncertainties facing the
Company appears in the Company’s Annual Information Form and other
continuous disclosure filings, which are available on SEDAR
at www.sedar.com and EDGAR
at www.sec.gov. 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.
Investor Relations:Jennifer
Smith1-866-438-8429invest@HEXO.comwww.hexocorp.com
Media Relations:Caroline
Milliard(819) 317-0526media@hexo.com
Director:Adam
Miron819-639-5498
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